Weekly Report 42 – 10/20/2021

Spot volume eases slightly, outpacing seasonal expectations

Total spot rates edged up 1 cent – the first increase in six weeks. However, the gain was solely due to sharply higher diesel prices, which are up 18 cents per gallon in the past two weeks. Excluding fuel surcharges, broker-posted rate per mile declined by about 1 cent. Rates excluding fuel were about 14% higher than the same 2020 week while rates including fuel were up 20%. Dry van rates excluding fuel declined by about 6 cents and were about 6% higher than rates in the same week last year. Refrigerated rates recovered about 6 cents of the previous week’s decrease of about 14 cents. Refrigerated rates were about 18% higher than the same 2020 week. Flatbed rates eased about 1 cent and were about 15% higher than the same week last year.

Total Market demand index

Trucking postings rose 3.0%. The Market Demand Index – the ratio of loads to trucks in the system – declined slightly to its lowest level since late January. The MDI was down in all segments, but the decline in flatbed was slight.

Dry Van Spot Loads

Dry van load postings were unchanged after a 12.6% drop in the prior week. On average, dry van volume declines about 9% in week 41, so the segment outpaced seasonal expectations, which is not surprising. Load postings were about 28% higher than the same week last year and about 174% above the five-year average.

Refrigerated Spot Loads

Refrigerated volume dipped 0.8% after easing 2.5% the week before. The five-year average decline for week 41 is nearly 7%, so refrigerated, like dry van, significantly outpaced seasonal expectations. Refrigerated load postings were 63% higher than the same 2020 week and more than double the five-year average.

Flatbed Spot Loads

Flatbed load postings fell 2.1% after dropping 8.1% in the prior week. However, the decline in flatbed volume on average is nearly 10% for week 41, so the segment outpaced seasonality. Flatbed volume was about 23% higher than the same week last year and about 167% higher than the five-year average.

Total Spot Rates

Total spot rates edged up 1 cent – the first increase in six weeks. However, the gain was solely due to sharply higher diesel prices, which are up 18 cents per gallon in the past two weeks. Excluding fuel surcharges, broker-posted rate per mile declined by about 1 cent. Rates excluding fuel were about 14% higher than the same 2020 week while rates including fuel were up 20%. Dry van rates excluding fuel declined by about 6 cents and were about 6% higher than rates in the same week last year. Refrigerated rates recovered about 6 cents of the previous week’s decrease of about 14 cents. Refrigerated rates were about 18% higher than the same 2020 week. Flatbed rates eased about 1 cent and were about 15% higher than the same week last year.