Contract Rates Open 22-Cent Gap Over Spot in August

Why did contract rates pull ahead of spot in August 2026?

Contract dry van rates ended August 22 cents a mile above spot freight, according to the October U.S. Bank Freight Payment Index produced with DAT Freight & Analytics. Spot linehaul fell to $2.17 a mile in August from $2.35 in July and $2.38 in June. Contract linehaul moved the opposite direction, rising from $2.30 in June to $2.38 in July and $2.39 in August.

The index shows contract gaining every month since April. In June, spot ran 8 cents above contract. The gap now opening in contract's favor suggests shippers continue to value committed capacity while transactional freight absorbs more of the market's weakness. The report ties the gap to trucking supply: capacity continues to exit the market faster than freight demand is declining.

"The industry is seeing a recovery, but that is nearly all due to excess capacity leaving the market," said Bob Costello, chief economist at American Trucking Associations.

Both rates remain well above last year. Spot linehaul in August was up 35.6% from August 2025, when it averaged $1.60 a mile. Contract was up 20.1% from $1.99. The index's previous edition showed spot up 31% year over year in May.

Fuel surcharges rose 13% in one month

Fuel surcharges rose to $0.70 a mile in August from $0.62 in July, a 13% increase. With fuel included, spot rates fell 3.4% to $2.87 a mile, while contract rose to $3.09 from $3.00.

"Fuel costs are increasing while linehaul pricing is softening, making it important for transportation teams to closely analyze the components of their freight spend," said Jeff Pape, head of transportation for U.S. Bank Corporate Payment Systems.

"Stable rates do not necessarily mean stable transportation costs," said Jennifer Bullock, freight audit and analytics manager at CommScope. "Shippers need to separate fuel from linehaul to understand where pricing pressure is actually changing."

"Fuel made up about 21% of the per-mile broker-to-shipper spot rate on dry van loads in June," said Patrick Pretorius, general manager of DAT's shipper segment. "By August, it was 24%, and diesel is trending higher into the fall."

Rising diesel costs could push more trucking capacity out of the market in the fourth quarter, as carrier operating margins remain below prior-cycle peaks. "Higher fuel costs push smaller, thinner-margin carriers out of the market, which adds to an already shrinking driver pool," Pretorius said.

Load counts fell in August after June rebound

Spot loads in the index fell 3.2% in August to 1,264,897 from 1,306,819 in July. Contract loads fell 1.3% to 740,249 from 750,371. The August declines followed sharper swings in May and June: spot loads fell 15.4% in May to 1,110,784, then rebounded 22.4% in June to 1,359,852.

Contract loads were down 27.7% from 1,024,398 in August 2025. Spot loads were down 5.7% from 1,341,626 over the same period.

"Shippers who've spent two years squeezing rate per mile would do well to shift focus to consolidation and network planning, as the market is tightening from two directions at once," Pretorius added.

What the 22-cent spread means for a 5-truck fleet

The widening gap between contract and spot tells you where shippers are putting their money. Contract freight is getting the premium because shippers need guaranteed capacity. Spot freight is absorbing the downward pressure because it's the release valve when volumes soften.

If you run mostly spot, August's $2.17 linehaul is still 36% above last August, but the month-over-month slide from $2.38 in June means you're giving back some of what you gained earlier in the year. The 13% jump in fuel surcharges helps, but it doesn't close the gap. A truck running 10,000 miles a month at $2.17 linehaul plus $0.70 fuel surcharge grosses $28,700. That same truck in June at $2.38 linehaul plus $0.62 fuel surcharge grossed $30,000.

If you have contract lanes, August's $2.39 linehaul is 20% above last year and climbing. The same 10,000-mile month at $2.39 linehaul plus $0.70 fuel surcharge grosses $30,900. Contract is paying $2,200 more per truck per month than spot right now.

The operational takeaway: capacity is still leaving faster than freight is disappearing, which is why contract rates keep climbing. But spot is softening because the transactional market is where excess supply shows up first. If you're chasing spot loads, watch diesel. Fuel is eating a bigger share of the all-in rate, and if it keeps climbing into fall, the linehaul number that lands on your settlement will need to move up just to keep you even.