DAT: December spot volumes, rates end 2024 higher
DAT said in January 2025 that spot truckload demand and rates rose in December 2024 as the gap between spot and contract pricing kept narrowing.
Demand for trucks on the spot market rose in December 2024, DAT Freight & Analytics reported on Jan. 22, 2025. The company said the gains suggested solid retail and grocery sales ahead of the holidays.
Volumes
DAT's Truckload Volume Index for vans was 260 in December, up 2.4% from November. The refrigerated index was 220, up 3%, and the flatbed index was 237, down 5%.
From a year earlier, the van and reefer indexes were up 12% and 20%, and the flatbed index was 7% higher.
"December freight volumes were strong despite the quirks of the calendar," said Ken Adamo, DAT's chief of analytics. He noted that Christmas fell on a Wednesday and that there were only three non-holiday weeks between Thanksgiving and the end of the year.
Rates
National average spot rates rose for all three equipment types. The spot van rate averaged $2.11 a mile, up 9 cents from November, or $1.74 net of fuel. Spot reefer averaged $2.47, up 2 cents, and spot flatbed averaged $2.39, also up 2 cents.
Adamo said seasonal volumes, fewer shipping days and truckers taking time off for the holidays pushed spot prices above November levels. "Net fuel, the van rate was the highest monthly average since January 2023," he said.
Contract van and flatbed rates edged higher. The contract van rate was $2.42 a mile, up 2 cents, and contract flatbed was $3.06, up 3 cents. Contract reefer was unchanged at $2.74.
What it meant for carriers
DAT said the difference between van and reefer spot and contract rates narrowed for the fourth straight month and was the smallest since March 2022, when spot rates entered what Adamo called "a severe deflationary period."
"When the gap between spot and long-term contract rates is trending lower, it's a signal that capacity is tightening and negotiating power is shifting toward truckload carriers," Adamo said.