Summary: The freight doldrums of summer continue into the third week of August. Dry van spot market rates are following seasonal patterns but are slightly lower than the previous year, according to the SONAR National Truckload Index 7-Day Average. The NTI fell 2 cents per mile all-in from $2.29 on Aug. 11 to $2.27 per mile. Dry van spot rates are now 5 cents per mile lower month-over-month and 1 cent per mile lower compared to last year.
On the contract front, dry van outbound tender rejection rates continue to hover around 5% despite slight declines. VOTRI fell 13 basis points week-over-week from 5.13% on Aug. 11 to 5%. VOTRI is now 91 bps lower compared to 5.91% last month but remains 61 bps higher than last year’s value of 4.39%.
An ongoing challenge is the depressed dry van outbound tender volumes, especially compared to last year. VOTVI remained mostly flat over the past week, increasing 50.87 points or less than 1% from 6,735.28 points on Aug. 11 to 6,786.15 points. However, compared to last year, VOTVI is 1,383.36 points or 17% lower compared to Aug. 19, 2024’s value of 8,169.51 points.
To find a parallel regarding current outbound tender volumes, one would have to look back at data from before 2020 to find similar levels. Whether current outbound tender volumes are a return to pre-COVID demand trends or reflective of broader modal changes at the expense of dry van freight remains to be seen.
