freight market
Arrive Logistics 2024 Truckload Freight Rate Forecast
Adriana Pulley · February 12, 2024 · 1 min read
Arrive Logistics has updated their 2024 Freight Rate Forecast and we're breaking down the key points.
Spot Rates & Market Turnaround: Expect spot rates to inch up as 2024 rolls on, with a reset happening amid seasonal swings. The magic moment when contract rates hit their low point could be around Q2 or Q3, signaling a potential market uplift.
Key Metrics:
It went from all legacy to all spot; instantaneously! Drove spot rates way up in that mkt!! A legacy fleet can tell a contract “no capacity “ but a shipper can tell a contract “no freight this week.” LOL. It’s just smart business. Capitalism at its finest.— James Bauman (@777JimBauman) February 11, 2024
Van spot rates are predicted to hit a 14% year-over-year growth rate in Q4.
Van contract rates will nearly flatline year-over-year by 2024's end, hinting at increases into 2025.
Reefer spot rates are looking at a 12% year-over-year growth by Q4.
Reefer contract rates should level out year-over-year by the end of 2024, with an uptick expected into 2025.
Demand and Supply:
A resetting inventory cycle might prop up demand, albeit slowly. However, a shadow looms with potential economic normalization.
The market's pretty flush with supply for now, but keep an eye out for disruptions that could shake things up as the year progresses.
About this forecast: Arrive's forecast relies on in-depth research of historical data and analysis by the Arrive Insights team.
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