On the Hill
Real-Time Spot Market
Spillover from TL Contract Market Elevates Van Spot Rates
Transport Dive -Jim Stinson | Monday, November 9, 2020
The growth rate in dry van spot rates reached a new high, at 59% YoY for the week ended Friday, according to the latest freight report from R.W. Baird and Co. A demand for trucks drove the rates, as Truckstop.com's Market Demand Index grew 281% YoY for the same week.
Supply of available Class 8 trucks is constrained, Baird reported, despite a 142% increase, YoY, in September orders of Class 8 tractors. Fleets are making more orders for trucks to catch up to ready for growing freight demand, but production slowdowns from COVID-19 will stall the process of replenishing fleets. And in Q4, factories will again slow to retool and to allow time off for holidays, Baird reported.
Numerous reasons exist for the elevated spot rates, including more freight coming through the supply chain than expected, caused by consistent consumer demand and a desire of retailers to grow inventories and prevent stockouts. Contract carriers are rejecting 25% of electronically tendered freight, pushing more loads onto the spot market, said Brent Hutto, chief relationship officer for Truckstop.com.
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