Coming off of all-time highs for spot freight volume in January, things in February returned to a more typical seasonal pattern, according to the new edition of the DAT Truckload Volume Index (TVI), which was issued this week by DAT Freight & Analytics.
The DAT Truckload Volume Index reflects the change in the number of loads with a pickup date during that month, with the actual index number normalized each month to accommodate any new data sources without distortion, with a baseline of 100 equal to the number of loads moved in January 2015. It measures dry van, refrigerated (reefer), and flatbed trucks moved by truckload carriers.
DAT’s data highlighted the following takeaways for truckload volumes, and rates, for the month of February, including:
- the van TVI, at 245, down 4% compared to January;
- the reefer TVI, at 193, was down 4% compared to January;
- the flatbed TVI, at 242, increased 3% compared to January;
- the national average broker-to-carrier spot van rate, at $2.07 per mile, fell $0.07 compared to January (down $0.17 annually), with reefer down $0.14, to $2.43 per mile (down $0.16 annually), flatbed up $0.02, to $2.49 per mile (down $0.21 annually);
- spot linehaul rates, which DAT said subtract an amount equal to a fuel surcharge, were down after seeing gains for the third consecutive month in January, with line-haul, at $1.60 per mile, down $0.11 compared to January and down $0.11 annually, reefer, at $1.92 per mile, down $0.18 compared to January and down $0.09 annually, and flatbed, at $1.93 per mile, down $0.02 compared to January, and down $0.14 annually;
- contract rates for truckload freight saw across-the-board gains, signaling that “pricing power between carriers and shippers coming into balance, with the DAT IQ benchmark contract van rate up $0.02, to $2.51 per mile, reefer up $0.01, to $2.89, and flatbed up $0.04, to $3.14; and
- the margin between spot and contract van rates rising for the first time in12 months in February, at $0.44, an $0.11 improvement over January
“Truckload freight volumes and spot rates settled back to what we expect from February,” said Ken Adamo, DAT chief of analytics, in a statement, noting that the month had two fewer shipping days than January. “The decline felt abrupt and steep given January’s relatively active spot market.”