Weekly Report 06 – 02/08/2022

Spot rates rise for the first time in 2022

Total spot rates in the Truckstop.com system increased about 5 cents per mile during the week ended February 4 (week 5) for the first increase since the final week of 2021. Rates had fallen nearly 23 cents from the near-record level at the end of the year. Rates were up in each of the three principal segments – dry van, refrigerated, and flatbed – although rising diesel prices accounted for a significant share of the gains week over week. Load postings declined 5.9%, primarily due to flatbed.

Total Market demand index

Truck postings rose 12.7%. The Market Demand Index – the ratio of loads to trucks in the system – fell sharply but remained higher than levels recorded prior to the holidays. The refrigerated MDI rose. The dry van MDI eased modestly, and the flatbed MDI saw a sharp decline.

Dry Van Spot Loads

Dry van load postings dipped 0.7% after easing 1.8% during the prior week. Load postings were about 56% higher than the same 2021 week and nearly 178% above the five-year average for the week.

Refrigerated Spot Loads

Refrigerated volume rose 6.8% after easing 1.7% in the previous week. Volume was about 72% higher than the same 2021 week and basically triple the five-year average.

Flatbed Spot Loads

Flatbed load postings fell 13% after rising 7.7% in the prior week. The week-over-week decrease was the first since the end of 2021. Load postings were nearly 13% higher than the same week last year and about 173% above the five-year average.

Total Spot Rates

Total rates were nearly 23% higher than the same week last year. Excluding fuel, rates were about 16% higher. Dry van rates increased nearly 2 cents and were more than 26% higher than the same 2021 week. Refrigerated rates rose nearly 7 cents and were about 40% higher year over year. Flatbed rates increased about 4 cents and were nearly 18% higher than the same 2021 week.