Dry Van and Reefer Spot Rates Rise, Flatbed Falls 6 Cents

Why did spot rates move in opposite directions last week?

Dry van spot rates rose almost 6 cents last week, according to FTR. Reefer spot rates climbed almost 3 cents, the smallest gain in the past four weeks. Flatbed spot rates fell almost 6 cents. The divergence marks the first time since early September that the three major equipment types moved in different directions.

DAT's national linehaul averages tell a different story. Dry van linehaul rates dropped 1 cent last week to $2.20 per mile. Reefer linehaul rates fell 2 cents to $2.71 per mile. Flatbed linehaul rates dropped 5 cents to $2.62 per mile.

The gap between the two reporting services reflects different methodologies. FTR tracks all-in spot rates including fuel surcharges. DAT reports linehaul rates separately from fuel. When diesel prices climb, FTR's all-in figures rise even if the base linehaul rate stays flat or drops. That's what happened last week.

Year-over-year comparisons still show strength

Year over year, FTR's dry van spot rates were up 43%. Reefer rates were almost 48% higher than last year. Flatbed rates were up 29%. Those comparisons reflect how weak the spot market was in September 2025, when excess capacity kept rates near multi-year lows.

The year-over-year gains don't mean settlement checks are 43% fatter than last September. They mean rates have climbed back from a bottom that forced thousands of small fleets out of business. A 5-truck dry van carrier running spot loads is still earning less per mile than in 2021 or 2022, but more than in the trough of 2023 through mid-2025.

Load volumes dropped across all three equipment types

Dry van loads dropped 19% last week, according to FTR. Refrigerated loads decreased almost 19%. Flatbed loads dropped almost 12%. The volume declines came during the week after Labor Day, when freight typically softens before the fall produce and retail push.

The combination of falling volumes and rising dry van and reefer rates suggests capacity tightened faster than demand dropped. Carriers who parked trucks or left the industry over the past two years created a supply cushion that absorbed the post-holiday slowdown without collapsing rates. Flatbed's 6-cent drop indicates construction and industrial freight softened more than consumer goods.

What the fuel surcharge gap means for settlement statements

The spread between FTR's all-in rates and DAT's linehaul rates widened last week because diesel prices climbed. For a small fleet, that means the fuel surcharge component of your spot rate went up, but the base linehaul rate either stayed flat or dropped slightly.

If you're running a fuel-efficient late-model truck, the surcharge increase covers your added fuel cost and leaves a margin. If you're running older equipment with worse fuel economy, the surcharge may not fully offset the pump price. The linehaul rate is what you negotiate. The fuel surcharge is what protects you from price swings at the pump. Last week, the surcharge did its job. The linehaul rate gave back a penny or two.

Reefer's smallest gain in four weeks signals cooling

Reefer spot rates rose almost 3 cents last week, the smallest gain in the past four weeks. That suggests the late-summer produce and back-to-school freight surge is ending. Reefer rates typically peak in August and early September, then soften through October as harvest volumes taper and holiday freight shifts to dry van.

For owner-operators running reefer, the 3-cent gain is still a gain. But the deceleration means the next few weeks will test whether contract rates firm up enough to support spot rates through the fall. If contract shippers locked in rates during the summer peak, spot reefer could drift lower as produce season ends.

Flatbed's 6-cent drop reflects industrial softness

Flatbed spot rates fell almost 6 cents last week, the steepest decline among the three equipment types. Flatbed freight moves steel, lumber, machinery, and construction materials. The drop suggests industrial activity and construction starts slowed after Labor Day.

Year over year, flatbed rates are still up 29%, but that comparison is against September 2025, when manufacturing and construction were in a deeper slump. The week-over-week drop is what hits a flatbed carrier's settlement statement now. If you're running flatbed and your lanes depend on construction or manufacturing, the 6-cent decline is a warning that fall could be softer than summer.

What this means for a 5-truck fleet

If you run dry van or reefer, last week's rate movement kept your settlement checks roughly flat. The fuel surcharge went up, the linehaul rate went down, and the two mostly offset. If you run flatbed, you lost 6 cents per mile. On a 500-mile load, that's $30 less revenue per truck.

The volume drops across all three equipment types mean you're competing for fewer loads. Rejection rates have been holding near 13.5% into Labor Day, which means capacity is still tight enough to support rates, but not tight enough to drive them sharply higher. For a small fleet, that translates to stable but not improving conditions. You're not losing ground, but you're not gaining it either.