Intermodal Spot Rates July 2022: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
After months of intermodal spot rates going up and down, our key markets finally saw some reprieve from the volatility in the month of July. Spot rates in Los Angeles are down a bit after hitting a record rate per mile, Atlanta intermodal rates are up, and the Chicago market is so steady that rates are down less than 1%.
After taking a dive in June, average spot rates in the Chicago market held very steady, with only a 0.4% decline. Diesel prices were dropping all throughout July, making it interesting that the average rate per mile on the DrayNow platform stayed almost the same. In comparison to July 2021, Chicago spot rates are up 48% this July.
Spot rates in the Los Angeles market also stayed relatively similar compared to the previous month, dipping just 1%. This is perhaps the most stable that intermodal spot rates have been in this market in a very long time. Compared to the same time last year, average spot rates in LA are up 22%.
Following two months of declining intermodal spot rates, the Atlanta market saw average rates come up 6%. Slowly but surely, it appears that this market is catching up to past trends. However, the average rate per mile in July 2022 is still 16% lower than what was seen last year.
In our last post, we discussed how a continued decrease in diesel prices could impact intermodal freight spot rates. The Chicago and Los Angeles markets have only seen a small decrease in the average rate, while Atlanta is actually up in the price per mile. It’s safe to say that carriers are still expecting higher spot rates even though diesel prices have decreased because diesel prices are still historically very high.
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