Market Trends

Provided by Matthew Harding 

As much as everyone in transportation is waiting for a return to more balanced supply, the only bright spots for rates are found in the South (-0.3% ), Southwest (0.0%) and Southeast (+1.8%) markets when compared to 2023H2 rate baselines for Van. All northern markets are down -7% to -8% for Van off 2023H2 rate levels.

In addition to Southern market van rates, Reefer rates are showing similar differences to northern markets as rate levels are trending higher than northern markets. South (-1.4% ), Southwest (-1.3%) and Southeast (+12.8%) versus 10% to -13% for Reefer in the northern markets.

Flatbed markets are showing strength in Southern latitudes as temps heat up showing 4.8%, 5.7% and 1.2% to 2023H2 baselines for South, Southeast and Southwest markets. 

A very consistent seasonal pattern between north and south is evident in all modes, but the drag in the North is dimming the overall outlook.

The only bright spot for May report is the differences on rates from a regional perspective provides some indication that balance may be returning - especially as Reefer is under strain in the Southeast.  As much as we all want healthy transportation markets to return, it appears we are still bouncing on the bottom.