The highlights from Wednesday’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
Pittsburgh has historically been — and still remains — a backhaul market. In recent days, however, the outbound volume for the “Steel City” has increased at an accelerated rate, though not out of range of the market’s volatility.
Outbound as well as inbound tendered loads for Pittsburgh are climbing steadily, with the Outbound Tender Volume Index for the market rising 16.4% since Monday (31.3% increase week-over-week) and the Inbound Tender Volume Index increasing 14.5% in the same timeframe (23.6% increase w/w). Pittsburgh’s Headhaul Index is currently valued at minus 35.3, confirming the case that even given the growth in outbound volumes, the market remains in the backhaul category.
Rejection rates, on the other hand, have been trending downward in recent weeks. The Outbound Tender Rejection Index has fallen roughly 150 basis points in the last two weeks, placing overall rejections currently at 4.1%, well below the national average of 6.6%.
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: Dallas to Pittsburgh
Along with the sweltering temperatures, Dallas is heating up over the past week. The Outbound Tender Volume Index for the Texas city has increased 8.4% w/w. Dallas’ outbound tender market share is now 3.3%, ranking as the third largest market in the nation now.
Rejections, however, have stumbled, dropping 150 basis points to 5.2% overall. The lane to Pittsburgh can bring carriers within a reasonable distance of the national average for spot rates with a current rate of $2.64 a mile — 15 cents under the national average.
At the end of the road, given the recent rise in outbound volume in Pittsburgh, carriers likely have a chance of booking outbound loads to keep them rolling.
