Intermodal Spot Rates November 2021: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
As we make our way into the holiday season, average spot rates on the DrayNow platform remain high, with a mix of volatility and stability in our key markets.
The LA market saw its largest dip for average spot rates in quite some time, dropping 13% month-over-month. After months of seeing record highs being set, this market has finally seen spot rates head back to their normal level. Rates are still higher than they were in the previous November, by 17%.
Last month, Chicago saw the greatest percent change in average spot rates. For November, rates were only up 1%, which still made this a record high for the market. Chicago rates continue to have the lowest volatility relative to our other markets. Compared to November 2020, average rates are up 26%.
Atlanta continues to see average spot rates tick back up after the significant drop between July and August. This time around, rates are up 3%, bringing back the trend for this market that was normal before volatility struck in the summer. Average rates in Atlanta for November are up 59% over the same time last year.
Following months of stark differences between the average spot rates in our key markets, the numbers are starting to trend towards one another. There is now only a 28% percent difference between the lowest recorded November rate (Atlanta) and the highest (LA). In the past, the percent difference between the minimum and maximum has been as high as 64%, as seen in August. This points to an overall increase in spot rate activity and how it reaches all markets, especially Chicago and Atlanta.
Overall, the cost to move intermodal freight continues to rise. With December being a holiday month, it is most likely that Chicago, Atlanta and Los Angeles will see higher average spot rates.
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