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SONAR Sightings for Aug. 19: Philadelphia’s haul score ascends to highest point on record

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.

SONAR Tickers: OTVI.SDF, ITVI.SDF

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%.

SONAR Tickers: HAUL.PHL

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.

NTI Daily

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.

Market Dashboard

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Corey Smith

Corey is a staff writer for FreightWaves covering SONAR updates. He is a graduate of the University of Memphis, majoring in supply chain management. He has experience in air, intermodal and parcel operations, as well as LTL and full truckload transportation management. He enjoys basketball, cinema and traveling.