Arrive Logistics 2024 Truckload Freight Rate Forecast

February 12, 2024

Image Source: Arrive Logistics

Arrive Logistics has updated their 2024 Freight Rate Forecast and we're breaking down the key points.

Spot Rates & Market Turnaround: Expect spot rates to inch up as 2024 rolls on, with a reset happening amid seasonal swings. The magic moment when contract rates hit their low point could be around Q2 or Q3, signaling a potential market uplift.

Key Metrics:

 It went from all legacy to all spot; instantaneously! Drove spot rates way up in that mkt!! A legacy fleet can tell a contract “no capacity “ but a shipper can tell a contract “no freight this week.” LOL. It’s just smart business. Capitalism at its finest.— James Bauman (@777JimBauman) February 11, 2024 

  • Van spot rates are predicted to hit a 14% year-over-year growth rate in Q4.

  • Van contract rates will nearly flatline year-over-year by 2024's end, hinting at increases into 2025.

Image Source: Arrive Logistics

  • Reefer spot rates are looking at a 12% year-over-year growth by Q4.

  • Reefer contract rates should level out year-over-year by the end of 2024, with an uptick expected into 2025.

Demand and Supply:

  • A resetting inventory cycle might prop up demand, albeit slowly. However, a shadow looms with potential economic normalization.

  • The market's pretty flush with supply for now, but keep an eye out for disruptions that could shake things up as the year progresses.

About this forecast: Arrive's forecast relies on in-depth research of historical data and analysis by the Arrive Insights team.

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