Dry Van Spot Rates Drop 4¢ While Reefer Falls 11¢ in Post-Holiday Week

Why did spot rates drop for dry van and reefer after Memorial Day?

Dry van spot rates fell nearly 4 cents last week even as load volumes jumped almost 14%, according to FTR. Reefer dropped harder, losing 11 cents while volumes rose 9%. Flatbed was the outlier, adding just over 5 cents to reach $2.93 per mile on DAT's national linehaul average, the smallest weekly gain in six weeks. The rate pullback came as freight volumes rebounded across all three equipment types following the Memorial Day holiday lull.

The divergence between volume and price signals a capacity cushion that wasn't there earlier in the spring. When loads climb but rates fall, carriers are chasing the same freight with more available trucks. That pattern showed up clearest in reefer, where an 11-cent drop erased nearly half of the prior week's gains despite volumes rising.

DAT's national linehaul figures told a different story. Dry van spot rates rose 7 cents to average $2.39 per mile. Reefer climbed 6 cents to $2.69. Flatbed added 4 cents to hit $2.93. The gap between FTR's reported drops and DAT's reported gains likely reflects different lane mixes and timing windows in each data set, but both sources agree flatbed held the strongest pricing of the three segments.

Year-over-year comparisons still show a tight market

All three equipment types remain sharply higher than last June. Dry van spot rates are up 55% year over year, reefer up 50%, and flatbed up 49%. Those comparisons reflect how soft the market was in mid-2025, when spot rates sat near multi-year lows and carriers were parking trucks or shutting down entirely. The year-over-year gains don't mean rates are back to 2021 peaks, they mean rates have climbed off a floor that forced more than 20 trucking companies into bankruptcy in May alone.

For a small fleet running dry van, the FTR number matters more than the DAT number if your lanes skew toward the regions FTR weights more heavily. A 4-cent drop on a 500-mile run costs $20 per load. Over 20 loads a week, that's $400 less revenue. The year-over-year gain of 55% sounds strong until you remember last June's rates were so low that many owner-operators were running at a loss after fuel and fixed costs.

Reefer's 11-cent drop hit harder in absolute terms. On that same 500-mile run, an 11-cent slide costs $55 per load. A 10-truck reefer fleet running 200 loads a week just lost $11,000 in gross revenue compared to the prior week, even as freight volumes climbed 9%. The volume increase didn't translate to pricing power because enough capacity showed up to meet demand.

Flatbed's six-week climb is slowing

Flatbed spot rates have now posted gains for six consecutive weeks, but last week's 5-cent increase was the smallest in that stretch. The segment is still the highest-priced of the three at $2.93 per mile on DAT's national average, and flatbed loads rose 7.4% last week according to FTR. The slower rate of increase suggests the construction and industrial freight that drives flatbed demand may be leveling off as projects that started in early spring reach completion.

Flatbed's 49% year-over-year gain mirrors the broader market recovery, but the segment's pricing premium over dry van and reefer has widened. Flatbed now commands 54 cents more per mile than dry van and 24 cents more than reefer on DAT's national averages. That spread reflects tighter flatbed capacity and the specialized equipment and securement skills the work requires.

What the rate moves mean for settlement statements

A five-truck dry van fleet running 100 loads a week at an average length of haul of 400 miles saw gross revenue drop by $1,600 last week if the FTR rate decline hit their lanes. That's before fuel, which has been climbing in several regions as summer driving season pushes diesel demand higher. The year-over-year comparison still favors 2026, but week-to-week volatility makes it harder to forecast cash flow.

Reefer operators face the same math with bigger swings. A 10-truck reefer fleet running 200 loads a week at 500 miles per load lost $11,000 in gross revenue if the 11-cent drop applied to their lanes. Reefer's higher per-mile rate provides more cushion than dry van, but the segment's sensitivity to produce season timing and temperature-controlled warehouse capacity means rates can move faster in both directions.

Flatbed fleets saw the most stable week. A 5-cent gain on 100 loads at 400 miles adds $2,000 to weekly gross revenue. The six-week climb has added roughly 30 cents per mile since early May, which translates to $12,000 more per week for that same five-truck operation. The question is whether construction activity holds through summer or whether the slowdown in rate gains signals a plateau.

Capacity is coming back into the market

The disconnect between rising volumes and falling rates in dry van and reefer points to capacity returning. Trucks that were parked during the 2023-2025 downturn are coming back online as rates climb high enough to cover operating costs. New entrants are also adding trucks, betting that the year-over-year gains will hold. That capacity influx is absorbing the post-holiday volume bump without pushing rates higher.

For small fleets, the implication is that the easy part of the rate recovery may be over. The climb from mid-2025's lows to current levels happened because capacity left the market faster than demand fell. Now capacity is returning, and unless freight volumes accelerate beyond what showed up last week, rates will face downward pressure. Flatbed's slower rate of increase suggests that dynamic is already playing out in the segment that led the recovery.

The year-over-year comparisons will remain strong through summer because last year's comps are weak, but week-to-week moves will tell the real story. A 4-cent drop in dry van or an 11-cent drop in reefer can erase a month's worth of gains if the trend continues. Watch load counts alongside rates. If volumes keep climbing but rates keep falling, capacity is winning.