Truckload freight volumes declined for the third straight month in May. The average rate to move dry van freight on the spot market dipped below $2 per mile. Year-over-year, the May TVI was 10% higher for van freight, 11% higher for reefers, and 29.7% higher for flatbed loads. Demand for truckload services was strong relative to May 2022. The overall number of loads on the spot market increased. However, shippers are seeing better routing guide compliance as carriers cover more freight under contract. Spot rates are negotiated by the carrier and freight broker as one-time transactions. Demand for truckload services was solid last month, even on the spot market, where the number of available loads has fallen throughout the year. “There were more than 1 million dry van loads on the DAT One network during each week in May, which has happened only once, in 2021.”
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