Intermodal Spot Rates February 2023: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
For the second month of 2023, intermodal drayage spot rates on the DrayNow platform continued to go down in the Chicago and Atlanta markets, while the Los Angeles market saw a significant jump in rates. Overall, the average spot rate in each market is lower than the same period of time last year, reflecting the downturn in rates that has continued for the past several months.
Intermodal spot rates in the Los Angeles market were up 18% month-over-month. This is the highest average monthly spot rate recorded in LA since September 2022. However, average rates in the market are still down 10% compared to February 2022.
Spot rates in Chicago were down for the fourth month in a row, decreasing 10% between January and February. Even though average rates in this market are down, they’re back up to being higher than the cost to move freight in Atlanta. In comparison to the same time last year, drayage rates in Chicago are down 38%, the largest year-over-year percentage decrease out of DrayNow’s key markets.
The Atlanta market saw the largest drop in intermodal spot rates month-over-month, dipping 14%. An unusual drop, considering that history shows the ATL market to generally be the most consistent in what rates it takes to get intermodal freight moving. Compared to last year at this time, spot rates are only down 2%.
The overall trend is that intermodal spot rates on the DrayNow platform are lower than they were at this time last year, and most of 2022. This contraction has generally been occurring across the industry, hitting the truckload market hard as well. With uncertainty as to when volumes will start trending back upwards, freight will most likely keep moving at these lower spot rates.
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