Spot Market Insights: Dry van rates rise to within 3 cents of all-time record high

Overview:

• Data from Truckstop.com and FTR Transportation Intelligence for the week ended May 29 showed a spot market that mostly continued to tighten.

• 3 of the 4 key market indicators decreased.

◦ The overall Market Demand Index (MDI) fell 8.4 points to 200.7 as load availability decreased 15.1% and truck availability declined 11.5%.

◦ Market rates rose 2.2% to $3.65.

• Compared to last year, the MDI is up 120.5 points, or 150.1%, and rates are up 48.7%.

• National fuel prices eased $0.08 to $5.51 from $5.59 per gallon in the previous week.

Additional Data:

• Total broker-posted spot rates set another record, as did spot rates for flatbed equipment.

• Dry van spot rates rose to within 3 cents of their all-time high recorded in the final week of 2021.

• Flatbed spot rates recorded their largest week-over-week increase in eight weeks and rose for the 22nd straight week and the 26th time in 27 weeks.

• Refrigerated spot rates fell a little more than 10 cents after surging nearly 74 cents in the previous four weeks—the largest four-week gain ever, due mostly to the record spike of more than 52 cents during International Roadcheck week.