For the second week of May can spot rates fell 0.6% week over week. Spot rates in April fell 7.5% from March, but are still up 7.9% YOY.
Truckload spot rates have fallen 18% since the start of the year, but excluding fuel rates have fallen by 32%. Refrigerated truck rates normally increase during the summer, but in the second week of May rates fell 3% from April and were down slightly YOY.
The tender rejection rate was averaging over 20% for much of the past year until March as seen in the chart below. The rejection rate hit 8% in May.
High rates of tender rejections indicate carriers that are either unwilling or unable to provide capacity for a contracted customer at a previously set rate.
A national rate of 5% is indicative of a relatively loose trucking market.
Contract rates will follow spot rates, but that will take time to flow through the P&L.