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November 2022 Freight Rate & Trucking Update

Current Freight Rates – November 2022

November 28, 2022

The four elements that affect the trucking market show inbound container shipments are down. Load volume is down, truck capacity is up, and fuel prices are up.

On November 14th, Cass Information Systems published their Transportation Index Report for October. Cass reports freight shipments dropped compared to September. Cass points to inflation and excess inventory as the reasons for the drop.

Cass reports their Truckload Linehaul Index, which measures truckload rates, continues to decline from the peak in early 2022. The same issues affecting shipments, plus higher truck capacity, is pushing linehaul rates down.

Factoring for trucking companies

Trucking News – US Freight Rates

November 28, 2022 – Courtesy of DAT Trendlines 

October 2022 Freight Rates

Nov 21 – Nov 27 vs. Nov 14 – Nov 20 Oct 2022 vs. Sep 2022 Oct 2022 vs. Oct 2021
Spot Market Loads -45.5% -10.1% -51.8%
Spot Market Capacity -33.7% +7.0% +19.8%
Van Load-To-Truck -9.2% -17.6% -47.7%
Van Rates (Spot) +2.3% -1.4% -15.2%
Flatbed Load-To-Truck -16.9% -6.6% -74.4%
Flatbed Rates (Spot) -0.7% -1.3% -6.7%
Reefer Load-To-Truck -31.9% -19.2% -57.5%
Reefer Rates (Spot) +0.5% -1.8% -14.5%
Fuel Prices -1.5% +0.8% +41.0%

Van Freight Rates – November 15, 2022

DAT’s November 15th Trendlines Report shows current national van rate averages are at $2.39 per mile, a $.07 decrease from the October average.

According to DAT, the highest average van rates are in the Midwest at $2.65 per mile. The lowest average van rates are in the Southeast at $2.30 per mile.

DAT reports the current national load-to-truck ratio is 2.24 loads to truck, compared to the October 23rd average of 2.46. Ratios are highest in Idaho. The lowest ratios are in the Southeast and West coast states.

US van freight rates by region as of October 18, 2022

Reefer Freight Rates – November 15, 2022

Reefer freight rates are averaging $2.77 per mile, a $.06 drop from the October average. Reefer rates are highest in the Midwest, averaging $3.28 per mile. The lowest rates are in the Southeast, with an average of $2.48 per mile.

National reefer capacity is at 4.76 loads to truck, compared to the October 23rd average of 3.95 loads to truck.

Current load-to-truck capacity shows reefer demand is highest in the Dakota and plains states. The Southeast and West Coast states have the lowest load-to-truck ratios.

 

US reefer freight rates by region as of October 18, 2022

Flatbed Freight Rates – November 15, 2022

National average flatbed rates are currently $2.83 per mile, $.06 lower than the October average.

The Midwest has the highest average flatbed rates at $3.06 per mile; the lowest rates are in the West, with an average of $2.48 per mile.

Nationally, load-to-truck ratios are at 8.66, compared to 11.72 on October 23rd. Load ratios are highest in the Mississippi valley and northern plains regions. The Southwest has the lowest load to truck ratios. For more details, visit Dat.com.

US flatbed freight rates by region as of October 18, 2022

*Diesel fuel price map as of November 28, 2022.

Checking fuel prices, the national average diesel price is $5.31 a gallon compared to $5.33 one month ago and is up $1.58 compared to one year ago.

The highest average prices are in the New England states at $6.06 a gallon, the lowest are in the gulf coast states at $4.89 per gallon. California diesel prices are averaging $6.18 per gallon.

Average diesel fuel prices in the US as of November 28, 2022

 

Change from
11/14/22 11/21/22 11/28/22 Week Ago Year Ago
US 5.313 5.233 5.141 -0.092 +1.421
East Coast (PADD 1) 5.474 5.411 5.336 -0.075 +1.652
New England (PADD 1A) 6.060 5.963 5.860 -0.103 +2.194
Central Atlantic (PADD 1B) 5.989 5.941 5.876 -0.065 +2.031
Lower Atlantic (PADD 1C) 5.242 5.178 5.088 -0.090 +1.502
Midwest (PADD 2) 5.321 5.231 5.108 -0.123 +1.506
Gulf Coast (PADD 3) 4.886 4.782 4.699 -0.083 +1.245
Rocky Mountain (PADD 4) 5.401 5.438 5.392 +0.046 +1.568
West Coast (PADD 5) 5.769 5.744 5.666 -0.078 +1.216
West Coast less California 5.412 5.430 5.369 +0.061 +1.337
California 6.180 6.105 6.006 -0.099 +1.188

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