Intermodal Spot Rates May 2022: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
Any hopes for consistent intermodal spot rate trends on the DrayNow platform were dashed once again in May. Just like April, trends saw yet another inverse from the trend of the preceding month. This time, LA and Chicago saw an increase in the average rate per mile while Atlanta spot rates took a dive.
In the LA market, average spot rates were up 14% month-over-month, making this the second-highest average recorded in the market. This is no surprise considering the state of diesel prices in California at the moment. When comparing to May of last year, current Los Angeles rates are up 28%.
Chicago saw a more muted month-over-month increase in the average recorded spot rate, going up 4%. Like what was seen in Los Angeles, this is also the second-highest point average rates have gone in this market. Looking at last year’s data, intermodal spot rates in Chicago are currently up 54%.
Following a jump in the average rate last month, Atlanta spot rates were back down 10%. As noted previously, the primary reason for the Atlanta rate per mile being lower than Chicago and Los Angeles is that overall, Atlanta freight has greater average trip mileage. In fact, as the spot rate per mile was down in May, the average mileage per trip was up 24%. Compared to May 2022, spot rates are down less than 1%.
When looking at DrayNow’s intermodal spot rate market trends, it’s important to factor that there are average trip mileage distinctions in every market. As we reported back in March, markets has their own trends when it comes to the type of intermodal trips available. As of right now, Los Angeles has the shortest runs, followed by Chicago and then Atlanta is averaging trips with much higher mileage than the other two markets.
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