The highlights from Friday’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
Joliet, Illinois, a major shipping and transportation center, currently owns 2.4% market share of the truckload sector across the country. In comparison, the Chicago market only owns 1.7%.
Outbound tender volumes in Joliet are rising 2.3% week over week (w/w), while inbound tender volumes are decreasing at a rate of 5.7% in the same time frame, thus causing the Headhaul Index within the market to climb 22.3% w/w.
However, rejection rates have dropped in recent days to 6.3%. This increase in volume but decline in rejection rates indicate that carriers are accepting more contracted loads
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: Joliet to Allentown, Pennsylvania
Outbound tender volumes for Allentown are down 4.6% w/w due to an immense drop after a post-Fourth of July spike, but the Outbound Tender Volume Index is higher than it was in May. Rejection rates have climbed more than 70 basis points in Allentown to a current value of 9.7% overall.
Spot rates in this lane have remained consistently elevated since the beginning of May, currently paying 46 cents a mile above the national average in only two transit days. With the slight rise in rejections, carriers might be able to put upward pressure on spot rates.
