Spot Market Freight Rates and Load Availability Jump
February 12, 2014
Freight rates and the number of load available on the spot market posted impressive gains over the past week, according to just released numbers from the freight-matching service provider DAT.
Total spot market loads available increased 12% Feb. 2 through Feb. 8 compared to the previous seven days while spot market capacity fell 6.2%, pushing up rates in two of the three major freight categories.
Van rates advanced 2.1% for an average of $1.97 per mile, while reefers increased 4.9% to $2.16 per mile. Both are their best showings in the last four weeks. Flatbeds were unchanged from the week before at $2.09 per mile.
The increases came as the load-to-truck ratio for vans jumped 26% with reefers seeing a 24% gain. The flatbed load-to-truck ratio increased far less, adding just 3.7%.
Freight backlogs due to weather delays are thought to be the reason for increased load availability and rates.