Thanksgiving week spot market metrics mostly see declines, reports DAT

Data recently issued on the DAT One network provided to LM by DAT Freight & Analytics mostly pointed to declining metrics for truckload spot market load posts, for the week of Thanksgiving, from November 24-30.

DAT reported that 1.02 million loads were available, representing a 46% sequential decline and a 12% annual increase. The firm added that there was a total of 223,837 available trucks posted on the DAT One network, falling 30% sequentially and down 25% compared to Thanksgiving week in 2023.   

The weekly breakdown for van loads, van equipment, load-to-truck ration and linehaul rates for Dry Vans, Reefers (refrigerated), and flatbeds provided by DAT is below:

Dry Vans

• Van loads: 546,761, down 40.0% week over week;
• Van equipment: 145,417, down 30.5%;
• Linehaul rate: $1.71 net fuel, up 4 cents; and
• Load-to-truck ratio: 3.8, down from 4.3

Reefers

• Reefer loads: 222,149, down 49.6% week over week;
• Reefer equipment: 50,069, down 25.7%;
• Linehaul rate: $2.06 net fuel, down 1 cent; and
• Load-to-truck ratio: 4.4, down from 6.5

Flatbeds

• Flatbed loads: 251,469, down 53.0% week over week;
• Flatbed equipment: 28,351, down 34.9%;
• Linehaul rate: $1.98 net fuel, up 1 cent; and
• Load-to-truck ratio: 8.9, down from 12.3

In a recent interview with LM, DAT Chief of Analytics Ken Adamo said that truckload spot market conditions have been positive amid reports of industry tightness, which is a byproduct of when people start chasing rates upwards and also serve as an opportunity of a market strongly returning.

“It's really kind of hard though, to parse out,” he said. “How much is seasonality and how much is macro? It's really impossible to tell right now. It's probably some seasonality, but I think it's also some of that pull-forward, and some of that uncertainty, some of that just carrier attrition having stopped in the macro market. There's just a lot of signals that we're recovering.”

As for capacity availability, Adamo said capacity and demand has been in equilibrium since around late July and possibly as far back as May during Roadcheck week, defining equilibrium as meaning no single event throws the market off-kilter.

“It just temporarily disrupts it and brings it back—that, to me, is probably the best indicator of equilibrium,” he said. “You saw both hurricanes and the brief port strike, with blips and then returns,” he said. “Now is the first time we are starting to see prolonged momentum. But I am very cautious, because I think it is also the busiest peak shipping season of the year. January 15 is typically when the returns stop flowing and the market starts to go back into its seasonal slumber so we will see of this can affect that. Back in 2021, at that time, the Delta Variant and the Polar Vortex both hit and rates were over a cliff and them immediately sprung back up. I don't think this will have that effect, but I think it could meaningfully change some of the post-holiday dynamic.”