We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • ::COVID-19 COVERAGE::
  • INDUSTRY PRESS ROOM
  • ABOUT
  • CONTACT
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2022
    • Upload Your Video
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
    • Mobile Apps
  • TRANSPORTATION
  • MATERIAL HANDLING
  • TECHNOLOGY
  • LIFT TRUCKS
  • PODCAST ETC
    • Podcast
    • Webcasts
    • Blogs
      • One-Off Sound Off
      • Global Logistics and Risk
      • Empowering Your Performance Edge
      • Analytics & Big Data
      • Submit your blog post
    • Events
    • White Papers
    • Industry Press Room
      • Upload Your News
    • New Products
      • Upload Your Product News
    • Conference Guides
    • Conference Reports
    • Newsletters
    • Mobile Apps
  • DCV-TV
    • DCV-TV 1: News
    • DCV-TV 2: Case Studies
    • DCV-TV 3: Webcasts
    • DCV-TV 4: Viewer Contributed
    • DCV-TV 5: Solution Profiles
    • MODEX 2022
    • Upload Your Video
Home » Truckload freight volumes and contract prices stayed high in March despite expensive gas

Truckload freight volumes and contract prices stayed high in March despite expensive gas

Spot market prices dipped for the month but are still high historically, ATA and DAT say.

American_Trucking_Associations_For_Hire_Truck_Tonnage_Index.jpeg
American Trucking Associations
April 22, 2022
DC Velocity Staff
No Comments

Although freight rates on the spot market dropped slightly from their historic highs last month, truckload freight volumes and contract prices soared to record levels, new statistics show.

By one measure, the nation’s trucking freight volumes rose 2.4% in March after rising 0.7% in February, according to the American Trucking Associations' seasonally adjusted (SA) For-Hire Truck Tonnage Index. Measured against a threshold of 100 set in 2015, the index equaled 118.8 in March versus 116.1 in February.

“During the first quarter, the index rose 2.4% from the final quarter of 2021 and increased 2.6% from a year earlier. While there might be some recent softness in the spot market, for-hire contract freight tonnage remains sold and is only limited by lack of capacity, both drivers and equipment," ATA Chief Economist Bob Costello said in a release.

 By ATA’s count, contract freight was solid in March, posting its largest monthly gain since May 2020 and marking its eighth straight month-to-month improvement, Costello found.

Those trends ran parallel to another measure of freight activity in March, as truckload freight marketplace operator DAT Freight & Analytics said that weaker spot market rates and skyrocketing fuel costs for the month overshadowed an increase in stronger truckload freight volumes and record-high prices for loads moving under contract.

Those factors hit small trucking companies and independent operators hard, as they saw significantly higher operating costs and lower revenues than they’ve become accustomed to over the past couple of years, Ken Adamo, DAT’s chief of analytics, said in a release.

“What made March unique is that shippers paid historically high prices to ensure that more of their loads moved under a longer-term contract, reducing their need for trucks on the spot market and causing rates to soften,” Adamo said. “At the same time, carriers’ operating costs increased because of higher fuel prices. As a national average, fuel cost $1.07 per gallon more in March compared to February and $1.95 a gallon [more] year over year.” 

DAT measured those market variables with its Truckload Volume Index (TVI), which for dry van freight was 305, up 23% compared to February; the refrigerated TVI was 206, a 13% increase, and the flatbed TVI was 247, up 24% month over month.

The index also highlighted the difference between the contract market and spot truckload rates, which are negotiated as one-time transactions between a freight broker and carrier.

By cost, the price to move van freight under contract increased 19 cents in March to $3.28 per mile as a national average, eclipsing the previous high set in February. The average contract reefer rate was $3.45 a mile, up 20 cents, while the flatbed rate gained 24 cents to $3.69 a mile. 

However, spot market prices tumbled, as the national average van rate fell to $3.06 per mile, down 3 cents compared to February, while the spot reefer rate was $3.44 per mile, down 9 cents. The flatbed rate was $3.45 per mile, up 26 cents month over month and a new record.

Still, spot rates remain well above year-ago levels: in March 2021, the national average van rate was just $2.67 per mile, the reefer rate was $2.95 a mile, and the flatbed rate was $2.78 a mile, DAT said.

Trucking
KEYWORDS ATA - American Trucking Associations DAT Freight & Analytics
  • Related Articles

    Truckload spot volumes soared sequentially in March, down from 2014, DAT says

    Truckload index hits all-time high in March; intermodal index declines

    Consumer expectations remain high despite delays, shortages, and higher prices

Recent Articles by DC Velocity Staff

E-commerce delivery startup ShipX acquires east coast trucking fleet

Research finds more women in supply chain leadership roles

Motive will develop more fleet management tech following $150 million round

You must login or register in order to post a comment.

Report Abusive Comment

Most Popular Articles

  • Now's the time to be a logistics professional

  • Autonomous trucking firms launch partnerships with freight transportation providers

  • Demand for piece-picking robots gains steam

  • Report: Delivery expectations intensify

  • Empty shipping containers stack up at U.S. port depots

Now Playing on DCV-TV

4fbb31a9 f7bf 4e1f b64f f0a3e195ef0f

Cubework alleviates e-commerce logistics challenges w/ flexible warehouse options

DCV-TV 4: Viewer Contributed
E-commerce firms, small and medium enterprises (SME), and e-tailers of all sizes have been hit hard by pandemic-driven supply chain and logistics issues. Online shopping demand is at an all-time high, and never before have last-mile logistics and warehousing been more important. But actually securing affordable and...

FEATURED WHITE PAPERS

  • Guide to Proven Warehouse Solutions

  • Five common misconceptions about running a private fleet

  • Optimize AS/RS With Advanced Warehouse Execution Software

  • The Value of Genuine Parts and Service

View More

Subscribe to DC Velocity Magazine

GET YOUR FREE SUBSCRIPTION
  • SUBSCRIBE
  • NEWSLETTERS
  • ADVERTISING
  • CUSTOMER CARE
  • CONTACT
  • ABOUT
  • STAFF
  • PRIVACY POLICY

Copyright ©2022. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing