Spot Market Insights: Van Spot Rates Continue to Fall in the Latest Week

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

Van Spot Rates Continue to Fall in the Latest Week

Data from Truckstop and FTR Transportation Intelligence for the week ended February 16 show continued softness in broker-posted rates for dry van and refrigerated equipment, which were down for the fourth straight week in both cases. The gap between van spot rates and the stronger five-year averages for those rates has been growing, but those averages are significantly distorted by rates early in 2021 and 2022. Dry van and refrigerated rates are also below comparable 2023 rates but are directionally more in sync. Despite declines in van rates, the total market spot rate rose in the latest week on the relative strength of flatbed, which posted a solid rate increase and saw higher volume while van equipment volume declined.

For the total market, flatbed’s sharp gain in load postings is more than offset by decreases in dry van and refrigerated. With only a slight increase in truck postings, the total Market Demand Index rose to 62.3, the strongest level in four weeks. However, the MDI varied greatly by segment. The MDI for flatbed equipment was the highest since June of last year. On the other hand, the refrigerated MDI was lowest since the week before Christmas, and the dry van MDI was higher than the previous week but otherwise was lowest since Thanksgiving week.

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