Intermodal Spot Rates October 2021: A look by market #DrayNowData
For a look at last month’s data dive on intermodal spot rates, click the link here.
September was all about correcting spot volatility on the DrayNow marketplace, and last month saw that stability continue. As shown in the graph below, percent changes in spot rates month-over-month did not hit double digits in any of our markets, and only Los Angeles saw an overall decrease.
It is usually the quietest market on the DrayNow platform, but last month Chicago saw the greatest percent change, up 9% from the previous month. This is now the highest average the market has seen this year, as well as the highest point since data collection began in the beginning of 2020. Compared to the year prior, rates in the Chicago market are up 21%.
Also up in rates for October was the Atlanta market, rising 2%. Considering the volatility seen here in the past few months, it looks like rates are back to their normal trends and continuing to recover from the steep drop this summer. Atlanta rates are up 62% over the same time in 2020.
LA rates once again took a dip, but this time only decreasing by 1%. This continues to show that spot rates in LA may be plateauing in this general area, while staying at an all-time high for the market. This market has also seen a 52% increase in rates year-over-year.
These are the first numbers from Q4 that have come in, and rates are already at some of their highest points this year. The holiday season in 2020 was fraught with an industry still opening back up from pandemic restrictions, while this season is seeing major supply chain issues. Due to this, equipment issues are increasing spot rates across the industry. Due to both the current spot behavior on our marketplace and industry conditions, we expect rates in our markets to rise through the end of the year.
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