Freight Rates Decrease Slightly for March 2023
They say that March comes in like a lion and goes out like a lamb, and with the trucking industry, that seems to be the rule as well, as freight rates continue to decline, they are also showing signs of stabilization. DAT Freight & Analytics has the numbers.
March 2023 Numbers
- National dry van averages dropped from $2.26 to $2.17 per mile on the spot market.
- For flatbed, rates actually increased by one cent per mile to $2.72.
- Reefers fell nine cents per mile to $2.51.
- The average rate per mile decreased by about six cents to approximately $2.47.
Perhaps the most notable fact that happened in March was the gap between flatbed and reefer hauling increasing by a whopping ten cents. Reefer demand tends to decrease during the colder months, but it is a rare sight to see it be not only behind flatbed hauling, but by such a massive margin.
We would love to say that there is more to the story than just demand decreasing over time due to the slow season still being in effect, but in the end that is all that is really happening when it comes to the current freight rates. At least the data is predictable!
Conclusion
A silver lining of news is that DAT Freight & Analytics’ preliminary numbers for April 2023 are showing signs of strength, with all three freight rates appearing to stabilize more. It is highly unlikely that the average rate nationwide for all forms of freight in April will see a change per mile as large as six cents.
If you want to be better prepared for the busier seasons of trucking this year, which just so happen to be around the corner as the weather starts to heat up, TopMark Funding can help by getting you a proper funding solution for the trucks and trailers your fleet needs to grow and generate more revenue, regardless of whether your credit is perfect or less-than-perfect. Read on below for more information on what we can do for you to keep your trucking business moving.
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