The highlights from Thursday’s SONAR reports are below. For more information on SONAR — the fastest freight-forecasting platform in the industry — or to request a demo, click here. Also, be sure to check out the latest SONAR update, TRAC — the freshest spot rate data in the industry.
Market watch
Detroit
Much like August temperatures so far in the Motor City, both inbound and outbound volumes for Detroit have fallen dramatically this week. Since Tuesday, inbound volumes have fallen 20% while outbound volumes dropped 22%.
The decrease in inbound volumes is putting upward pressure on rejection rates, which jumped roughly 130 basis points overnight to 6.4% — a sign of fewer trucks entering the market.
Little Rock, Arkansas
Little Rock may be late to the party, but it is on the guest list for smaller backhaul markets that are seeing increasing levels of outbound volume.
The Outbound Tender Volume Index for Little Rock is up 27.2% since Aug. 3, while inbound volumes have been a little rocky but up 8.9% overall during this stretch. This upswing in outbound volumes has brought Little Rock’s Headhaul Index from a negative 35.6 to a slightly more respectable negative 25.9.
Rejection rates, on the other hand, have plummeted in recent days. The Outbound Tender Reject Index dropped 240 bps to 6.6% this week, indicating that there is more than enough truckload capacity to handle the boom in outbound freight volume.
Elizabeth, New Jersey
As containerized import volumes to the Port of New York and New Jersey fell over the weekend and on into this week, outbound truckload volumes became stale.
Since Friday, imports to this Northeast port have fallen 11.7%. Meanwhile, truckload volumes still remain stagnant, seeing an even 0.0% increase since the start of the month.
Rejection rates in Elizabeth are volatile and reactionary to the inbound containers coming in from the ports. The Outbound Tender Reject Index for Elizabeth remains elevated above 5.5% but has fallen nearly 35 bps since Tuesday and is still pointed in a downward trajectory.
NTI as a point of reference
The National Truckload Index is a daily look at how spot rates in specific lanes hold up in comparison to the national average, giving carriers and brokers an idea of which lanes to gravitate toward or avoid.
Lane to watch: Atlanta to Little Rock
The recent surge in outbound volume in Little Rock is putting downward pressure on spot market rates entering the market, but there is still potential for bringing in a few cents more than the national average.
Spot rates from Atlanta to Little Rock have fallen 12 cents since the start of the month but still remain 6 cents above the national average at $2.73 a mile. A return trip to Atlanta can bring in even more at $3.48 a mile, and SONAR TRAC awards the return trip a confidence level of 3, increasing the likelihood of volatility in rates, but on average they are in the ballpark.
