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Spot Freight Rates Soar Over Past Week

July 9, 2014

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Rates on the spot market soared over the past week, according to new figures from the freight-matching service provider DAT.

Flatbeds led the hikes, gaining 4.1% June 29 through July 5, compared to the previous seven days, hitting $2.54 per mile, followed by a 3.4% increase in van rates, coming in at $2.15 per mile, a record high. Reefers gained 2.9% for $2.49 per mile as growers and grocers paid a premium to deliver fruit and vegetables to retail outlets before the July 4th holiday.

This happened as truck capacity and the number of spot market loads available each fell 21% from the previous week. In contrast, load-to-truck ratios increased in all three categories with the biggest coming from flatbeds, gaining 7.4%, followed by vans adding 1.8% and reefers picking up 0.5%.

Initial figures also show increases in freight rates during June compared to the month before as well as the same time a year ago. Vans had the biggest hike in June from May, 5.1%, edging out reefers which gained 4.7%, while vans also had the biggest increase from June 2013, adding 12% with flatbeds rising the second most at 11%.

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