Weekly Report 51 – 12/21/2021

Spot loads, rates edge higher as the holidays approach

Total spot load postings and rates in the system changed little during the week ended December 17 (week 50) as spot volume saw only its second week-over-week increase since late October. All segments posted higher volume, although flatbed barely moved. The only other increase during that period was during the week after Thanksgiving. Spot rates edged higher after the prior week’s large drop, but refrigerated rates fell. Truck postings fell, and the ratio of loads to trucks rose.

Total Market demand index

Truck postings dropped 12.6%. The Market Demand Index – the ratio of loads to trucks in the system – rose to its highest level since the end of September. The MDI moved higher in all segments.

Dry Van Spot Loads

Dry van load postings increased about 2% after falling about 8% in the prior week. The segment outpaced expectations as the five-year average performance for dry van loads for week 50 is a decrease of 5%. Dry van volume was about 34% higher than the same week last year and about 166% higher than the five-year average (2015-2019) for the week.

Refrigerated Spot Loads

Refrigerated volume rose about 7% after falling 10% in the prior week. Refrigerated load postings were stronger than typical for the week as the five-year average gain was about 2%. Volume was about 67% higher than the same 2020 week and 153% above the five-year average.

Flatbed Spot Loads

Flatbed load postings edged up 0.2% after increasing about 3% in the prior week. Volume closely tracked with expectations as the five-year average performance for the week was a decline of 0.4%. Flatbed load postings were about 9% higher than the same week last year and about 174% above the five-year average.

Total Spot Rates

A week after the largest drop in nearly a year, total spot rates increased 2 cents a mile and were about 17% higher than the same week last year. Excluding fuel, rates are more than 9% higher. Dry van rates inched up about 1 cent after plunging 20 cents in the prior week and were about 8% higher than the same 2020 week. However, excluding fuel, dry van rates were 0.3% below the same week last year for the first negative year-over-year comparison since June 2020. Refrigerated rates declined more than 5 cents after falling about 14 cents in the prior week. Refrigerated rates were about 32% higher than the same 2020 week and about 27% higher excluding fuel. Flatbed rates increased nearly 3 cents and were nearly 18% higher than the same week last year (about 10% higher excluding fuel).