Spot Market Insights: Rates stay extraordinarily high compared to last year

Overview

• The data showed spot rates remained extraordinarily high and the market was considerably tighter than at this time last year.

◦ The MDI is up 115.5 points, or 123.7%, year-over-year.

• Flatbed spot rates rose for the 28th time in the last 29 weeks.

◦ With the ongoing push to build data centers and the early-stage recovery in the manufacturing sector, coupled with tight flatbed capacity, Truckstop and FTR see little reason to expect any substantial softening soon.

• All 4 key market indicators increased.

◦ The overall Market Demand Index (MDI) rose by 8.2 points to 208.9 as load availability increased 9.4% and truck availability rose 5.1%.

◦ Market rates rose 0.7% to $3.67.

• National fuel prices eased $0.17 to $5.33 per gallon from $5.51 the previous week.

Additional Data

• Total broker-posted spot rates in the Truckstop.com system set another record, as did spot rates for flatbed equipment.

• The data showed a seasonally-expected progression for van equipment, though spot rates remained elevated year-over-year.

◦ Dry van spot rates pulled back slightly a week after coming within 3 cents of their all-time high.

◦ Refrigerated van spot rates also declined, but spot rates for van equipment are still running more than 50% higher than during the same period last year.

• Dry van and refrigerated rates, adjusted for fuel cost recovery, are nearly as strong year-over-year as all-in rates are.