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Truckload spot rates set records in May 2021 even as volumes dipped

DAT said reefer and flatbed spot rates topped $3 a mile for the first time in May 2021, while van rates also hit a monthly record despite a 6% drop in loads moved.

By Transport News Staff · Added to the archive

In June 2021, DAT Freight & Analytics reported that truckload spot rates had reached record highs in May for all three major equipment types, even though the amount of freight moved fell from April.

Records across the board

The national average van spot rate on the DAT One load board rose 10 cents to $2.69 a mile, including fuel surcharge. It was the highest monthly average van rate DAT had recorded.

Reefer and flatbed rates both went above $3 a mile for the first time. The reefer average was $3.11, up 18 cents from April. Flatbed averaged $3.13, up 17 cents.

Fewer loads, tighter capacity

DAT's Truckload Volume Index fell 6% to 212, the second straight monthly decline, though it was still the fourth-highest month on record. Van and reefer loads moved on the network each fell 6%, and flatbed loads fell 9%.

Even so, capacity got tighter. The van load-to-truck ratio rose to 6.1 from 4.8 in April. The reefer ratio climbed to 13.0 from 9.9. The flatbed ratio hit 97.1, the highest monthly average for that segment since April 2018.

What was squeezing the network

DAT pointed to several pressures that kept trucks from turning loads:

  • Longer dwell times at shippers and receivers, which left trucks waiting instead of available for dispatch
  • A surge in imports that drove up demand for chassis, along with higher drayage rates and longer hauls from ports to warehouses
  • Rising lumber prices that had more than doubled the cost of wood pallets, threatening produce shippers as harvest picked up

DAT Chief of Analytics Ken Adamo said shortages were affecting most of the industrial and consumer economy. He said many shippers were being forced to choose between delivering on time and delivering complete orders.

Fuel was rising too

The national average on-highway diesel price was $3.22 a gallon in May, the highest since December 2018, according to DAT. Spot rates include a fuel surcharge that moves with diesel, so part of the rate gain covered higher fuel costs.

The outlook

DAT said June usually puts more seasonal pressure on truckload rates than any other time except the Black Friday period, with peak produce season, summer retail and construction all adding demand. Entering June, van spot rates were 93 cents higher than a year earlier.

For carriers, the May data showed one of the strongest pricing environments on record. It also showed the operating headaches of 2021: time lost at docks, scarce chassis and higher fuel bills all cut into the gains.

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