BEAVERTON, Ore.--(BUSINESS WIRE)--After gaining momentum throughout the year, last month spot truckload freight volumes retreated to their lowest point since January, said DAT Freight & Analytics, which operates the DAT One freight marketplace and DAT iQ data analytics service.
The DAT Truckload Volume Index (TVI) declined for all three equipment categories compared to October:
- Van TVI: 246, down 18%
- Refrigerated TVI: 204, down 11%
- Flatbed TVI: 242, down 23%
The TVI was higher year over year only for reefer freight, up 7% compared to November 2023. The van and flatbed TVI were down 1% and 5%, respectively.
“Shippers moved so much freight into the U.S. earlier this year, ahead of potential tariffs and port strikes, that we didn’t see the volumes we might expect in November,” said Ken Adamo, DAT Chief of Analytics. “The exception was reefer freight. The late Thanksgiving gave grocers a few extra shipping days for fresh and frozen goods.”
Spot reefer rate strengthened ahead of the holiday
The national average spot rate for reefer freight increased 6 cents to $2.45 a mile, the most since January. The van rate was unchanged at $2.02 and the flatbed rate fell 5 cents to $2.37.
The van linehaul rate averaged $1.64 a mile, up 1 cent compared to October. The reefer rate was $2.04, up 7 cents, and the flatbed rate slipped 3 cents to $1.93. Rates are about 5% higher year over year.
Contract rates dipped but show signs of strength
National average contract rates were changed little last month:
- Contract van rate: $2.40 per mile, down 1 cents but 11 cents lower year over year
- Contract reefer rate: $2.74 a mile, unchanged and down 18 cents year over year
- Contract flatbed rate: $3.03 a mile, down 1 cent and 11 cents lower than last year
At 0.3%, the DAT iQ New Rate Differential (NRD) for van freight was above zero for the third month in a row for the first time since Spring 2022. The NRD measures changes in the contract market by comparing rates entering the market to those exiting; a positive NRD signals a tightening market and higher rates for shippers.
“The NRD suggests that truckload pricing for contract freight is moving higher,” Adamo said. “We don’t expect bold changes quickly, but all indications point to steady rate growth into the first half of 2025.”
About the DAT Truckload Volume Index
The DAT Truckload Volume Index reflects the change in the number of loads with a pickup date during that month. A baseline of 100 equals the number of loads moved in January 2015, as recorded in DAT RateView, a truckload pricing database and analysis tool with rates paid on an average of 3 million monthly loads.
DAT benchmark spot rates are derived from invoice data for hauls of 250 miles or more with a pickup date during the month reported. Linehaul rates subtract an amount equal to an average fuel surcharge.
About DAT Freight & Analytics
DAT Freight & Analytics operates both the largest truckload freight marketplace and truckload freight data analytics service in North America. Shippers, transportation brokers, carriers, news organizations, and industry analysts rely on DAT for market trends and data insights based on more than 400 million annual freight matches, and a database of $150 billion in annual freight market transactions.
Founded in 1978, DAT is a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. DAT is headquartered in Beaverton, Ore. Visit dat.com for more information.
