Refrigerated Rates

Reefer Truckload (TL) Sector – March 2025

The reefer market softened in February 2025, with spot rates pulling back after January’s seasonal lift. Despite this dip, capacity remains tighter than average, and tariffs are contributing to pricing complexity. Below are the latest insights on spot and contract reefer rates.

Spot Market Rates
Reefer spot rates, net of fuel, fell 19¢ month-over-month to $1.92 per mile in February 2025, reversing January’s gain and coming in flat year-over-year. Rates tracked below seasonal norms in early March, though still on pace to rise year-over-year as tighter equipment supply offsets some of the tariff-driven demand headwinds. The seasonally adjusted load-to-truck ratio settled at 8.0 in early March, above the 2024 average but below the January peak.

Contract Market Rates
Reefer contract rates, net of fuel, edged up 1¢ to $2.33 per mile in February, a 3¢ increase in seasonally adjusted terms, though still down 1.7% year-over-year. Pre-tariff shipping activity is beginning to wane, but steady demand for temperature-sensitive goods is helping maintain rate levels as broader market uncertainty grows. Contract pricing is expected to improve modestly through the first half of 2025, with further gains limited by trade-related economic pressures.

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.