Spot Rates Hit Multiyear Highs: Dry Van $2.01, Reefer $2.36, Flatbed $2.70

How high did spot rates climb last week?

Spot truckload rates rose across all three major equipment types last week, with dry van linehaul averaging $2.01 per mile, refrigerated $2.36, and flatbed $2.70: the highest levels in multiple years. Year-over-year comparisons show dry van up 26% to 44% depending on the data set, reefer up 23% to 39%, and flatbed up 28% to 38%.

Dry van spot rates climbed 1 to 4 cents last week depending on the source, with load volumes rising 1.9%. The $2.01 national linehaul average marks a 26% gain over last year in DAT's data, while FTR reported a 44% year-over-year increase and a 4-cent weekly jump. The gap between the two reflects different sample sets, DAT tracks posted loads, FTR pulls from a broader carrier panel, but both show the same directional move.

Refrigerated spot rates posted the steepest weekly gain, climbing nearly 6 cents in FTR's data to close 39% above last year. DAT's reefer rate held flat week-over-week at $2.36 per mile but still registered 23% higher than the prior year. Refrigerated load volumes rose 6.2%, the strongest volume gain of the three equipment types.

Flatbed spot rates added 1 to 8 cents last week, averaging $2.70 per mile nationally. The equipment type showed a 28% to 38% year-over-year increase despite a 1.4% drop in load volumes. Flatbed has historically been the most volatile of the three segments, and the rate climb without corresponding volume growth suggests tightening capacity in specialized lanes, construction, energy, and heavy equipment moves that can't shift to dry van.

Why the rate spread between data sources matters for dispatch

The 18-point spread in dry van's year-over-year comparison, 26% in DAT's data, 44% in FTR's, isn't a contradiction. DAT's spot rates reflect what's posted on load boards, skewed toward smaller carriers and owner-operators hunting for backhauls. FTR's panel includes contracted spot moves and larger fleets with negotiated minimums, which tend to move faster when capacity tightens. A small fleet running DAT-sourced loads will see the 26% gain in their settlement; a carrier with a dedicated lane and a broker relationship may be closer to the 44% figure.

For dispatchers, the takeaway is lane-specific: if you're pulling loads off boards, the $2.01 dry van average is the number that matters. If you're negotiating directly with a broker or shipper on a repeat lane, the 4-cent weekly climb and the 44% year-over-year comp give you leverage to push for a higher floor. The reefer and flatbed spreads follow the same pattern, DAT's numbers reflect the spot market as most owner-operators experience it, FTR's capture the higher end of negotiated spot.

What the volume-rate divergence signals

Flatbed volumes fell 1.4% while rates climbed 8 cents, and dry van volumes rose only 1.9% while rates jumped 4 cents. That's a capacity story, not a demand story. When rates climb faster than volumes, it means fewer trucks are available to cover the existing freight, either because carriers exited the market, parked equipment, or shifted capacity to contract lanes with better margins.

Refrigerated was the only segment where volume growth (6.2%) kept pace with the rate increase (6 cents). Produce season is ramping, and reefer capacity is harder to substitute, a dry van can't haul strawberries from California or frozen freight cross-country. The 6.2% volume gain suggests real demand growth in temperature-controlled lanes, not just a supply squeeze.

For a 5-truck fleet, the flatbed pattern is the one to watch. If volumes stay flat or drop while rates keep climbing, the market is rewarding carriers who stayed in, but it also means the rate floor is fragile. A sudden return of parked capacity or a demand dip will reverse the gains faster than a volume-driven rally. The dry van and reefer moves look more durable because volume is either rising (reefer) or holding steady (dry van) while rates climb.

The 23% floor across all three segments

Every equipment type is now at least 23% above last year, the lowest year-over-year gain was DAT's reefer figure at 23%, the highest was FTR's dry van at 44%. That's the first time in three years all three segments have posted double-digit year-over-year gains simultaneously. The last comparable stretch was mid-2021, when post-lockdown freight surged and spot rates hit record highs.

The difference this time: the rate climb is happening without a corresponding freight boom. Dry van volumes are up less than 2%, flatbed volumes are down, and even reefer's 6.2% gain is modest compared to 2021's double-digit spikes. The rate move is supply-driven: capacity leaving the market, not shippers scrambling for trucks. That makes it more sustainable than the 2021 spike, which collapsed as soon as capacity returned, but also more vulnerable to a demand shock. If freight volumes drop 5% while capacity stays tight, rates will hold. If volumes drop 10% or more, the supply cushion disappears and rates follow.

For small fleets, the 23% floor is the number that matters for cash flow. A truck that grossed $1.80 per mile last May is now clearing at least $2.21 on the same lane, and likely closer to $2.40 if you're running reefer or flatbed. That's $400 to $600 more per 1,000 miles before fuel, enough to cover the insurance premium increases most carriers saw in Q1 or to bank a reserve for the next downturn.

What happens when one segment lags

Dry van posted the smallest weekly gain, 1 cent in DAT's data, 4 cents in FTR's, while flatbed and reefer climbed 6 to 8 cents. Dry van is the largest segment by volume and the easiest to substitute, so it tends to move last when capacity tightens and first when it loosens. The 1-cent DAT move suggests the spot board market for dry van is close to equilibrium, enough trucks to cover posted loads without a scramble, but not enough to push rates down.

Flatbed's 8-cent jump on falling volume is the opposite dynamic: not enough specialized equipment to cover the lanes that need it, so rates spike even as overall flatbed demand softens. If you run flatbed and your lanes are construction, energy, or heavy machinery, the rate environment is the best it's been in three years. If you run dry van and you're competing with 10 other trucks for the same backhaul, the 1-cent move is what you'll see: better than last year, but not a windfall.

Reefer sits in between: strong volume growth, steady rates, and a 23% to 39% year-over-year gain depending on the data set. The 6-cent FTR move and flat DAT rate suggest the reefer market is absorbing new demand without a capacity crunch, produce season is pulling more trucks into the segment, but not faster than freight is growing. For a carrier with reefer capability, that's the Goldilocks scenario: rates up, volume up, and no sign of oversupply.

The settlement-statement math for a 10-truck fleet

A 10-truck dry van fleet running 2,500 miles per truck per week at $2.01 per mile grosses $50,250 weekly, or $2.61 million annually. At last year's $1.59 per mile (26% lower), the same mileage grossed $39,750 weekly, or $2.07 million annually. The rate gain is worth $546,000 annually before fuel and operating costs, enough to cover two additional trucks, a significant insurance increase, or a reserve fund.

For a 5-truck reefer fleet at $2.36 per mile and 2,500 miles per truck per week, weekly gross is $29,500, or $1.53 million annually. At last year's $1.92 per mile (23% lower), the same fleet grossed $24,000 weekly, or $1.25 million annually. The rate gain is worth $286,000 annually, enough to add a sixth truck or to weather a two-month soft patch without cutting driver pay.

Flatbed's $2.70 per mile at 2,500 miles per truck per week grosses $6,750 per truck weekly, or $351,000 annually. A 3-truck flatbed fleet grossing $1.05 million annually at current rates would have grossed $821,000 at last year's $2.11 per mile (28% lower). The $234,000 annual gain is the difference between breaking even and building equity in the equipment.

The math assumes steady utilization and doesn't account for fuel, which has climbed roughly 8% year-over-year in most markets. A truck running 2,500 miles weekly at 6 mpg burns 417 gallons. At $3.50 per gallon (up from $3.24 last year), weekly fuel cost is $1,460, up $108 from last year. The rate gains more than cover the fuel increase, dry van's 42-cent-per-mile gain is worth $1,050 weekly per truck, reefer's 44-cent gain is worth $1,100, flatbed's 59-cent gain is worth $1,475. Even after the fuel bump, a small fleet is netting $900 to $1,300 more per truck per week than last year.

How long the multiyear highs hold

Spot rates are now at levels last seen in late 2022 for dry van and mid-2022 for reefer and flatbed, before the 18-month downturn that pushed thousands of carriers out of the market. The question for small fleets is whether the current rate environment is a temporary squeeze or the start of a sustained upcycle.

Three factors will determine how long rates hold: capacity, freight volumes, and contract renewals. Capacity is still exiting, DOT enforcement tightened the market in Q1, and carriers reported better pricing power in bid season as fleets that survived the downturn pushed for higher minimums. Freight volumes are growing modestly but not surging: dry van up less than 2%, reefer up 6%, flatbed down slightly. Contract renewals are the wildcard: if shippers lock in capacity at current spot rates plus a margin, that pulls trucks off the spot market and keeps rates elevated. If shippers wait for rates to soften before committing, spot capacity stays loose and rates plateau.

For a small fleet, the move is to lock in as much contract or dedicated freight as possible while rates are high. A 12-month contract at $2.00 per mile dry van or $2.30 reefer, even if it's 5% below current spot, is worth more than chasing $2.10 spot loads that might drop to $1.80 in three months. The multiyear highs are real, but they're supply-driven, and supply can return faster than demand grows.