Van spot rates retreat a bit in the latest week

The total market broker-posted rate rose 7.3 cents a mile week over week – the smallest increase in five weeks – to the highest level since June 2022. Total rates also were the highest since June 2022 excluding a calculated fuel surcharge. Although carriers operating in the spot market typically do not receive surcharges, the calculation is a proxy for the portion of the rate needed to offset higher fuel costs. All-in broker-posted rates were about 26% higher than in the same week last year while rates excluding a calculated surcharge were up close to 17%.

Even at a conservative fuel economy assumption of 6 mpg, the increase in broker-posted rates for dry van equipment essentially has matched the approximately 29 cents of additional cost per mile due to higher fuel prices over the past five weeks. Refrigerated rates have exceeded added costs by about 7 cents while flatbed rates have exceeded added costs by about 24 cents based on the assumption of 6 mpg.

Compare this year’s spot rate performance to the same 2022 period during the diesel price surge following Russia’s invasion of Ukraine. Fuel cost per mile rose about 18 cents in five weeks, but dry van and refrigerated rates fell about 18 cents and 22 cents, respectively. Flatbed spot rates, however, exceeded the additional cost by about 10 cents a mile during that same five weeks.

While fuel cost recovery has been solid this year, the seasonal decline in dry van and refrigerated van rates during February and early March following the weather-induced spike in late January means that fuel-adjusted van spot rates still trail levels at the end of December and during the weather disruption. In the latest week for which figures are available, diesel prices nationwide rose about 24 cents.

Dry van spot rates declined 2 cents after rising just under 9 cents in the previous week. However, the prior-year comparisons increased both for the all-in rate and the spot rate excluding fuel surcharges. Broker-posted rates were about 37% higher than in the same week last year while rates excluding fuel surcharges were up 27%. Rates increased slightly in the South Central and West Coast regions but were down elsewhere.

Dry van loads decreased 7.4%. Volume was up about 40% versus the same 2025 week. Loads were down in all regions.

Refrigerated spot rates fell 8 cents after rising about 11 cents during the prior week. All-in rates were close to 43% higher than they were during the same 2025 week while rates excluding surcharges were up about 35%. Rates were up slightly in the Southeast but down in all other regions.

Refrigerated loads fell 14.0% – the largest decrease in eight weeks. Volume was 3.4% higher than in the same 2025 week. Loads were down in all regions, and the percentage decreases week over week were in the double digits for all regions except the Southeast.

Flatbed spot rates rose 8 cents – the smallest increase in five weeks but historically a very strong gain. All-in rates were about 24% higher than in the same 2025 week while rates excluding a surcharge were up close to 15%. The prior-year comparison for the all-in flatbed spot rate is the strongest since Labor Day week in 2021 while the comparison for the rate excluding a surcharge is the strongest since about a month later.

Flatbed loads rose 6.2% to their highest level since May 2022. Volume was more than 53% higher than in the same 2025 week. Loads were up in all regions, though the increase in the Northeast was basically insignificant. The major gains were in the Southeast and Midwest.