Intermodal Spot Rates February 2021: A look by market #DrayNowData
For a look at last month’s data dive on spot rates, click the link here.
In this month’s spot rate update, Atlanta average rates decreased for the first time in 6 months, Chicago continues to rise at normal levels and Los Angeles barely saw an increase in spot rates per mile.
Stability like this has not been seen in the LA market for a while now, with the past few updates seeing month-to-month changes in rates as high as 21%. February 2021 spot rates are 35% higher in LA than February 2020.
After months of steady increases in average spot rates, the Atlanta market saw a 9% dip, but it’s still higher than this time last year. This overall consistency in rates points to a strong capacity base on our app that’s ready to take on this freight.
Chicago rates are beginning to climb back up after dropping towards the end of 2020. The winter weather that engulfed the region towards the end of the month most likely helped bring rates up as equipment issues and weather conditions made it more difficult to find capacity.
However, this is one of the most stable spot rate updates across the board, meaning that capacity is readily available in our key markets. This levelness is also pointing to less volatility in the marketplace, which is something we saw a lot of throughout most of last year.
March of last year was really when volumes across the industry began to take a hit due to COVID-19, resulting in lower rates for the freight that was available. It will be interesting to see what the trends over the next few months will look like with less uncertainty on the horizon.
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