Trucking Rates Spike: Contracts at 52-Week High

Freight rates are surging! Contract rates hit a 52-week high and spot rates climbed nearly 50% year-over-year in the latest Sonar update. We’ll also cover the localized impact of Tropical Storm Isaias on tender rejections in Gulf Coast markets like Mobile and Montgomery. Plus, an exciting new Sonar release now offers intermodal rates, lanes, and cost savings compared to van. Stay ahead with critical insights for your supply chain strategy.

Contract truckload rates have climbed to a 52-week high of $2.72 per mile plus fuel, up 18% year over year, as carriers and shippers reset agreements at elevated levels, according to FreightWaves SONAR data presented in an Oct. 9 market update.

The move in contract rates matters because it signals that shippers are no longer holding the line on legacy pricing. With spot rates also rising — the NTI index is up nearly 50% year over year — the gap between contract and spot is narrowing, giving carriers leverage as annual bids roll over.

Tender rejections remain range-bound but elevated, with the Outbound Tender Reject Index sitting at 13.75%, inside a recent 13% to 14% band. Truckload demand ticked up approximately 1.25% week over week, returning to pre-Labor Day levels after a brief post-holiday pullback, said Julie Van de Kamp during the SONAR Update.

“Contract rates have reached a 52-week high at $2.72 per mile plus fuel — that’s up 18% year over year, so we’re absolutely seeing some of those contracts between carriers and shippers re-upping, reset at higher rate levels,” said Van de Kamp.

A storm in the Gulf — identified in the briefing as Isaías — is creating localized disruptions along the Alabama Gulf Coast and the Florida Panhandle. Tender rejections and spot rates have risen noticeably in the Mobile and Montgomery, Alabama markets over the past several days, with inbound truckload rejections into both markets climbing sharply relative to the national average, Van de Kamp noted.

FreightWaves’ Weather Optics tool is tracking the storm’s projected path and landfall timing, with the Business Impact Index showing moderate-to-elevated disruption risk across the affected region. Van de Kamp said the Business Impact Index is among her preferred tools for assessing storm-related freight risk, alongside road closure and power outage overlays available in the module.

On the product side, FreightWaves released intermodal rate benchmarks within the SONAR Rate Intelligence module. Users can now view available lanes, nearest rail ramps, and cost comparisons versus van in both contract and spot formats — joining van, refrigerated, and flatbed as available modes in the tool.

• Contract truckload rates hit a 52-week high of $2.72 per mile plus fuel, up 18% year over year
• Spot rates tracked by the NTI index are up nearly 50% year over year; tender rejections hold at 13.75%
• Storm Isaías is disrupting Mobile and Montgomery markets; SONAR adds intermodal rates to its Rate Intelligence module

This Summary is generated thanks to a transcription of the interview, for the full interview please enjoy the video above.