Intermodal Spot Rates April 2022: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
In comparison to the intermodal spot rate trends we were seeing in March, rates in the month of April saw the complete inverse. While March saw records being broken as Chicago and LA average rates increased, the rate per mile has now decreased in both markets. And Atlanta spot rates are climbing back up to normal levels.
Following three months of steady decline in the average rate per mile, spot rates in Atlanta have finally picked back up, and in a major way. Average rates are up 21% compared to the prior month. This puts the current average rate per mile in Atlanta much closer to what we were seeing in 2021 before rates started falling. When comparing to April of last year, current Atlanta rates are higher by 21%.
After smashing the previous record that was set just this past March, average intermodal spot rates in the Chicago market have decreased 10%. This is still the third highest point rates have ever been in the market. Compared to April 2021, Chicago rates are up 42%.
Just like the rates in the Chicago market, LA spot rates decreased following a record-breaking month prior. This time, the average rate per mile is down 19%. However, the average rate recorded in April was still higher than what we were seeing at the beginning of the year. Looking at last year’s data, intermodal spot rates in LA are up 6%.
For the month of April, the changes in rates were pretty volatile, with the markets actually trending closer to one another. This is due to average intermodal spot rates falling from record highs. With the exception of market activity in Atlanta, it’s clear that the sharp decreases in the average recorded spot rate are due to diesel prices leveling out. They’re still rising at the moment, but not to the extent of what was seen in February and March.
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