June was the fourth consecutive month that spot market rates climbed on a monthly basis. The gains were in line with seasonal trends, but could also reflect a tightening of industry capacity due to a stronger freight environment and, potentially, wider adoption of electronic logging devices.
Though many carriers operate in the contract freight market rather than the spot market, the spot market can be a barometer of freight growth and can forecast the potential for contract pricing increases.
Van rates led the month’s gains, jumping 12 cents to $2.04 a mile. That’s van’s strongest monthly average since September 2015. Compared to last June, van rates were up 7 cents a mile:
Reefer rates climbed 10 cents to $2.17 a mile — the segment’s highest per-mile monthly rate average since June 2016. Reefer rates were down 2 cents compared to last June, however:
Flatbed rates climbed 8 cents in June from May to $2.33 a mile — flatbed’s strongest showing since December 2014. Flatbed rates were up 21 cents compared to last June:
