The highlights from Friday’s SONAR reports are below. For more information on SONAR — the fastest freight-forecasting platform in the industry — or to request a demo, click here. Also, be sure to check out the latest SONAR update, TRAC — the freshest spot rate data in the industry.
Market watch
Louisville, Kentucky
Carriers in Louisville can raise their glasses of bourbon in cheers (when they’re not working, of course) because outbound volume is on the rise. Since Tuesday, outbound tender volumes are up 12.3%, putting the Outbound Tender Volume Index on par with its highest value on record that took place earlier this year.
However, inbound volumes in Louisville have declined 9.2% since Aug. 9, placing inbound volumes at their lowest levels since 2020. The discrepancy between inbound and outbound volumes is the largest on record, with outbound volumes exceeding inbound by 132%. The variance between the two launched the Headhaul Index into the stratosphere to its highest value on record of 80.2. Raise your glasses.
Rejection rates have soared 360 basis points this month to 8.6%, indicating there are significantly less carriers entering the market to handle the boom in outbound tenders.
Philadelphia
Outbound volumes this month look like Rocky climbing the steps of the Philadelphia Museum of Art. The Outbound Tender Volume Index for Philadelphia is experiencing sure and steady growth, rising 29.2% since the start of August.
Philadelphia is a major consumer center and backhaul market in the Northeast, but for the entirety of 2022 it has been a headhaul market. This trend is continuing, with inbound volumes moving lethargically and only increasing 4.8% since the beginning of the month.
These factors have Philadelphia’s Headhaul Index dancing around with its fists held high, cue the “Rocky” movie theme song, surging upward 578.3% in August to its highest point on record of 42.7.
The same thing that is happening in Philly is happening in Louisville: There is not near enough inbound capacity to accept the increasing amount of outbound tenders. Rejection rates are pushing upward, increasing 160 bps in August to 7.6%, well above the national average of 5.7%.
NTI as a point of reference
The National Truckload Index is a daily look at how spot rates in specific lanes hold up in comparison to the national average, giving carriers and brokers an idea of which lanes to gravitate toward or avoid.
Lane to watch: Greenville, South Carolina to Louisville
Outbound volume is rising in both of these markets, causing spot market rates to decline. However, on average, spot rates still remain 16 cents above the national average. Outbound volumes from Greenville are up 9.8% over the last week with rejections at 6%, and with volume booming out of Louisville, carriers have a good chance of booking a load after.
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now