DAT Freight & Analytics highlighted the trend in its trendlines report for the week ending April 11. The spot load posts within its network have increased since that time and remain exceedingly high compared with past years for the week ending May 9.
According to the load board network operator DAT Freight & Analytics, spot truckload rates remained near all-time highs during the week ending May 3, just a year after they bottomed out during pandemic business and travel closures.
The 7-day average line-haul rate for dry vans was $2.27 a mile last week, 95 cents higher than the same period one year ago (line-haul rates exclude a fuel surcharge), according to DAT Freight & Analytics, which operates the industry’s largest load board network and the DAT iQ freight-data analytics service.
The seven-day average line-haul rate for dry vans was $2.27 a mile last week, 95 cents higher than the same period one year ago (line-haul rates exclude a fuel surcharge), according to DAT Freight & Analytics, which operates a load board network and a freight-data analytics service.
What it means there aren’t enough truck drivers to move this wood around. DAT, which is the largest truckload freight marketplace in North America, can speak to that. In the first four months of 2021, there were an average of 72 available jobs on the spot market for each truck driver who posted on the DAT flatbed boards. Compare that to 2019’s Jan. to April average of 21 job post per driver post and 2020’s average of 16 jobs.
Currently, trucking is undergoing a resurgence, something quite different from a year ago when spot TL rates hit painful lows. Spot rates have shot up since then, from $1.59 in May 2020 to $2.66 in March, according to data from DAT. It is a big rise over 10 months, given the economy was in recession, and the world grappled with the coronavirus.
"Flatbed carriers are capable of hauling a wide range of loads, from raw materials like steel, to manufactured goods like pipe and lumber, to heavy machinery and even produce," said Dean Croke, principal analyst at DAT. "As the weather warms up, the number of flatbed loads naturally increases as construction, agriculture and other activities that use flatbed trailers pick up."
The total number of loads posted to the DAT marketplace jumped 4.7% during the week ending April 11 but the number of available trucks on the network was up 5.3%. Balanced growth in the number of loads and posted capacity kept spot truckload van and refrigerated truckload rates in check last week.
DAT Freight & Analytics recently introduced Multilane Rates for Ratecast, a feature that enables Ratecast subscribers to build price forecasts into their workflows, complete RFPs in less time and improve their chances of winning bids.
The ratio of available loads to trucks more than doubled in March from the previous year, according to online freight marketplace DAT Solutions LLC, while the average cost to hire a big rig rose by 41.9%, to $2.65 a mile.