We will usually only post about the freight rates when DAT has solidified the numbers, usually a week after the month has passed. Here is an exception. While we are only a little bit over halfway through the month, DAT is estimating freight rates to skyrocket compared to February.
In pictures, here are the previous three month’s freight rates, followed by the current prediction for March.
Images are courtesy of the fine folks over at DAT.
The predicted changes are as follows:
There are multiple potential factors that, added up, would explain the sharp increase. According to DAT themselves, fuel prices have increased 3.3%, which partially explains the increase of rate as a matter of the cost of services rendered. There are also other things in the trucking pipeline: the increased demand for reefer shipments due to COVID-19 vaccines has not only increased the average price of reefer shipments, but other forms of freight needed to raise their rates to remain competitive in the market. Finally, Don Ake, industry expert predicts a dearth of new trucks available for purchase, making the demand for shipments increase faster than truck drivers can fulfill them (though used trucks and truck rental services may diminish this effect).
These numbers are still in their preliminary stages, but the size of the increase is a good omen for trucking industry revenues: even if DAT is completely wrong across the board by twenty cents per mile, two of the three forms of freight would still see an increase.
It might be too soon to call the slow season of trucking officially “over”, but the evidence is pointing a giant flashing neon sign in that direction. We will see you in April to see just how true these freight cost estimations really are.
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