Intermodal Spot Rates January 2023: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
Average intermodal spot rates on the DrayNow platform are starting out 2023 at a relatively low point. From December to January, spot rates decreased in all three of our key markets. Compared to January 2022, spot rates are lower in both the Chicago and LA markets.
Spot rates in the Chicago market are down 12% month-over-month, and at a point lower than any recorded monthly rate in 2022. While rates across all markets are down, intermodal freight moves in the Chicago market have had higher average mileages, contributing to the decrease in the average spot rate per mile. In comparison to January of last year, spot rates in this market are down 14%.
Intermodal spot rates in the Los Angeles market trended similarly to the Chicago market, dropping 10% month-over-month. The average rate for January was also lower than every monthly average last year, with the LA market previously reaching some record highs. However, compared to January 2022, rates this month were only 5% lower.
In the Atlanta market, average intermodal spot rates were down 8% from December to January. Unlike the spot rate trends in Los Angeles and Chicago, Atlanta is still seeing similar trends from 2022 continue on this year. Intermodal rates in Atlanta were actually up 8% in January 2023 compared to the same time last year.
As both intermodal volumes and diesel prices continue to decrease, it is not too much of a surprise that average intermodal spot rates are following the same pattern.
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