September 22, 2025
Seasonal slide in spot rates continues
Broker-posted spot rates in the Truckstop.com system for all equipment types declined during the week ended September 19 (week 37) as is typical for September weeks following the strength around the Labor Day holiday. Both dry van and refrigerated spot rates fell for a third straight week. The dry van decrease was the largest of that stretch while the refrigerated decrease was the smallest. Flatbed spot rates have declined in 10 of the past 11 weeks, which is similar to the 2024 performance.
Total load activity ticked up 1.0% after jumping about 22% in the recovery from the Labor Day lull. The increase was largely due to flatbed activity, though dry van volume increased slightly as well. Total volume was about 33% higher than it was during the same 2024 week due to extraordinarily stronger flatbed volume and a very weak 2024 comparison for dry van. Truck postings fell 6.1%, and the Market Demand Index – the ratio of loads to trucks – increased to its highest level since the week of the International Roadcheck inspection event in May.
The total market broker-posted spot rate declined by about 2 cents after easing by a penny in the previous week. Total rates were a little more than 3% higher than the same 2024 week due mostly to flatbed. Based on past performance, spot rates for van equipment would be expected to decrease week over week for a couple more weeks before firming into the holiday period.
Dry van spot rates decreased by a little more than 4 cents after declining by about 2 cents during the prior week. Rates were 1.6% higher than in the same 2024 week. Dry van loads ticked up 0.5%. Volume was close to 23% above the same 2024 week. However, as has been the case since August, dry van’s strong year-over-year comparisons are mainly a function of weak volume in comparable 2024 weeks. Load availability has been run consistently below comparable 2023 weeks since July.
Refrigerated spot rates fell a little more than 6 cents after dropping about 9 cents in the previous week. Rates were just three-tenths of a percent higher than during the same 2024 week for the weakest comparison in eight weeks. Refrigerated loads fell 5.6%. Load volume was more than 19% below the same 2024 week. Refrigerated spot volume has lagged 2024 levels in all but a couple of weeks since late May, and at least one of those outliers was due to the July 4th holiday falling in a different week of the year this year.
Flatbed spot rates declined by nearly 1 cent after decreasing by 1.5 cents during the prior week. Rates were more than 4% higher than during same 2024 week. Flatbed loads increased 4.9%. Load volume was close to 58% higher year over year. Flatbed volume has been running stronger versus 2024 in all regions, but the extraordinary prior-year comparisons over the past six weeks or so are due mostly to activity on the West Coast and the Southeast.
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Truckstop's Brent Hutto dishes on spot market activity and other hot topics.