Shippers continue to pay a premium for transportation amid pandemic-related supply chain disruptions. According to DAT, truckload rates hit new highs and freight volumes remained elevated in July but rates slid from June’s record levels.
The DAT Truckload Volume Index, an aggregated measure of dry van, reefer and flatbed loads moved by truckload carriers, was 222 last month – down 8% compared to June. A baseline of 100 reflects freight volume in January 2015.
“Shippers not only experienced escalating spot and contract rates in July, they were hampered by port congestion, unloading delays, shortages of trucks and drivers and more recently tighter intermodal capacity,” said Ken Adamo, DAT chief of analytics. “With holiday merchandise already arriving at ports, for many shippers there is more freight than the commercial transportation system has the capacity to handle efficiently. All modes are under stress.”
The national average spot rate for van loads on the DAT One load board network was $2.73 per mile, up 5 cents from June and 70 cents higher year-over-year (all rates include a fuel surcharge). The July average is 28 cents higher than November 2020, when holiday freight volume was peaking.
The national average spot reefer rate rose 4 cents to $3.14 per mile, a new all-time high. The reefer rate has increased from June to July only once (in 2020) since DAT established the Index in 2010. Since 2015, the average spot reefer rate has fallen an average of 6 cents from June to July.
The national average spot flatbed rate fell 3 cents last month to $3.12 per mile, in line with seasonal expectations.
Rates have continued to leak slightly throughout the month of August.
