Flatbed Spot Loads Take a Hit After Long Climb

After 10 straight weeks of growth, flatbed spot load activity has taken a big turn. Flatbed loads fell 15.0% during the week ended April 18 following a drop that was basically as steep the week before. 

As we discussed several weeks ago, the timing and geographical distribution of flatbed's sustained climb during February and March strongly suggested a link to moves by shippers to avoid tariffs, including those imposed March 12 on steel and aluminum imports and generally anticipated tariffs more broadly that could affect large capital goods, such as industrial and agricultural machinery.

The sharp declines over the past couple of weeks further reinforces this notion given that regardless of the exact nature of the cargo, the run-up and subsequent sharp declines were linked to a specific cause, namely tariffs. The sharpest gains and largest drops were in the Southeast and Northeast – the regions where imports of large, heavy goods mostly likely would show up in flatbed truck activity as opposed to the West, where such freight would mostly likely move inland by rail. 

📈 Rates, however, are still holding strong. Broker-posted flatbed spot rates in the Truckstop system rose 5.6 cents for the week – the 10 straight increase. Spot rates for flatbed equipment had not risen for at least 10 consecutive weeks in three years. 

Flatbed spot rates are:

• 7% above the same week last year
• 2% above the five-year average
• 13% higher year-over-year when adjusted for fuel costs by excluding a calculated fuel surcharge

It might seem odd that spot rates have continued to rise despite such sharp decreases in back-to-back weeks, but rates and volume tend not to be that closely connected in timing. It might take time for flatbed rates to soften, but another factor consideration is capacity. Payroll employment for long-distance specialized carriers – the category that includes flatbed – has never recovered to pre-pandemic levels while truckload employment rose far beyond pre-pandemic levels and has only recently returned to them.

Here’s how the other principal equipment types fared in the latest week:

• Dry Van: Spot rates fell over 2 cents to their lowest level since April 2024 and are less than 2 cents higher than they were in June 2020. Loads dropped 6.9%, down 17% from last year and 35% below the five-year average.
• Refrigerated: Spot rates jumped 7.4 cents, reversing a steep drop the prior week. Load volumes increased 3.6%, and rates are now 2% higher than this time last year.

📊 Total spot market rates rose 3.6 cents – the tenth straight weekly increase – driven primarily by the strength in flatbed. On a year-over-year basis, rates are now up 6.4%, the best comparison since 2022.

🎧 Catch the full breakdown and more insights in Episode 310 of the Trucking Market Update
📥 Download the slides and listen at: ftrintel.com/trucking-podcast

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