Weekly Report 01 – 01/04/2022

Spot rates surge to a record in the final week of 2021

Total spot rates in the system jumped 17.5 cents a mile to a record level during the week ended December 31 (week 52), surpassing the prior record set in May. The increase was the largest in a single week since late December 2017, edging out week 51 for that distinction. Rates surged 35.3 cents – about 12% – during the final two weeks of the year, which typically is a strong period for rates. Load postings rose 12% during the week as refrigerated volume surged to a record level.

Total Market demand index

Truck postings fell nearly 8%, and the Market Demand Index – the ratio of loads to trucks in the system – jumped to its strongest level since late June. However, the MDI varied greatly by segment. While flatbed was only incrementally stronger than the prior week, the refrigerated MDI surged to its highest level on record by an enormous margin. The dry van MDI rose to the third strongest level on record.

Dry Van Spot Loads

Dry van load postings rose 18.3% after falling 27.3% during the previous week. Dry van volume was about 41% higher than the same week last year and nearly triple the five-year average (2015-2019) for the week.

Refrigerated Spot Loads

Refrigerated volume jumped 33.1% to a record level, surpassing the prior record in week 35 by nearly 9%. Refrigerated volume was about 89% higher than the same 2020 week and more than triple the five-year average.

Flatbed Spot Loads

Flatbed load postings declined 3.3% after falling 31.2% during the previous week. Flatbed load postings were about 28% higher than the same week last year and about 177% above the five-year average.

Total Spot Rates

Total spot rates were about 19% higher than the same 2020 week. Rates excluding fuel did not quite match the May record but were nearly 14% higher year over year. Total dry van and refrigerated rates both set records during the week. Dry van rates rose nearly 15 cents and were about 11% higher than the same 2020 week. Refrigerated rates jumped 31 cents and were nearly 29% higher year over year. Both the dry van and refrigerated segments also set record for rates excluding fuel. Flatbed rates barely moved, easing just a tenth of a cent, and were nearly 15% higher than the same 2020 week.