Spot Van Rates Reach $2.41 per Mile as TVI Slips 5% and Diesel Jumps 6%
Spot van and reefer rates climbed for a seventh month in February, with van at $2.41 per mile (+9¢) and reefer at $2.88 (+7¢), while van, reefer and flatbed TVIs slid 5%, 7% and 1% despite stable daily volumes. National diesel rose 6% to $3.71/gallon, boosting van surcharges to $0.41.
1. February Spot Rate Momentum
Spot market van, reefer and flatbed rates rose for a seventh consecutive month in February, reaching $2.41 per mile for vans (+9¢), $2.88 for reefers (+7¢) and $2.72 for flatbeds (+14¢) as winter storms tightened available truckload capacity.
2. Freight Volume Index Trends
The DAT Truckload Volume Index fell to 210 for vans (-5%), 173 for reefers (-7%) and 256 for flatbeds (-1%), but shorter February calendars masked a modest uptick in daily average loads compared with January; volumes remain about 6% below last year’s levels.
3. Escalating Diesel Costs
On-highway diesel averaged $3.71 per gallon in February, up roughly 6% month over month and 1% year over year, pushing the average van fuel surcharge to $0.41 per mile and raising operating costs for carriers without fuel-hedged contracts.
4. Contract Rates and Spread Dynamics
Contract van rates rose to $2.52 per mile (+4¢), reefer rates to $2.89 (+8¢) and flatbed rates to $3.13 (+12¢), narrowing the spread between spot and contract van rates to its tightest level since March 2022 as demand and capacity move toward balance.