With conditions ripe for rate hikes of late, truckload rates in all three major segments in October continued their upward momentum, according to monthly spot market rates data from Truckstop.com.
Forecasters in recent months have said tightening trucking capacity, due to better economic conditions for freight activity, combined with the influx of freight and shifting freight patterns prompted by major hurricanes Irma and Harvey will put upward pressure on rates for the foreseeable future.
Flatbed rates in October rose 2 cents a mile to $2.44 — the segment’s highest average in over three years, September 2014. It’s also a 40-cent increase over the same month last year.
Reefer rates, meanwhile, jumped 7 cents from September to $2.35 a mile. That’s reefer’s highest spot market average, according to Truckstop.com data, since June 2015. Compared to last October, reefer rates were up 38 cents a mile.
Dry van rates gained 6 cents from September, to $2.26 a mile. That’s van’s highest monthly average in nearly three years, December 2014, and a 37-cent increase from the same month last year.