Summer Shipping Demand Lifts Truckload Market Spot rates sustainably up 4% over 2023
The truckload market has started the summer shipping season with a strong surge, marked by a 7.1% increase in outbound tender volumes from May 26 to June 3. This surge has helped sustain elevated spot rates beyond the Memorial Day holiday period. Despite the increase in tender volumes, spot rates have remained stable due to sufficient market capacity.
Since early May, average spot rates have been 4%-7% higher year over year, offering hope for transportation service providers who have faced an industry-wide recession since early 2022. The market’s directional shift suggests improvement, with tender rejection rates trending upward but still below 5%.
Comparing 2024 rejection rate patterns to those of 2019, the markets show similarities, indicating a possible end to the capacity exodus. If economic conditions remain stable, the 2019 pattern could guide expectations for the rest of the year.
At TLC, we leverage our extensive network and data-driven insights to navigate these market shifts effectively. Call us today to discuss how we can help you optimize your shipping strategy and stay ahead in this evolving market.
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