Greenscreens.ai published its March 2024 Spot Market Update, revealing how spot rates are moving across the map.
National Carrier Spot Rate Trends
Van and Reefer rates were down a bit, showing a -3.2% and -3.9% shift from last year's end. Meanwhile, Flatbed saw an increase at +2.1%.
Regional Carrier Spot Rate Trends to 23H2 Baseline
The Midwest grapples with the steepest Reefer rate decrease at -6.8%, while the Southeast shows a mixed bag: a slight dip in Reefer rates at -0.8% but a notable rise in Flatbed rates at +4.5%.
Region
Van (23H2)
Reefer (23H2)
Flatbed (23H2)
Midwest
-4.1%
-6.8%
+2.9%
Northeast
-3.3%
-4.1%
+2.3%
Northwest
-2.8%
-6.2%
-4.4%
South
-0.5%
+1.0%
-0.8%
Southeast
-3.1%
-0.8%
+4.5%
Southwest
-5.8%
-6.5%
+1.1%
Regional Carrier Spot Rate Year-over-Year Trends
March '24 spot rate trends hit Reefers in the South hardest at -11.8%, while the Midwest felt the pinch across all types, with Vans and Reefers down by 7%. Here's a closer look at the numbers:
Region
Van (YoY)
Reefer (YoY)
Flatbed (YoY)
Midwest
-7.0%
-7.5%
-7.5%
Northeast
-6.9%
-6.7%
-5.4%
Northwest
-2.5%
-0.5%
-4.9%
South
-7.3%
-11.8%
-6.4%
Southeast
-5.9%
-6.9%
-3.6%
Southwest
-4.2%
-1.6%
+2.3%
Outlook? As Q1 rounds the bend, the second quarter's horizon could signal a milder climate for van and reefer rates or a long haul through the rest of '24 if downward trends persist.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
This insightful glimpse into the world of contract versus spot freight markets is contributed by Ruslan Shamanov, the Founder & CEO of Kavkaz Express, LLC.
