Despite being only the 24th largest inbound and outbound market, Baltimore has the largest Weighted Rejection Index in SONAR, of 7.46 index points, which indicates that Baltimore is currently contributing more to a rising national tender rejection rate than any other market. Normally, the top spot goes to one of a handful of larger freight markets.
The current Baltimore outbound tender rejection rate is 12.1%, up 617 basis points year over year and well ahead of the national rate of 9.4%. Contrary to the national trend, the Baltimore outbound tender rejection rate has risen sharply since mid-December, from a low near 5% in late December.
Typically a backhaul market, solid outbound volume is contributing to the Baltimore market tightening. Its outbound tender volume is up 9.9% month over month and near the midpoint of its 52-week range, both unusual for this time of year, which is normally a slow period for freight demand.
Tighter market conditions are also being reflected in outbound dry van rates. Using a 4-day rolling average, after netting against any decliners, 5% of Baltimore outbound lanes are showing above-average spot rate increases.
