Freight Trucking Rates

As of July 2025, the freight and trucking industry continues to work through a prolonged market correction, influenced by soft freight fundamentals, regulatory delays, and persistent cost inflation tied to tariffs and equipment pricing.

Below are the latest insights on dry van, flatbed, and reefer rates based on ACT Research’s Freight Forecast report.

Spot Market Trends

Dry Van: Dry van spot rates increased by another 3¢ in July, reaching $1.69 per mile. Seasonally adjusted rates also ticked up, but the overall pace of improvement has slowed. Load postings dipped modestly following post-Roadcheck normalization, and inventory drawdowns across the retail sector are limiting volume upside. With no major restocking activity expected in Q3, dry van demand remains fragile, and rates are vulnerable to further softening later in the quarter.

Flatbed: Flatbed spot rates held steady in July after slipping the month prior. Load volumes have weakened, particularly in construction materials and heavy equipment, reflecting continued drag from higher interest rates and cautious public project spending. Capacity remains readily available, which is keeping a cap on rate recovery even as seasonal volumes stabilize.

Reefer: Reefer spot rates declined slightly in July, down 1¢, as seasonal produce volumes continued to taper. While y/y load postings remain elevated, consumer spending shifts are affecting cold chain volumes—especially in non-essential food and beverage segments. The reefer market remains oversupplied, and until broader retail demand strengthens, rate pressure is expected to persist.

Contract Rates

Dry Van: Dry van contract rates were unchanged at $2.15 per mile in July. The narrowing gap between spot and contract pricing now stands at 46¢, reflecting the modest gains in the spot market amid a mostly flat contract environment. Larger carriers are holding the line on contract renewals, but with volumes still weak, pricing leverage remains limited.

Flatbed: Flatbed contract rates slipped again in July and are now slightly below year-ago levels. Demand from infrastructure and manufacturing-related freight has not recovered as hoped, and with bids increasingly reflecting current softness, long-term pricing power is eroding. The outlook for Q4 will depend heavily on funding disbursements and construction activity.

Reefer: Reefer contract rates were flat again in July and continue to align with 2024 levels. Tariff-related cost pressures on reefer units and maintenance are growing concerns for carriers, but shippers are pushing back on pricing amid static demand. A capacity correction may support firmer pricing later in the year, but near-term conditions remain neutral.

Summary

The freight market remains in a holding pattern. Spot market activity showed brief seasonal momentum but is fading as summer progresses. Contract pricing is broadly stagnant across all three major segments, reflecting oversupplied conditions and limited demand-side catalysts. Rising equipment and input costs are straining margins, yet with macroeconomic visibility still poor, carriers remain focused on operational discipline rather than rate gains. The path to a more balanced freight environment is likely to stretch well into 2026.

To see how freight trucking rates change in the future, and for detailed analysis and forecasts, see ACT's freight & transportation forecast.