Refrigerated Rates

Reefer Truckload (TL) Sector – May 2025

The reefer market showed signs of stabilization in April 2025, as seasonal demand continued and equipment availability remained constrained. While underlying economic and trade-related headwinds persist, reefer-specific fundamentals are offering relative resilience. Below are the latest insights on spot and contract reefer rates.

Spot Market Rates

Reefer spot rates held steady in April, after easing slightly in March. The load-to-truck ratio continued to rise into mid-April, pointing to ongoing tightness in equipment availability. Trailer costs remain elevated due to tariffs, limiting new capacity additions and providing a degree of support to spot pricing. While broader freight demand remains mixed, reefer-specific volumes—particularly tied to produce season—are helping stabilize rate trends.

Contract Market Rates

Reefer contract rates were flat again in April, reflecting continued caution among shippers and carriers alike. Steady demand for temperature-controlled freight, including food and pharmaceuticals, is maintaining a solid floor for pricing, though macroeconomic uncertainty is keeping rate growth contained. Expectations for modest contract gains persist, but upward momentum will likely be limited without clearer improvement in overall freight conditions.

To see how reefer rates change in the future, and for detailed analysis and forecasts for truckload, less-than-truckload, and intermodal, see ACT's freight & transportation forecast.