Intermodal Spot Rates April 2021: A look by market #DrayNowData
For a look at last month’s data dive on spot rates, click the link here.
Following the same trends from the prior month, April saw significant changes in average intermodal spot rates, particularly in the Atlanta and Los Angeles markets. On the other hand, Chicago rates stabilized after hitting a year high.
The Atlanta market continued its upward trajectory with an 18% increase in spot rates month-to-month. For almost every month this year so far, Atlanta has seen higher average spot rates than the record in 2020, pointing to strong growth as rates rise to attract capacity.
After a few months of decreasing rates, even falling below Chicago, the Los Angeles market saw a 30% increase to bring levels up to what was seen at the end of 2020. And just two months ago in February, Los Angeles rates had a 0% month-to-month change, showing the substantial differences between each month when it comes to spot behavior.
Following a record high just last month, Chicago is starting to level out with a 5% average rate decrease. Even though there was a decline in Chicago, rates are still much higher than they were at any point last year. In fact, April spot rates in Chicago were still 8% higher than September 2020, the peak for that year.
Year-over-year, rates are up 58% in Chicago, 59% in Atlanta and 89% in Los Angeles. The spot rate trends in our key markets point to growth across the board in the spot market. The DrayNow platform and the carriers using the app are effectively handling spot freight in this time of intermodal volume growth industrywide.
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