Freight Trucking Rates

As of August 2025, the freight and trucking industry continues to work through a prolonged market correction, shaped by tariff-induced cost inflation, uncertain regulatory outcomes, and still-muted freight fundamentals.

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 declined by 2¢ in August, landing at $1.62 per mile. Despite an elevated load-to-truck ratio, rates are now slightly below their 1-, 2-, and 3-year seasonal averages. Pre-tariff shipping activity that had briefly supported the market is tapering, and with retail inventories still being drawn down, there’s little sign of a restocking wave in Q3. Rate pressure is expected to persist into the fall.

Flatbed:
Flatbed spot rates rose 27% y/y in August but held steady m/m after earlier gains. That strength reflects base effects more than meaningful volume growth. Load activity remains soft across construction and heavy machinery, while public infrastructure-related demand continues to face delays in disbursement. Capacity remains ample, capping further upside.

Reefer:
Reefer spot rates ticked up 20% y/y but fell 5¢ m/m in August to $1.83 per mile. Seasonally adjusted rates also slipped, with the tail end of produce season failing to provide meaningful lift. Demand from consumer-packaged goods and food service channels remains uneven, and cold chain capacity remains loose, keeping rates under pressure.

Contract Rates

Dry Van:
Dry van contract rates were flat in August at $2.14 per mile, net fuel—unchanged from July and just 1¢ above seasonal norms. The spot/contract spread narrowed to 36¢, reflecting the mild rebound in spot rates earlier this summer. However, volumes remain weak, and shippers continue to dictate terms in most renewal cycles.

Flatbed:
Flatbed contract rates remain under pressure, with y/y comps slipping below 2024 levels. Despite modest rate stability, demand is not improving, and bids are trending downward. With infrastructure and manufacturing volumes still constrained, flatbed rate recovery remains unlikely in the near term.

Reefer:
Reefer contract rates were steady in August and continue to track flat with last year. Maintenance and equipment costs are rising, especially on refrigerated assets, but shippers are leveraging weak volumes to push back on contract increases. A correction in capacity may be necessary to support any meaningful pricing improvement later in the year.

Summary

The freight market remains sluggish and oversupplied. Spot rates saw temporary support earlier this summer but have since begun to slide, with Q4 shaping up to be especially weak if pre-tariff demand fades as expected. Contract rates are holding but show few signs of upward momentum across dry van, flatbed, or reefer segments.

Carriers are contending with rising input costs while navigating regulatory unknowns and a lack of demand catalysts. Most fleets continue to focus on cost control, equipment lifecycle management, and maintaining operational flexibility. With both supply and demand facing headwinds, the path to a tighter freight market—and firmer rates—is likely to remain elusive 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.