Freight Trucking Rates in March 2024
Freight expectations?
As of March 2024, ACT's For-Hire Trucking Index: Freight Rates fell 2.2 points in March to 43.9 (seasonally adjusted), as the freight market retrenched following the rise in rates in February due to the cold weather snap that affected much of the country in January, but spot rates remain 5¢ above the Q4 average.
Dry van spot rates are $1.55 per mile; DAT reefer spot rates are $1.86 per mile; and flatbed spot rates are $1.95 per mile.
Dry Van Freight Rates in March 2024
Dry van spot rates fell 5¢ m/m in March. DAT dry van contract rates are $2.02 per mile, unchanged m/m from February.
Pressure on contract rates is lessening following the stabilization in spot rates for nearly a year now, and ongoing bid pressure may be offset by improving freight mix as the market balance improves for fleets.
Refrigerated Freight Rates in March 2024
Reefer spot rates fell 6¢ m/m in March. Reefer contract rates were unchanged m/m in March at $2.37 per mile.
In early April, rates remained soft. Poor weather in California has impacted crops, and USDA data show reefer produce truckloads down 82% ytd from California, pulling USDA reefer truck volumes down 15% y/y in Q1, despite stronger crops in the Pacific Northwest.
Flatbed Freight Rates in March 2024
Flatbed spot rates rose 3¢ m/m. Flatbed contract rates rose 5¢ m/m to $2.57 per mile in March.
In early April, flatbed rate trends remained firm, particularly near east coast ports like Philadelphia, NY/NJ, and VA, with roll-on/roll-off capacity to support Baltimore-bound machinery.
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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