Dry van spot rates hit a 3-year monthly high in November, according to data compiled by DAT Solutions. The November rate was $2.07 per mile, the highest monthly average since December 2014, the firm said, and 5 cents above October levels.
The out-of-control wildfires burning in California have had a dramatic impact on spot rates in the region.
Total accepted loads from LA to Seattle have dropped 60% in a week; spot rates in and out of Los Angeles are up by as much as 35% in seven days.
Following a Thanksgiving week that saw loads depressed, but not rates, the spot freight market was going full steam ahead last week with loads climbing 64% on the DAT network of load boards.
The spot market, which has been trending up for much of this year and is near record highs, is showing no signs of slowing down, according to DAT.
For the first time since DAT began reporting its data in the current format, the monthly spot rate has exceeded the contract rate at the same time in all three modes. And the latest DAT Trucking Freight Barometers are continuing to signal that the ‘fall surge’ is happening for the first time since 2007. Now is a good time to have secured capacity and a bad time to be locked into contract rates.
Spot rates continue to climb and capacity continues to shrink, and now experts are predicting a strong holiday retail season. Could the good news for carriers get any better?
Continued tightening of capacity is driving up FTR’s Trucking Conditions Index (TCI). The TCI for July posted a positive reading of 5.75, reflecting tightening capacity, rising spot rates and a further impact this fall and winter from the implementation of electronic logging devices, FTR said.
An already robust spot truckload freight market is now reacting to the effects of Hurricane Harvey, and with Irma on the horizon and wild fires burning out west, is now showing few signs of slowing down.
The National Hurricane Center has seen rapid intensification of Hurricane Harvey today and is now expecting the storm to gather strength before it makes landfall in Texas late Friday/early Saturday morning. The trucking interests are watching the storm closely as its final path and impacts will influence area spot rates, capacity, and fuel costs.
While still strong, conditions may be moderating for the trucking industry as key indicators are slowly retreating from recent highs.
A new month, but the same old story. Spot rates rose again according to data from DAT, with the national van and flatbed rates each climbing 3 cents per mile and refrigerated rates rising 4 cents for the week of July 30 to Aug. 5.
A surprise national brake safety inspection day on May 3 netted nearly 12% of commercial vehicles inspected with brake violations, the Commercial Vehicle Safety Alliance announced this week.
