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June 2022 Freight Rate & Trucking Update

Current Freight Rates – June 2022

June 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.

Cass Information Systems has released the Transportation Index Report for May. Cass reports freight volumes were up by 4.0% in May; however, rates were down by 9.5%.

On the trucking side, Cass reports there were 27,300 new trucking jobs added over the past two months. This extra capacity along with slowing consumer demand is driving freight rates down. With record high fuel prices across the country, Cass estimates fuel alone is adding 10% to the cost of freight.

Factoring for trucking companies

Trucking News – US Freight Rates

June 28, 2022 – Courtesy of DAT Trendlines 

June 2022 Freight Rates

June 20 – June 26 vs June 13 – Jun 19 May 2022 vs April 2022 May 2022 vs May 2021
Spot Market Loads -1.7%
+14.0% -12.7%
Spot Market Capacity -1.9% -2.3% +17.7%
Van Load-To-Truck +6.0% +28.2% -28.3%
Van Rates (Spot) +0.1% -3.1% +1.2%
Flatbed Load-To-Truck -8.6% -1.9% -34.8%
Flatbed Rates (Spot) +0.0% +1.0% +11.1%
Reefer Load-To-Truck +19.9% +19.8% -41.9%
Reefer Rates (Spot) +1.3% -2.3% -0.5%
Fuel Prices +0.0% +0.0% +73.2%

Van Freight Rates – June 28, 2022

DAT’s June 28th Trendlines Report shows current national van rate averages are at $2.68 per mile, a $.03 decrease from the May average.

According to DAT, the highest average van rates are in the Southeast at $2.78 per mile. The lowest average van rates are in the Northeast at $2.42 per mile.

DAT reports the current national load-to-truck ratio is 3.74 loads to truck, compared to the May 29th average of 4.59. Ratios are highest in the Southeast and Gulf coast states. The lowest ratios are in the Midwest and Northwest.

US van freight rates by region as of June 28 2022

Reefer Freight Rates – June 28, 2022

Reefer freight rates are averaging $3.03 per mile, down $.04 from the May average. Reefer rates are highest in the Southcentral states, averaging $3.13 per mile, and the lowest rates are in the Northeast, with an average of $2.60 per mile.

National reefer capacity is at 7.61 loads to truck, compared to the May 29th average of 7.45 loads to truck.

Current load-to-truck capacity shows reefer demand is highest in the Southeast states. The Pacific Northwest and the Northeast have the lowest load-to-truck ratios.

 

US reefer freight rates by region as of June 28 2022

Flatbed Freight Rates – June 28, 2022

National average flatbed rates are currently averaging $3.46 per mile, $.01 higher than the May average.

The Southeast has the highest average flatbed rates at $3.77 per mile; the lowest rates are in the West, with an average of $2.95 per mile.

Nationally, load-to-truck ratios are at 33.49, compared to 59.36 on May 29th. Load ratios remain high throughout the country. For more details, visit Dat.com.

US flatbed freight rates by region as of June 28 2022

*Diesel fuel price map as of May 30, 2022.

***The Energy Information Administration is experiencing difficulty with their data network and has not published updated data since June 13.

Turning to fuel prices, the latest Energy Information Administration data shows the national average diesel price is at $5.61 per gallon, a $.51 increase from one month ago, and $2.36 higher than one year ago.

Regional diesel prices range from $5.30 in the gulf coast states to $6.36 in the central Atlantic region. California diesel prices are averaging $6.48 per gallon.

Average diesel fuel prices in the US as of May 30, 2022

 

Change from
05/16/22 05/23/22 05/30/22 Week Ago Year Ago
US 5.613 5.571 5.539 -0.032 +2.284
East Coast (PADD 1) 5.944 5.905 5.848 -0.057 +2.609
New England (PADD 1A) 6.431 6.371 6.226 -0.145 +3.061
Central Atlantic (PADD 1B) 6.360 6.325 6.225 -0.100 +2.811
Lower Atlantic (PADD 1C) 5.605 5.568 5.552 -0.016 +2.417
Midwest (PADD 2) 5.346 5.293 5.247 -0.046 +2.050
Gulf Coast (PADD 3) 5.295 5.216 5.180 -0.036 +2.153
Rocky Mountain (PADD 4) 5.468 5.498 5.494 -0.004 +2.117
West Coast (PADD 5) 6.075 6.081 6.134 +0.053 +2.372
West Coast less California 5.619 5.603 5.670 -0.067 +2.260
California 6.477 6.502 6.542 +0.040 +2.487

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