How to Utilize the Intermodal Spot Rate Tracker
As you may have seen, DrayNow has introduced the Intermodal Spot Rate Tracker to help carriers get an understanding of current marketplace conditions on the DrayNow app. The tracker shows average spot rates across all markets for each week. We also include weekly updates that interpret the trends seen on the average spot rate chart.
A practical way to use the tracker is to decide whether a carrier is going to take freight from the app now or later. For example, if rates are trending up, they may decide to wait before taking freight to see if rates will continue their upward ascent. However, if average rates are trending down, carriers may try and fill their schedules for the next several days before spot rates possibly dip again.
On the flip side, if a carrier is seeing high average spot rates on the tracker, but lower rates on the app, they may decide to wait until they see something more in line with trends. If rates are trending lower and there’s freight on the app well above the average, carriers are likely to quickly pick that load up.
Since the tracker includes data dating back to the beginning of 2019, carriers can also use the tool to compare how rates are now compared to what they were at the same time in 2019 and 2020. For example, the second week of January saw average spot rates at $2.90 in 2019, $3.21 in 2020 and $3.42 in 2021. Carriers can use this data to determine if today’s rates are higher or lower than usual and make decisions off of that.
It’s essential to remember that because the DrayNow app is a marketplace, conditions are constantly changing. This means that sometimes the tracker is not completely reflective of the real-time marketplace at a certain point in time, but it does give carriers the overall trends that are being seen across the board. And most importantly, it’s the only tool within intermodal freight that provides this much transparency on spot rates.
If you’re interested in utilizing the Intermodal Spot Rate Tracker for your business, you should consider signing up for email updates here. We send out a weekly email that brings the entire spot rate update right to your inbox. This includes the chart as well as our analysis of the current trends and what to expect next.
Spot rates are fluctuating faster than ever, and DrayNow is here to help you and your business make more data-based decisions!
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