This “SONAR highlight reel,” which we plan to publish every other week, is intended to concisely hit data highlights and trends in truckload, intermodal and maritime.
Accepted truckload tender volumes hit a new data series high in the past week while the nationwide tender rejection rate declined to its lowest level in more than five months. The declining tender rejection rates reflect rising truckload contract rates that have been renegotiated to their highest levels in recent years.
Intermodal service continues to impair intermodal volume as volumes of loaded intermodal containers post year-over-year (y/y) declines despite import volumes continuing to trend higher compared to year-ago levels. Intermodal spot rates have risen only modestly in the past month with intermodal spot rates already within shouting distance of dry van rates in many lanes.
Meanwhile, import volume remains well above year-ago levels and ocean capacity constraints have put tremendous pressure on ocean rates, particularly from China to North America. To our good fortune, Freightos revamped its methodology for assessing daily ocean rates from China to the U.S. East Coast and the U.S. West Coast to more accurately reflect ocean rates in the currently tight market.