Reibus: November flatbed rates cool after October bump
Following the short-lived East Coast port labor strike in October, we now turn toward the Jan. 15 deadline to reach a long-term agreement.
Following the short-lived East Coast port labor strike in October, we now turn toward the Jan. 15 deadline to reach a long-term agreement.
After closing the third quarter -3.84% on a y/y basis, our first look at fourth-quarter flatbed spot rates puts us virtually flat y/y, coming in at -0.68%.
Flatbed rates remain roughly 20% higher than dry van but have stayed relatively calm for the first half of 2024, rising just 5% in the first half of the year and remaining negative on a year-over-year basis.
Roughly halfway through Q2, flatbed rates are holding firm, currently showing no change from April to May and a slight increase quarter-over-quarter (q/q).
As we navigate through the first half of 2024, we are seeing early signs of an inflationary rate environment for flatbed shipping, albeit slightly later than anticipated. Excess supply has persisted longer than expected for both flatbed and dry van, resulting in rates remaining lower than for longer than anticipated.
The spot rate trend in the flatbeds has seen a positive upturn. There are potential rate accelerators and decelerators, however, likely to influence spot and contract flatbed rates. The flatbed market for spot rates is showing signs of improvement as we move through the new year. February increased slightly from January, marking the third consecutive […]