Contract truckload rates climb to 52-week high of $2.72 per mile plus fuel

FreightWaves SONAR data showed contract truckload rates reaching a 52-week high of $2.72 per mile plus fuel, up 18% year over year, as of an Oct. 9 market update. Spot rates tracked by the NTI index rose nearly 50% year over year, while the Outbound Tender Reject Index held at 13.75% and weekly truckload demand increased about 1.25%.

Tender rejections stayed within the recent 13%-14% band, indicating range-bound but elevated pressure on carriers to accept loads. A Gulf-coast storm identified as Isaías caused localized spikes in rejections and spot rates in the Mobile and Montgomery, Alabama markets. FreightWaves also added intermodal rate benchmarks to its SONAR Rate Intelligence module, letting users compare lanes, nearby rail ramps and cost savings versus van for both contract and spot shipments.

Before the October update, contract rates had retreated from earlier highs following a brief post-Labor Day pullback in truckload demand. The Outbound Tender Reject Index had been fluctuating inside a 13%-14% range, and spot rates had shown moderate year-over-year gains. Carriers and shippers were beginning to reset agreements as annual bidding cycles approached.

What we know

• Contract truckload rates reached a 52-week high of $2.72 per mile plus fuel, up 18% year over year.

• Spot rates tracked by the NTI index rose nearly 50% year over year.

• Outbound Tender Reject Index sat at 13.75%.

• Truckload demand increased approximately 1.25% week over week.

• FreightWaves released intermodal rate benchmarks within the SONAR Rate Intelligence module.