Freight Trucking Rates in December 2024

As of December 2024, the freight and trucking industry remains influenced by shifting economic, regulatory, and capacity-related dynamics. Below are the latest updates on dry van, flatbed, reefer rates, and overall trucking market conditions based on current insights.

Truckload Rates Overview

Spot Market Trends:

• Dry Van: In November 2024, spot rates for dry van truckload (TL) freight, net of fuel, averaged $1.64 per mile, a 1¢ month-over-month increase and a 3.8% year-over-year rise. The load-to-truck ratio stood at 4.2 in early December, signaling mild capacity tightening but still below historical peaks.
• Flatbed: Spot rates for flatbed freight rose 2¢ month-over-month to $1.95 per mile, with year-over-year gains of 5.4%. Despite seasonal construction softness, hurricane recovery efforts and industrial demand supported the market.
• Reefer: Reefer spot rates averaged $2.04 per mile in November, up 7¢ month-over-month and 5.2% year-over-year. Strong seasonal demand from holiday shipping and produce harvests drove this increase.

Contract Rates:

• Dry Van: Contract rates increased to $2.03 per mile, up 1¢ from October and 1.0% year-over-year. This marks continued improvement after earlier declines.
• Flatbed: Flatbed contract rates held steady at $2.59 per mile in November, a 3.2% year-over-year increase.
• Reefer: Reefer contract rates rose by 2¢ month-over-month to $2.33 per mile, though they remain 1.7% below November 2023 levels.

To see how freight trucking rates change in the future, and for detailed analysis and forecasts, see ACT's freight & transportation forecast.