The American Trucking Associations’ (ATA) superior seasonally adjusted (SA) For-Rent Truck Tonnage Index fell 1.1% in July after rising 0.5% in June. In contrast with July 2021, the SA index elevated 5.1%, which was the eleventh straight year-over-year acquire. In 2022, year-to-date, and in contrast with the identical interval in 2021, tonnage was up 3.4%.
“Tonnage declined sequentially in July for less than the second time over the past twelve months. Regardless of the dip from June, tonnage remained at elevated ranges and elevated considerably from a yr earlier,” mentioned ATA Chief Economist Bob Costello. “Whereas tonnage is way stronger than a yr in the past, the month-to-month positive factors have moderated because the yr has gone on. The mix of softer consumption of products, house development falling, and slower manufacturing exercise are the primary causes.”
The newest spot market replace from Canadian freight matching firm, Loadlink Applied sciences, highlights that the Canadian spot market softened in July, with load quantity down 26% from June and 11% y/y.
Key highlights of the report embody:
- July’s truck-to-load ratio was 3.51, simply over 14 % greater than the ratio of three.08 in July 2021. Capability has grown for a fourth straight month in July, regularly recovering from the dramatic capability strains led to in the course of the pandemic.
- Whereas nationwide averages development downward, Loadlink’s Posting Index reveals that there are lanes nonetheless experiencing progress –
- Toronto, ON -> Calgary, AB | Reefer | +14% M-o-M | -9% Y-o-Y
- Montreal, QC -> Winnipeg, MB | Van | +16% M-o-M | -25% Y-o-Y
- Houston, TX -> Edmonton, AB | Flatbed | +246% M-o-M | +95% Y-o-Y
All charges cited beneath exclude gasoline surcharges until in any other case famous.
Dry van capability tightened within the Columbia River Basin and Yakima Valley in Washington State following a 13% w/w improve in load posts. Regional outbound dry van linehaul charges elevated by $0.10/mile to $1.25/mile. On the East Coast in Syracuse, NY, load posts elevated by 5% final week after being flat for the prior month. Outbound spot charges jumped by $0.19/mile to a mean of $2.28/mile, whereas on the regional lane south to Harrisburg, at $3.29/mile, spot charges have been growing steadily in June however are nonetheless simply over $1.00/mile decrease than the earlier yr. Within the nation’s quantity 4 port, Savannah, outbound spot charges elevated by $0.03/mile to a mean of $1.93/mile final week, reversing a three-week slide. On the high-volume lane to Atlanta, load charges proceed to drop at $629/load is sort of $300/mile decrease in comparison with the earlier yr.
Masses from Savannah to Dallas at $1.53/mile had been flat this week however nonetheless round $0.40/mile decrease than the earlier yr, whereas on the 336-mile haul to Lakeland, spot charges are virtually $1.00/mile decrease y/y at $3.17/mile. Additional north within the Brooklyn, NY, market, dry van capability tightened following a $0.19/mile w/w improve in spot charges to an outbound common of $2.36/mile final week. Lengthy-haul hundreds 1,500 miles west to Dallas averaged $1.63/mile in August after growing by $0.35/mile since June and at the moment are simply $0.19/mile decrease than the earlier yr.
The final week of the freight month usually sees a flurry of transport exercise, however with August ending midweek, the amount positive factors had been modest the earlier week with little change from the week prior. Within the final 18 months, carriers appear to be taking extra break day round important vacation breaks this yr following final week’s 3% lower in tools posts. Consequently, the dry van load-to-truck (LTR) elevated barely from 3.45 to three.57.
Dry van linehaul charges decreased by simply over $0.01/mile final week because the market was oversupplied with tools. The nationwide common dry van linehaul fee ended final week at $1.91/mile, which is $0.58/mile decrease y/y and simply $0.05/mile greater than in 2018. Dry van linehaul charges are nonetheless $0.25/mile greater than the typical of pre-pandemic years.
