Spot Market Insights: Van Spot Rates Decline but are Still Higher Y/Y

Spot Market Insights is provided weekly by Truckstop with analysis and commentary from FTR

Van Spot Rates Decline but are Still Higher Y/Y

Data from Truckstop and FTR Transportation Intelligence for the week ended July 12 show broker-posted rates for the overall spot market above prior-year levels for the first time since June 2022, although only by a fraction of a percent. Rates declined week over week, but that almost always happens in mid-July. Rates for dry van and refrigerated equipment once again were up y/y, however, and dry van spot rates recorded their strongest y/y comparison since March 2022. Despite falling from the prior week like van rates did, flatbed spot rates closed in on prior-year levels. The 1% deficit for flatbed rates versus the same 2023 week is the strongest y/y performance since flatbed spot rates flipped from consistently positive comparisons to consistently negative ones at the end of July 2022.

With the recovery in volume from the Independence Day holiday week greatly outpacing the recovery in truck postings, the Market Demand Index rose to 74.5. The prior week’s 54.3 had been the lowest MDI level since December.

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