Summary: The first week of September saw continued improvement in flatbed spot rates while dry van rates lost ground and reefer was flat.
Dry van spot rates fell 1 cent per mile in the past week from $2.33 on Sept. 1 to $2.32 per mile. Despite the decline, this is 6 cents per mile higher than last year.. A positive for dry van spot rates is that they increased leading up to the Labor Day weekend, unlike last year when the NTI declined. Dry van spot rates are now following a pattern more similar to 2023, where there was a seasonal Labor Day jump before stair-stepping downward through the end of October.
The reefer segment was flat week-over-week at $2.63 breaking a four-week rally which began the first week of August. Reefer spot rates continue to trail behind last year’s, down 14 cents per mile or 5%. Notably, September 2024 saw continued downward pressure on reefer spot rates. If current reefer spot trends continue, the reefer segment may outperform last year by mid-September.
Flatbed was the only segment that posted a week-over-week gain but remains volatile. The FTI rose 6 cents per mile week over week from $2.60 to $2.66 but is down 16 cents per mile compared to last year.
