Refrigerated Rates
Reefer Rates in November 2024
Updated Reefer Truckload (TL) Sector Overview – November 2024
The reefer market displayed signs of seasonal softness through October, following a temporary demand boost from an extended produce season. Below are the latest updates on spot and contract reefer rates as of October 2024.
Spot Market Rates
Reefer spot rates, net of fuel, increased by 1¢ month-over-month in October 2024, averaging $1.97 per mile. This marks a 4.8% year-over-year increase, although rates remain 7¢ above the typical seasonal pattern. Seasonal produce cycles and heightened pre-holiday inventory activity have supported demand, even as capacity continues to adjust. The reefer load-to-truck ratio eased to 6.2 in early November, down from 6.9 in October, reflecting a return to typical seasonal capacity trends.
Contract Market Rates
Reefer contract rates, net of fuel, increased by 1¢ month-over-month, reaching $2.32 per mile in October 2024. While contract rates remain 2.5% below year-ago levels, the market shows stability as shippers plan for modest rate increases heading into 2025. The year-to-date growth in reefer volumes, supported by domestic demand and tighter acceptance rates, has provided stability to the contract market. Seasonal adjustments and regulatory capacity impacts may influence the reefer market further in the coming months.
To see how reefer rates change in the future, and for detailed analysis and forecasts for truckload, less-than-truckload, and intermodal, see ACT's freight & transportation forecast.
Reefer capacity appears perhaps a bit tighter than the dry van market, as tender acceptance has been declining recently, and this trend will continue in the near terms into Thanksgiving, though this market tends to have a nap after.
Tim Denoyer
Vice President & Senior Analyst
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