Spot rates continue to slide
Spot rates to move truckload freight continued their months-long slide in August, despite stronger load volumes. The national average rate to move dry and refrigerated freight on the spot market fell for the seventh consecutive month. The spot van rate fell 11 cents to $2.52 per mile in the month, while the reefer rate was down 10 cents to $2.89 per mile. Spot-market rates are negotiated as one-time transactions between freight brokers and carriers. Contract van and reefer rates also decreased last month.
The national average shipper-to-broker contract van rate was $3.12 a mile in August. The average contract reefer rate was $3.40 a mile last month, down 9 cents month-over-month and 51 cents higher than the average spot reefer rate. The average contract rate for flatbed freight slipped 15 cents to $3.66 a mile. The gap between the contract rate and spot rate was 60 cents. DAT’s TVI reflects the change in the number of loads with a pickup date during that month; the actual index number is normalized each month to accommodate any new data sources without distortion. Baseline of 100 equals the number of loads moved in January 2015. DAT national average spot rates are derived from Rate View and include only over-the-road lanes with lengths of haul of 250 miles or more. Spot rates represent the payments made to carriers by freight brokers, third-party logistics providers, and other transportation buyers.
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