Highlights from Thursday’s SONAR reports are below. For more information on SONAR – the industry’s fastest freight forecasting platform – or to request a demo, Click here. Also be sure to check the latest update of SONAR, TRAC – the most recent spot rate data in the industry.
Elizabeth, New Jersey
Elizabeth’s outbound tender volume index is down for the eighth day in a row, down 10.5 basis points, or 4.1%, since the crisis began. Containerized imports at the Port of New York and New Jersey are picking up after a sharp drop. In the last six days, the twenty-foot equivalent maritime units imported increased by 5.9%.
When comparing the volume of inbound containers with the volume of outbound truckloads, it is clear that the two are following a similar pattern, and the increase in imports is expected to hit the full truckload market over the next week.
Capacity is already tightening, as Elizabeth’s Outbound Tender Reject Index has risen 130 basis points, or 25.1%, over the past 10 days. Decreasing volume but increasing rejections indicate that more truckload volumes may be entering the spot market to take advantage of lower rates.
Outbound bidding volumes in St. Louis are steadily increasing this month. Since August 2, the outgoing tender volume index is up 16 basis points, or 20.3%.
St. Louis has traditionally been a leading transportation market, but in 2022 we’ve seen markets go against the tide, and St. Louis is one of them. Since June, inbound volumes have remained above outbound volume levels, causing the Headhaul Index to plunge into negative territory. On Thursday, inbound loads exceeded outbound loads by 20.1%. Although this recent surge in outbound volumes has pushed the St. Louis Headhaul Index up 16.5 points, or 44.8%, since late July to minus-18.5.
The recent increase in inbound freight further loosens capacity. The Outbound Tender Reject Index slid 94 basis points to 5.8%, suggesting carriers are turning to their contract freight for better rates.
NTI as reference
The National Truckload Index is a daily look at how spot rates in specific lanes hold up against the national average, giving carriers and brokers an idea of which lanes to gravitate to or avoid.
Route to watch: Cincinnati to St. Louis
Cincinnati’s outbound bidding volume index is up more than 13 points, or 12.7%, since last week. Spot market rates from Cincy to St. Louis have been consistent for the past three months at about $3.48 per mile, or 78 cents above the national average. Not a bad place to land, as the Headhaul Index is up 65% in Cincy over the past week.