As the New Year begins, national freight demand has dropped and truck capacity has increased. This results in lower rates as is normal this time of year.
March 2019 Freight Rates
|Mar 11-17 vs Mar 04-Mar 10||Feb 2019 vs Jan 2019||Feb 2019 vs Feb 2018|
|Spot Market Loads||+3.5%||-4.6%||-42.9%|
|Spot Market Capacity||+3.4%||-11.4%||+35.9%|
|Van Rates (Spot)||+1.6%||-3.3%||-11.4%|
|Flatbed Rates (Spot)||+1.3%||-0.8%||-1.4%|
|Reefer Rates (Spot)||+1.5%||-4.2%||-8.8%|
According to DAT.com, national Van rate averages dropped $.02 over the last week down to $1.91 per mile. Rates vary by region with the gulf coast averaging $1.63 per mile and the upper Midwest averaging $2.31 per mile. Load-to-truck ratios are highest in the middle of the country, and lowest in the southwest.
Reefer freight rates continue to drop according to DAT.com. The national average reefer rate is at $2.25 per mile, a drop of $.04 over the previous week. Reefer rates are lowest in the Southeast averaging $1.54 per mile, and highest in the upper Midwest, with an average of $3.06 per mile. DAT shows demand decreased as the national load-to-truck dropped down from 6.6 to 5.9 loads for every truck.
National average flatbed rates have dropped $.01 to $2.34 per mile, despite an increase in demand for flatbeds. The highest average rates are currently in the Northeast, and the lowest are in the southwest. Top areas for load-to-truck ratios are in the Northern plains states and the gulf coast states.
Turning to fuel prices, the latest Energy Information Administration data shows the national average diesel price is at $2.97 per gallon. Regional diesel prices range from an average of $2.78 in the gulf coast states, to $3.23 in the central Atlantic region. California diesel prices are averaging $3.71 per gallon.
One of the biggest concerns facing many fleet operators right now is the shortage of drivers. For information on how to recruit and retain drivers in today’s market, visit the trucking blog at tcicapital.com and search “drivers”. Some recent articles include Recruiting Truck Drivers by Going Outside the Box, and Recruiting and Keeping Drivers.
For more information on current freight trends, as well as up-to-date news about the trucking industry, visit the trucking news and information page.
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To learn more about our freight factoring services, call TCI Business Capital at 800-707-4845 or contact us via the web.
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