Contract truckload rates hit a 52-week high as the contract-spot gap narrows

Truckload contract rates reached a new 52-week high of $2.72 per mile plus fuel — up 18% from a year ago — as carriers and shippers re-price annual agreements at elevated levels, according to FreightWaves SONAR data in an Oct. 9 market update.

The contract move matters because it signals shippers are no longer holding the line on legacy pricing. Spot rates are rising too — the NTI index is up nearly 50% year over year — and the narrowing gap between contract and spot gives carriers leverage as annual bids roll over, said Julie Van de Kamp during the SONAR update. Tender rejections remain elevated at 13.75% on the Outbound Tender Reject Index, inside a recent 13% to 14% band, while truckload demand ticked up about 1.25% week over week, back to pre-Labor Day levels.

Hurricane Isaias is adding a regional wrinkle: tender rejections and spot rates have picked up markedly across the Mobile and Montgomery, Alabama, markets over the past several days, with inbound truckload rejections in both running well above the national average. FreightWaves also rolled out intermodal rate benchmarks — contract and spot lanes, nearest rail ramps, and cost comparisons against van — in its SONAR Rate Intelligence module.