It is safe to say we live in unprecedented times. Coronavirus, supply chain shortages, the war over in the Ukraine, and oil shortages. With all of the inane things we have experienced since the start of the decade, hopefully the changes in freight rates will seem less crazy in comparison.
March 2022 Numbers
According to DAT:
- Dry van hauling averaged $3.03 per mile, a six cent decrease from February.
- The flatbed average jumped twelve cents per mile to $3.39.
- Reefer average decreased eleven cents to $3.40.
What makes this past month’s changes in freight rates so interesting is that the industry is inches away from a tipping point: flatbed averages may just overcome reefer hauling.
Reefer hauling has always been more lucrative due to the nature of the beast: operating a refrigerated unit requires the use of diesel fuel to keep goods cool (or warm, in rarer cases). Should flatbed become king, we may see an exodus of fleets moving from hauling reefer to flatbed instead. After all, why pay more in diesel costs, when prices are already at record highs, to make less money for every mile?
While fuel prices are high, they are lower than they have been recently. DAT reports that the average fuel price has dropped almost a percentage over the last month.
The trucking industry, like the rest of the world, is living in a whole new place since the start of the last decade. If DAT’s current predictions for April turn out to be true, flatbed hauling will overtake reefer hauling as the most lucrative form of freight shipping. If that happens, it will certainly be interesting to see how the rate shift impacts society as a whole.
What are your thoughts on the changes in average nationwide freight rates? Would you consider switching to flatbed if it overtakes reefer to become the leader? Let us know in the comments at the bottom of the page.
As always, if you are in the market for a flatbed, reefer, or even dry van, TopMark Funding can leverage its expertise to get you the best rate for your credit scenario. Read on below for more information.
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