A lot more freight has been available on the spot market over the past week, but it has also pushed rates down.
New figures released from DAT show total spot market freight needing to be moved increased 22% September 8-14, compared to the previous seven days.
This resulted in rates falling in the three major sectors led by flatbeds losing 5.5% during the period to an average of $2.07 per mile while vans declined 2.1% to $1.85 per mile. Reefers moved 1.8% lower to $2.17 per mile.
DAT says the 12 cents per mile average drop in flatbed rates is due to the construction season winding down in the United States, while the decline in van rates happened as load posts increased 19% to pre-Labor Day levels. Reefer volume also rose, picking up 17%, but capacity in the sector rose 22%, leading to the rate drop.
Load-to-truck ratios also down across the board, led by an 11% loss for vans, 7.1% for flatbeds followed by a 3.9% drop for reefers.