Van, Reefer Spot Freight Rates Skyrocket
For the week of the Fourth of July, truckload freight rates hit new highs in the van and reefer segments, according to DAT Solutions’ weekly spot freight overview.
National average spot van rates on the DAT Network of load boards increased 13 cents for the week ending in July 7, hitting $2.45 per mile. Refrigerated rates gained 8 cents in the same period of time, hitting $2.77 per mile. The flatbed segment remained flat at $2.82 per mile
While rates were hitting record highs, there was a 32% decline in the number of available loads and an 11% drop in capacity due to the shorter work week and higher volumes in the previous week. Because there were fewer loads, the van load-to-truck ratio fell from 9.2 to 7.7 loads per truck. In the past four weeks, van rates increased 6.5% in the top 100 lanes.
The same was true for reefers, with the load-to-truck volume decreasing from 13.2 to 9.3. The flatbed load-to-truck ratio has been falling for four straight weeks and was down to 52.9 loads per truck from the high of 109 loads per truck in early June.
While the national rate increased, several markets showed signs of settling:
- Elizabeth, N.J.: $2.19/mile, down 20 cents
- Philadelphia: $3.35/mile, down 32 cents
- Atlanta: $3.39/mile, down 14 cents
- Miami: $2.35/mile, down 8 cents
- Green Bay, Wisc: $3.94/mile, down 40 cents
- Dallas: $2.90/mile, down 10 cents
California remained a bright spot for spot reefer rates, led by Los Angeles, up 16 cents to an average of $3.78/mile.