Weekly Report 09 – 03/1/2022

Flatbed again bolsters spot market volume

The strongest increase in flatbed load postings in seven weeks powered a 5.2% gain in overall volume in the system during the week ended February 25 (week 8). Dry van loads fell by a similar
degree as the prior week while refrigerated volume held steady
after the previous week’s sharp decline. Total spot rates changed
little, edging up by half a cent as fuel increases continued to offset
slightly softer base rates. The ratio of loads to trucks moved
higher, fueled by flatbed.

As expected, total load volume did not quite match the same 2021 week, which had experienced a major boost due to severe winter weather. Total load postings fell nearly 5% short of 2021’s week 8 but remained more than double the five-year average. Previously, spot volume had not been negative year over year since July 2020.

Total Market demand index

Truck postings declined 5%, and the Market Demand Index – the ratio of loads to trucks in the system – rose to its highest level in four weeks. However, the MDI declined in the van markets while the flatbed MDI rose to its highest level since May.

Dry Van Spot Loads

Dry van load postings fell 4.3% after declining 4.6% during the prior week. Load availability rose in the Midwest and Mountain Central regions but decreased in all other regions. Dry van volume was 23% below the record level posted in the same 2021 week but was 80% above the five-year average.

Refrigerated Spot Loads

Refrigerated volume was basically flat, rising just 0.1% after the 16.2% drop during the previous week. Loads were down in the Northeast and Southeast but higher elsewhere. Refrigerated volume was 12% below the same 2021 week but more than double the five-year average.

Flatbed Spot Loads

Flatbed load postings rose 12.3% after increasing 7.3% during the prior week. Load availability was up in all regions. Flatbed load postings were nearly 13% higher than the same week last year and about 132% above the five-year average.

Total Spot Rates

Total spot rates were a little more than 13% higher than the same 2021 week. Excluding fuel surcharges, rates were nearly 5% higher year over year. Dry van rates declined nearly 4 cents and were nearly 7% higher year over year. Refrigerated rates fell 4 cents and were 9% higher than the same 2021 week. Flatbed rates increased more than 2 cents and were nearly 18% higher than the same week last year.