The truckload dry-van market is witnessing a robust response to the peak season, with the National Truckload Index (NTI) reaching unprecedented levels not seen in nearly two years. According to Yahoo Finance, spot rates have surged from $2.38 per mile to $2.52, marking a significant increase since January 23, 2023.

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SONAR’s latest data highlights a rise in outbound tender rejection rates by 63 basis points week over week, climbing from 5.24% on December 5 to 5.87%, its peak since July 8. This surge occurs despite a noticeable decline in dry van outbound tender volumes by 7.32% year-over-year, recording 7,926.19 points compared to 8,551.79 points last year. These dynamics suggest that the improvements are driven more by capacity factors rather than overall volume increase.

Further insights from SONAR Carrier Details reveal a reduction in trucking authorities, with 344,541 currently active compared to 358,985 a year ago, a 4% decrease. This contraction in the trucking arena poses potential future challenges for shippers, particularly if demand surges by 2025, spurred by potential economic stimuli from policy changes.

Data from the IndexBox platform supports these insights, indicating that while the current market is marked by tighter conditions, shippers should consider locking in contract rates now, despite the heightened levels, to ensure capacity reliability. Should the market experience substantial demand increases, carriers might leverage their position, influencing contract terms unfavorably for shippers who were previously difficult partners.

Source: IndexBox Market Intelligence Platform