FreightWaves National Truckload Index (NTI)

The Pulse of the US Supply Chain

NTI.USA
FreightWaves National Truckload Index

7 day average

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FreightWaves TRAC

FreightWaves National Truckload Index (NTI) is a seven-day moving average of spot rates that measures the U.S. for-hire, over-the-road dry van trucking market:

  • Covering 250,000 lanes
  • Representing 8.7 million loads
  • Published 365 days of the year
  • Over 1,200 days of historical data

A real-time proxy for the health of the national supply chain used by freight and non-freight businesses to make more accurate decisions. Historical and daily NTI data available only through FreightWaves.

Using FreightWaves NTI as a Freight Benchmark

Shippers

Shippers must get their goods to market. The FreightWaves National Truckload Index (NTI) provides insight into daily rates for shippers’ transportation managers, as well as a view into market trends and price levels for management teams.

3PLs

FreightWaves National Truckload Index can help a broker set competitive rates while retaining a healthy margin. These rates can be justified to the shipper by referencing NTI, showing how and why rates have moved in a given direction.

Carriers

FreightWaves National Truckload Index (NTI) is a transparent benchmark rate that can be shared with shippers to convince them that rates are in-line with the Index. NTI can also be used as a benchmark rate in shipping agreements as an impartial method to establish trust with shippers.

Economists

The FreightWaves National Truckload Index (NTI) paints a real-time picture of the transportation industry, which helps drive the overall economy. Economists can use this as a leading indicator related to inflationary pressure and consumer spending.

Journalists

FreightWaves National Truckload Index (NTI) provides insight into the U.S. transportation market supply chains that can be used when providing news to the transportation and financial markets, transportation-reliant businesses, and the general public.

Analysts

The FreightWaves National Truckload Index (NTI) provides access to daily spot rate data so that financial models, research, recommendations, and commentary can react quickly to fast-changing freight market conditions.

What Makes FreightWaves National Truckload Index a Reliable Supply Chain Benchmark

Built on Transparency

FreightWaves is trusted by the freight/logistics/supply chain industries and contributors to act as an independent, neutral and unbiased price assessor in the collection of spot rate data. The FreightWaves National Truckload Index (NTI) is constructed in accordance with a methodology and governance structure developed using best practices from the index provider industry.

Accurate Spot Rate Data

FreightWaves is trusted by the freight/logistics/supply chain industries and contributors to act as an independent, neutral and unbiased price assessor in the collection of spot rate data. The FreightWaves National Truckload Index (NTI) is constructed in accordance with a methodology and governance structure developed using best practices from the index provider industry.

Data Timeliness

FreightWaves National Truckload Index (NTI) is based on actual transactions between transportation providers and brokers submitted as of the previous day’s close of business. This represents actual transactions tendered, providing insight into the current spot market conditions over the past 24 hours. The daily rate is released at 9:00 a.m. each day, with the exception of holidays.

Breadth of Coverage

The FreightWaves National Truckload Index (NTI) covers 250,000 unique trucking lanes and 8.7 million transactions. The index reflects the broadest representation of the current cost of transporting goods in the U.S. market. Granular lane-level data is available through FreightWaves TRAC.

Frequently Asked Questions

The FreightWaves (NTI), is a seven-day moving average of spot rates that measures the U.S. for-hire, over-the-road dry van trucking market. NTI is calculated on a composite national aggregated level of the Rate Per Mile for fully enclosed, non-refrigerated, 48- or 53-foot trailers moved by Class 8 tractors. The index is based on eligible spot market transactions submitted by Data Providers. Details on the methodology can be found in the FreightWaves National Truckload Daily Index Methodology.

The input data utilized to calculate the FreightWaves National Truckload Index are actual spot market transactions submitted by Data Providers. Data Providers are contractually committed to provide daily spot market freight transactions that are anonymized and aggregated. These transactions form part of the FreightWaves Trusted Rate Assessment Consortium (TRAC) and NTI is based upon them.

FreightWaves TRAC (Trusted Rate Assessment Consortium) is a collection of spot rate data that is aggregated from top-tier transportation providers and brokers in the industry to give insight into specific lane rates on a daily basis. FreightWaves uses the TRAC data to calculate the daily National Truckload Index (NTI). Firms can license the granular TRAC lane spot rate data directly from FreightWaves.

Dry vans are defined as fully enclosed, non-refrigerated, 48- to 53-foot trailers moved by Class 8 tractors. FreightWaves also provides TRAC lane spot data on Reefer (fully enclosed, refrigerated, 48- or 53-foot trailers moved by Class 8 tractors) and Flatbed (48- to 53-foot trailers moved by Class 8 tractors). However, national indices for Reefer and Flatbed modes of transport are not available at this time. Future indices may be available for other forms of freight as well as other geographic areas.

The transaction data used to calculate the FreightWaves National Truckload Index (NTI) consists of spot market transactions between the transportation providers and brokers. Each transaction is expressed as the Rate Per Mile and eligibility for inclusion is based on transactions that are executed with a Coverage Date within one calendar day of the date of submission and with an Execution Date within 14 calendar days of the Coverage Date (the “Eligible Transactions”). These transactions are negotiated on a day-to-day basis and not covered by any existing contractual agreements between the Data Providers and carriers. NTI is a seven-day moving average of spot rates that measures the U.S. for-hire, over-the-road dry van trucking market.

A “benchmark” is a visible, transparent “index” that can be used as a cost basis in a contract for services. Rather than have the parties haggle and spend time negotiating the cost in an agreement, both parties in a contract can agree to use a a benchmark as a transparent, fair, and visible cost basis. As the market evolves, the FreightWaves National Truckload Index (NTI) can be used as a trusted benchmark.

NTI can be used by all segments of the industry:

Shippers can spend less time negotiating lane rate values with counterparties by using the NTI as a cost index in a shipping agreement. With an indexed shipping contract, shippers would not overpay in soft markets and let them maintain higher service levels in tight markets.

3PLs/brokers can embrace the NTI as a universal “benchmark” that is adopted by carriers and shippers as a fair way to agree on a per lane cost. For 3PLs/brokers, taking less time conducting back and forth negotiations on the phone lets them work on covering more loads and moving their customers’ freight.

Carriers can suggest to counterparties that they agree to use the daily NTI as the per lane cost benchmark in shipping agreements. This is an excellent way to build trust and confidence with shippers – especially those that are unfamiliar with individual lane pricing, or don’t want to spend time negotiating with carriers.

FreightWaves has established an Index Governance Structure and Data Contributor Code of Conduct in addition to the Index Methodology for NTI. These governing documents were developed using best practices from the index provider industry and are intended to ensure trust and transparency for parties using the data in transactions.

NTI will be published by 9 a.m. ET each day, with the exception of holidays. More information about the publication of the index can be found in the FreightWaves National Truckload Daily Index Methodology.

The FreightWaves National Truckload Index (NTI) shall be based upon eligible transactions submitted by Data Providers during the 24-hour period ending at 11:59:59 PM Pacific Time on the previous day. NTI is calculated and published for seven (7) days of the week, with the exception of Holidays. If the NTI is scheduled to be published on a Holiday, the NTI will publish on the next non-Holiday date.

The Holiday Schedule is published for each year before the start of the applicable year. The 2022 Holiday Schedule is as follows:

Martin Luther King Jr. Day – Monday, January 17, 2022
Washington’s Birthday – Monday, February 21, 2022
Memorial Day – Monday, May 30, 2022
Juneteenth – Likely Monday, June 20, 2022
Independence Day – Monday, July 4, 2022
Labor Day – Monday, September 5, 2022
Columbus Day – Monday, October 10, 2022
Veterans Day – Friday, November 11, 2022
Thanksgiving – Thursday, November 24, 2022
Christmas Day – Monday, December 26, 2022
New Year’s Day – Monday, January 2, 2023

A third-party group of transportation providers and brokers provide data in the form of actual transactions, which are used in the calculation of indices. Data Providers have been provided the Data Provider Code of Conduct, which outlines FreightWaves’ expectations with respect to the provision of contributed data.

Access to current and historical NTI data is available through SONAR and via API. If you are an existing SONAR or API customer, speak with your FreightWaves contact to learn more. If you would like to inquire about getting access to the FreightWaves National Truckload Index, please contact us.

We welcome new contributors to FreightWaves TRAC. If you would like to learn more, contact us.

FreightWaves is interested in creating indices to meet the needs of the industry. To express interest in areas you would like to see expansion, please contact the FreightWaves National Truckload Index team.

Governance

FreightWaves Data Contributor Code of Conduct

FreightWaves Index Complaint Process

FreightWaves Index Conflicts of Interest Management

FreightWaves Index Definition of Key Terms

FreightWaves Index Governance Structure

FreightWaves National Truckload Index (NTID) Methodology

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