Spot market also is continuing its summer slump as van, reefer, and flatbed all fall for the month. DAT also reported spot-load postings down 26% for July and a 34% decrease for all of 2022.
Truckload freight volumes tumbled from their June peak, and pricing for dry van and refrigerated capacity on the spot market continued to shift downward, according to DAT Freight & Analytics.
The conditions that led to soaring trucking conditions, rates, and profits last year are largely history at this point.
Three railroad unions have reached tentative agreements with U.S. freight railroads on a new labor contract.
The number of loads posted to the DAT MembersEdge load board fell for all three equipment types during the week of Aug. 7-13, following a seasonal pattern and generally lower activity on the spot market.
After a wild post-pandemic ride, the spot market is rebalancing, which has shippers looking for lower contract rates while lower spot rates and high fuel prices is likely driving many owner-operators out of business.
U.S. freight rates increased 28% year over year, but declined almost 2% month over month in July, a likely signal that the U.S. market has reached peak freight rates, according to the July Cass Freight report, just as peak shipping season encompassing both back-to-school and the holidays begins.
A nasty legal skirmish between load board operator DAT and one of its former customers, Convoy, has the characteristics of a classic corporate divorce: betrayal, mistrust, financial gain and loss, and profound differences of opinion.
DAT Freight & Analytics is launching a new app called DAT One that's designed to make life easier for drivers trying to find loads.
The national average for a gallon of on-highway diesel is below $5 for the first time since early March, according to the latest weekly update from the Department of Energy’s Energy Information Administration.