Dry Van Rates

Dry Van Truckload (TL) Sector Overview – December 2024

The dry van truckload (TL) sector continues to adjust amid shifting market conditions, influenced by capacity dynamics and broader economic factors. Below is an updated overview reflecting the latest data for November 2024.

Spot Market Rates

Dry van spot rates, net of fuel, increased 1¢ month-over-month, averaging $1.64 per mile in November 2024. This marks a 3.8% year-over-year rise, reflecting gradual rate recovery. Seasonal shipping demand and pre-tariff inventory adjustments supported rate gains. The seasonally adjusted (SA) load-to-truck ratio edged up to 4.2 in early December from 4.1 in November, indicating slight tightening amid stable capacity conditions.

Contract Market Rates

Contract rates rose 1¢ month-over-month, reaching $2.03 per mile in November 2024, up 1.0% year-over-year. This marks the second consecutive month of year-over-year gains after two years of declines. While the spot-to-contract rate gap persists, rising private fleet operating costs are driving shippers to reconsider contract pricing strategies. A measured rate increase is expected as supply conditions gradually tighten.

To see how dry van rates change in the future, and for detailed analysis and forecasts for truckload, less-than-truckload, and intermodal, see ACT's freight & transportation forecast.