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Q2 2023 Spot & Contract Trucking Rate Recap. Last year, the balance of supply and demand in the truckload market tipped away from carriers, and we entered into a shipper's market — plenty of available carrier capacity, declining freight volumes, and declining spot rates.
Truckload contract rates* trended upwards to -11.1% Y/Y, up from -13.9% in Q2 2023. Typically contract rates will lag spot rate activity by two or three quarters, but the turn happened faster in this cycle, only lagging by one quarter.
1 gru 2022 · Trucking volume may increase 0.9% in 2023 and 2.5% in 2022, according to FTR’s forecast, after climbing 5.4% last year.
Truckload contract rates* trended upwards to -5.3%, up from -7.3% Y/Y in Q4 2023. Typically contract rates will lag spot rate activity by two to three quarters, but the turn happened faster in this cycle, lagging by only one quarter.
Overall, 2023 rate movements have aligned with our initial forecast from October 2022 and the subsequent update published in June. A bifurcation of trends has emerged across van and reefer equipment, with van rates trending toward the downside and reefer rates leaning slightly to the upside.
6 sie 2023 · Truckload Freight Outlook Rates. We anticipate spot rates will remain relatively stable, rising and falling in line with typical seasonal expectations, as contract rates continue to normalize and the gap between the two gradually closes throughout the year.
Trends Observed in 2023. During 2023, trucking rates experienced a degree of volatility, driven largely by increased fuel costs, rising interest rates, and inflation driving costs for goods as economies continue to recover post-pandemic.
