Below are highlights from Friday’s SONAR reports. To learn more about SONAR—the industry’s fastest freight forecasting platform—or to request a demo, Click here. Also, don’t forget to check latest update of SONAR, TRAC — the latest spot rate data in the industry.
Louisville movers can raise their bourbon glasses to cheers (if they’re not working, of course) because the drive-through volume is on the rise. Since Tuesday, the volume of outgoing tenders has increased by 12.3%, as a result of which the index of the volume of outgoing tenders has equaled the highest value recorded earlier this year.
However, admissions in Louisville fell 9.2% since August 9, bringing admissions to their lowest level since 2020. The gap between entry and exit volumes is the largest ever, with entries exceeding exits by 132%. The variance between the two sent the Headhaul index into the stratosphere to a record high of 80.2. Raise your glasses.
The rejection rate soared 360 basis points this month to 8.6%, suggesting that far fewer operators are entering the market to cope with the boom in outbound tenders.
This month’s released volumes look like Rocky climbing the steps of the Philadelphia Museum of Art. The Weekend Tender Volume Index for Philadelphia is experiencing confident and steady growth, up 29.2% since the beginning of August.
Philadelphia is a large consumer center and transportation market in the Northeast, but it was a transportation market for all of 2022. This trend continues, with arrivals changing sluggishly and only up 4.8% since the beginning of the month.
These factors are pushing the fist-raised Philadelphia Composite Index, which jumped 578.3% in August to an all-time high of 42.7.
The same thing that’s happening in Philly is happening in Louisville: There aren’t enough incoming opportunities to accommodate the increasing number of outgoing tenders. Abandonment rates are on the rise, increasing by 160 baht in August to 7.6%, well above the national average of 5.7%.
NTI as a point of reference
The National Truckload Index is a daily look at how spot rates in specific lanes are holding up compared to the national average, giving carriers and brokers an idea of which lanes to move to or avoid.
Watch Lane: Greenville, South Carolina to Louisville
Exports are increasing in both of these markets, causing spot market rates to decline. On average, however, spot rates are still 16 cents above the national average. Outbound volumes from Greenville are up 9.8% over the past week, with rejections up 6%, and from Louisville, which is growing rapidly, carriers have a good chance of rebooking cargo after.