Arrive Logistics April 2024 Freight Market Update

April's trucking market is holding its course. Here's the scoop from Arrive Logistics' April 2024 update:

• Van and Reefer Rates: Van and reefer rates take a tumble, hitting new cycle lows.
• Decked Out: Open deck rates are bucking the trend and climbing up, thanks to a boost in demand.

What's the Market Saying?

• Van Stability: Van rejections are flatlining.
• Reefer Rhythms: Reefers are at about 5% rejection, calm but keeping an eye out for changes.
• Carrier Resilience: Fewer revocations, more newcomers.

Deep Dive into Demand:

• March was mellow. Spot load postings ticked up by 12.3% month-over-month, but we're still about 15% down from last year.
• Cass Freight Index says: We're 2.3% down from February and 3.6% from last March.

Supply Side:

• The SONAR Outbound Tender Reject Index is hovering around 5%. This means capacity is coping pretty well with what's on the plate.

Rates on the Radar:

• As spot rates drop to new lows, contract rates are holding a bit better.
• The gap between spot and contract rates increases further.

Fuel Insights:

• Diesel is steady at $4.02 a gallon, but with global tensions, keep your tanks and budgets prepared for a possible hike.

Predictions and Projections:

Arrive is eyeing regional twists as the summer season draws closer. Rates might just leap over 10% in some spots.

Source: Arrive Logistics April 2024 Update