Spot Rates Up 50%, Rail Volumes at Highs

Unlock critical freight market insights with Sonar’s new MCP offering. Learn how AI can access real-time data on truckload and intermodal rates, volumes, and capacity. In this update, we dive into the current market: spot rates are up 50% year-over-year, while intermodal contract rates remain steady, driving road-to-rail savings near 30%. Discover how domestic intermodal is gaining traction, despite international volumes softening. Get the full picture on tender rejections, diesel prices, and what this means for your budget heading into bid season.

Truckload spot rates have climbed 52% year over year to $3.56 per mile, while contract rates — up 25% to $2.88 per mile — remain at a 52-week high but continue lagging spot, according to FreightWaves SONAR data presented in a Nov. 11 market update. The persistent spread between spot and contract is adding pressure to shipper budgets as annual bid season approaches.

Meanwhile, the gap between truckload and intermodal pricing is keeping road-to-rail cost savings historically wide. The SONAR Intermodal Cost Savings Index showed a 30.2% savings advantage for rail as of Nov. 8, a figure that has held above 30% for five consecutive months and has nearly doubled year over year. Intermodal contract rates, by contrast, are up only 3% to 5% year over year, a fraction of the truckload contract increase.

“Savings have nearly doubled year over year and have held above 30% for five months,” said Julie Van de Kamp, citing the MCP-generated analysis of SONAR data. “They are easing slightly as intermodal spot catches up, but the gap remains historically wide.”

This story was originally published by FreightWaves. Read the full story at FreightWaves →