Freight Trucking Rates in February 2024
Freight expectations?
As of February 2024, ACT's For-Hire Trucking Index: Freight Rates rose 2.6 points to 46.1 seasonally adjusted, as the freight market continues to gradually rebalance. The broader contract market continues to favor shippers for the time being; though, spot rates in general have been steady for almost a year but remain under pressure from private fleet capacity additions.
Dry van spot rates are $1.60 per mile; DAT reefer spot rates are $1.92 per mile; and flatbed spot rates are $1.92 per mile.
Dry Van Freight Rates in February 2024
Dry van spot rates fell 12¢ m/m in February. DAT dry van contract rates are $2.01 per mile, falling 5¢ m/m from January.
We continue to hear about rate pressure from bids that will go into effect in the coming months, though pressure on contract rates is lessening following the stabilization in spot rates for nearly a year now.
Refrigerated Freight Rates in February 2024
Reefer spot rates fell 18¢ m/m in February. Reefer contract rates fell 3¢ m/m in February to $2.37 per mile.
In early March, rates looked on track to return to cycle lows, in seasonally adjusted terms.
Flatbed Freight Rates in February 2024
Flatbed spot rates fell 3¢ m/m. Flatbed contract rates rose 4¢ m/m to $2.56 per mile in February, an eight-month high, with some support from recent weather.
In early March, flatbed rate trends remained relatively strong, but even as seasonality picks up with construction season this month, we expect some near-term underperformance as weather effects wash out.
To see how freight trucking rates change in the future, and for detailed analysis and forecasts, see ACT's freight & transportation forecast.
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