Demand for Truckload services Raises Rates

Demand for Truckload services Raises Rates: As per the survey of DAT Solutions, truckload service rates for refrigerated, van, and flatbed have increased last month. As the changes occurred in the supply chain disruptions because of  COVID-19 pushing more freight to the spot market at a time when the truckload capacity demand declines.

Freight brokers and also Shippers posted 8.6% more loads during the August 2 week ending where the number of truck posts fell 8%.

For all three equipment types, Load-to-truck ratios increased week over week with the van ratio at 5.2 after averaging 4.4 in July. The average reefer ratio reached 9.0 last week which is its highest point in two years, where the flatbed ratio was 30.6, an increase over 2019.

National average spot rates in July:

$2.04 per mile for the van, up 24 cents compared to June

$2.20 per mile for flatbed, up 13 cents

$2.30 per mile for reefers, up 15 cents

The average spot van rate in July increased by 10.6% year over year. The van and reefer rates entering August much higher compared to their July averages at $2.20 a mile for vans and $2.42 for reefers.

Compared to the previous week, the average spot van rates increased on 55 of DAT’s top 100 lanes by volume. But the volumes on those 100 lanes were only 2% higher week over week. Additionally, load volumes out of the pinnacle 10 achievement warehouse markets rose 25% last month due to a  surge of imports for domestic development and other stay-at-home items.

Tropical storm Isaias had an effect on Florida, where the more loads moved out than normal weeks. Van volume out of Lakeland, Florida, was 20% increased compared to the previous week.

The COVID-19 pandemic is also affecting volumes and demand for specific types of produce like citrus fruits and leafy greens leading to tighter capacity in Southern California. Produce volumes for the entire state were increased to 53% in July compared to June.

Reefer demand is higher in Elizabeth, Philadelphia, New Jersey, and other northeast port markets that handle imported fruits and vegetables.

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