The highlights from Wednesday’s SONAR reports are below. For more information on SONAR — the fastest freight-forecasting platform in the industry — or to request a demo, click here. Also, be sure to check out the latest SONAR update, TRAC — the freshest spot rate data in the industry.
NTI as a point of reference
The National Truckload Index is a daily look at how spot rates in specific lanes hold up in comparison to the national average, giving carriers and brokers an idea of which lanes to gravitate toward or avoid.
Wednesday’s National Truckload Index Daily: $2.80
Columbus, Ohio to Green Bay, Wisconsin: $3.06 per mile – 581 miles
- Since falling 84 cents over the course of the past three months, spot market rates from Columbus to Green Bay have stabilized above $3 a mile consistently throughout the month of June. Their current value ($3.06 a mile) sits 26 cents above the current national average.
- Columbus’ Outbound Tender Volume Index has risen 14% since the Memorial Day slump at the beginning of June to settle back up to 268 — roughly where it has been for the past three months. The Outbound Tender Reject Index increased 130 basis points in the past seven days to reach 7.3%.
- At the end of the road, outbound tender volumes for Green Bay are increasing 4.8% week over week (w/w), with rejections hitting 8.7%, providing an indication that booking a load on the way out is probable. Also, if this market continues to grow in this direction, it will put upward pressure on rates out of Green Bay.
Atlanta to Memphis, Tennessee: $3.02 per mile – 389 miles
- Spot market rates from Atlanta to Memphis have remained relatively consistent throughout the year. So far, the lowest average spot rates being paid have only been roughly 20 cents less than the current price, which is 22 cents above the national average.
- Though outbound tender volume for Atlanta is down 2.8% w/w, rejections have increased 100 basis points to 8.5% overall, indicating that carriers within the market are searching for higher-paying spot market opportunities.
- In Memphis, outbound tender volumes are up 2.1% w/w and the Outbound Tender Reject Index has risen 98 bps to its current 7.5%. This slight uptick in volumes and rejections could push rates up coming out.
Watch: #WithSONAR
Maritime lane to watch: Germany to US
As the third-largest international exporter to the United States, spot market rates for forty-foot equivalent containers from the port of Rotterdam, Netherlands, to New York have increased $462 since the beginning of March. However, with President Joe Biden signing the Ocean Shipping Reform Act into law just last week, the direction of those prices may be subject to change in the near future.
Related article: Congress passes ocean shipping reform
Overall, import volumes per twenty-foot equivalent unit from Germany have only decreased 0.9% since this time last year, with transit times increasing just more than two days and port pair delays almost doubling from 3.8 to 6.2 days from July 5, 2021, to June 6, 2022.
