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September 2024 Intermodal Spot Rates: A Market-by-Market Breakdown
Check out last month’s data on intermodal spot rates.
This month, spot rate trends for intermodal shipping in Chicago, Atlanta, and Los Angeles saw notable shifts. Chicago experienced the largest dip, with a 24.22% month-over-month decrease, marking the lowest rates of the year. In contrast, Los Angeles saw a 1.45% increase, continuing its upward trend, while Atlanta experienced a 3.13% decline. Despite these changes, rates in Chicago and Atlanta remain relatively close, with Los Angeles standing out as an anomaly due to its increase.
This month’s major highlight is the significant 24.22% month-over-month decrease in intermodal spot rates in Chicago, marking the most significant dip and the lowest rates of the year. This sharp decline has pushed rates to their lowest point in 2024. Compared to January, the cost to move spot freight in Chicago has dropped by 8.04%, and year-over-year, rates are down by 14.89% compared to September 2023.
Following a 7% month-over-month surge in August, intermodal spot rates in Los Angeles have moderated with a 1.45% increase this month. According to rolling average data, drayage spot rates in Los Angeles have steadily climbed since the start of the year. Compared to January, the cost to transport intermodal spot freight in Los Angeles has increased by 4.22%. Year-over-year, spot rates in September 2024 are up by 2.19% compared to September 2023.
Meanwhile, Atlanta experienced a 3.13% month-over-month decrease in September, reflecting a more moderate decline compared to the volatility seen in Chicago. Despite this, Atlanta’s rates have shown 6.58% growth since January 2024; year-over-year, spot rates are up by 7.94% compared to September 2023, underscoring its resilience throughout the year.
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