Spot truckload freight volume had the strongest April on record despite slipping 6.8% lower compared with March, a common seasonal trend.
Compared with the same month in 2017, freight availability rose 32% according to the DAT North American Freight Index. Flatbeds contributed disproportionately to the volume increase, with a 59% gain versus a year ago.
The Freight Index, a monthly measure of demand for spot market freight, is published by DAT Solutions, which operates North America’s largest load board marketplace.
Flatbed freight rates set another record in April, at $2.65 per mile, including fuel, a 12-cent increase over the previous record in March. Flatbed rates were a full 58 cents higher in April than in the previous year.
Van rates rose to $2.16 per mile, a 2-cent increase over March. Rates for refrigerated cargo were up 3 cents to $2.43 per mile month over month. Rates gained 49 cents per mile for both trailer types, compared with April 2017.
Rates continued to rise sharply through the first week in May, as weather improved in the Northeast and Midwest, and produce harvests added to pressure on truck capacity in the Southern band of states, especially Georgia and Florida.
“May and June are typically peak season for agriculture and construction, and retail freight appears to be expanding, as well,” said DAT industry analyst Mark Montague. “Seasonal demand should keep rates high at least through the end of the second quarter.”
Established in 1978, DAT operates a network of load boards serving intermediaries and carriers across North America. For more than a decade DAT has published its Freight Index, which is representative of the dynamic spot market.
Access www.DAT.com to learn more.