Spot linehaul rates fell across modes the week beginning July 12 as more capacity moved into the market.
DAT reported that, compared to the previous seven-day period:
downDry van fell 6 cents to $2.44
downReefer fell 3 cents to $2.80
downFlatbed fell 5 cents to $2.95
Flatbed rates ended a 17-week run of increases, DAT iQ Principal Analyst Dean Croke said in an email. He said flatbed rates added 69 cents per mile since early March. Croke noted despite the previous week’s drop, flatbed rates are 24 cents higher from the prior record set for week 29 in 2021.
Croke said the average van rate in the country’s core 10-state manufacturing region fell 12 cents to $2.93 per mile. The region includes Illinois, Indiana, Kentucky, Michigan, Missouri, Mississippi, North Carolina, Ohio, Tennessee and Virginia.
Croke said in a blog post that the dry van spot market remained 48% or 79 cents higher year over year for the week and is 32% or 77 cents higher than the five-year cyclical norm.
As for reefer, the average rate in the country’s core food production region fell 5 cents to $3.31 per mile, Croke said. The region, which includes Arkansas, Illinois, Indiana, Kentucky, Missouri, Ohio, Pennsylvania, Texas, Tennessee and Wisconsin, accounts for 43% of the nation’s reefer freight volume.
Nevertheless, July is shaping up to be a major month for freight, Croke said on a weekly market update. Twenty-foot equivalent units for the month are slated to reach a new U.S. import record at 2.47 million ahead of potential tariff hikes, he said. It remains to be seen if this will take away from a peak later this year, he added.