The trucking markets are exhibiting an unexpected continuation of downward price trends for Van/Reefer into the end of April 2024 indicating mid-single digit from 2023H2 rates. Flatbed showing early signs of typical seasonal uptick. Year-over-year is still down for all three modes.
Regional year-over-year rate trends show better conditions in the West US for Van/Reefer, particularly in the South West where year-over-year rates are +6.7%. The North West region is showing -0.5% year-over-year which stands out from other US markets which are hovering at -3.4% to -4.5% year-over-year.
The second quarter is typically a leading indicator of strength in the second half of the year. As such, we will be watching Q2 very closely as capacity continues to exit the market. Trucking is way overdue for a post-covid correction, and an exit from a clear bottom has yet to form.
