Spot truckload rates and volumes remain mixed in July, noted DAT Truck Volume Index

Spot truckload volumes and rates remained mixed in June, according to the new edition of the DAT Truckload Volume Index, which was released today by DAT Freight and Analytics.

The DAT Truckload Volume Index reflects the change in the number of loads with a pickup date during that month, with the actual index number normalized each month to accommodate any new data sources without distortion, with a baseline of 100 equal to the number of loads moved in January 2015. It measures dry van, refrigerated (reefer), and flatbed trucks moved by truckload carriers.

DAT’s data highlighted the following takeaways for truckload volumes, and rates, for the month of June, including:

• the van TVI, at 243, was down 2% compared to May and up 4% annually;
• the refrigerated (reefer) TVI, at 191, was down 5% compared to May and up 10% annually;
• the flatbed TVI, at 314, was up 1% compared to May and up 12% annually;
• national average spot rates mostly saw gains, with van, at $2.02 per mile, up $0.03 over May, reefer, at $2.37 per mile, up $0.01 over May, and flatbed, at $2.57 per mile, flat compared to May;
• contract truckload rates saw sequential gains, with van, at $2.41 per mile, up $0.02 compared to May, reefer, at $2.74 per mile, up $0.02 compared to May, and flatbed, at $3.08 per mile, up $0.01 compared to May; and
• the monthly average fuel surcharge rose $0.02, with the average price of diesel up nearly $0.30 in June

DAT said that shippers were still wary of soft consumer spending and cost uncertainty, driven by both tariffs and the Iran-Iraq conflict.

“Many retailers and manufacturers continued to hold inventory at current levels or allowed it to draw down,” said Ken Adamo, Chief of Analytics at DAT. “Freight moved in fits and starts rather than steadily and predictably building toward the July 4 holiday.”

The July 4 holiday marks the start of a slowdown in produce-hauling activity, and with it, lower spot reefer rates, according to DAT iQ industry analyst Dean Croke.

“Although the national average reefer rate fell nearly 5 cents to $2.00 per mile, this year’s Week 28 average was 2 cents higher than last year and nearly the same as 2023,” said Croke.

As for if capacity exiting the market, DAT explained that the market continues to hold onto capacity despite six months of rates underperforming and significant uncertainties on the demand side.

“Higher fuel prices and the enforcement of English-language proficiency requirements for truck drivers had minimal impact on carrier exits in June,” said Adamo.