Spot truckload freight volumes rebounded in March, led by a sharp increase in the movement of flatbed loads, but spot reefer rates decreased, according to the latest data from DAT Freight & Analytics.
The DAT Truckload Volume Index (TVI), a measure of dry van, refrigerated, and flatbed loads moved in a month, increased for all three equipment types compared to February:
- Van TVI: 276, up 5% month over month
- Reefer TVI: 218, up 1%
- Flatbed TVI: 316, up 13%
With more business days and better weather, March typically has higher truckload freight volumes than February, DAT reported. Year-over-year comparisons stayed positive, with the Van TVI up 7%, Reefer TVI rising 8%, and Flatbed TVI 11% higher compared to March 2024.
Spot van, reefer rates decrease
Despite stronger volumes in March, average spot rates for van and reefer loads fell for the third straight month:
- Van: $1.99 per mile, down 5 cents from February
- Reefer: $2.27 per mile, down 9 cents
- Flatbed: $2.53 per mile, up 8 cents
The van linehaul rate averaged $1.60 per mile (down 4 cents), the reefer rate was $1.85 (down 7 cents), and the flatbed rate was $2.06 (up 9 cents). Linehaul rates exclude an average fuel surcharge amount, which was 39 cents, 42 cents, and 47 cents for vans, reefers, and flatbeds, respectively.
Flatbed demand didn’t match March 2017 or 2018, but it was greater than carriers have been used to lately, explained Ken Adamo, DAT chief of analytics.
“Tariff uncertainty was a factor, but so was tighter capacity,” Adamo said in a news release. “Roughly 30% of flatbed loads move on the spot market compared to 12 to 15% for vans and reefers. The equipment and driver skills are specialized and spot-market demand is highly seasonal. When there are fewer trucks, it affects the flatbed market more than the others.”
Contract pricing stays consistent
Contract truckload rates declined for all three equipment types:
- Contract van: $2.40 per mile, down 3 cents month over month and 7 cents lower than March 2024
- Contract reefer: $2.72 per mile, down 3 cents and 12 cents lower year over year
- Contract flatbed: $3.04 per mile, down 1 cent and 8 cents lower year over year
The difference between contract and spot rates for vans and reefers increased for the second month in a row.
“Compared to the spot market, contract pricing has been consistent for the last 12 to 15 months,” Adamo said. “That may change if tariffs and geopolitical issues disrupt supply chains and shippers turn to the spot market for available trucks. For now, though, shippers and brokers continue to hold on to pricing power.”
