This “SONAR highlight reel” hits data highlights/trends in truckload, intermodal and maritime in 2-3 pages for each mode.
The truckload market (pages 2-6) is finally showing signs of easing as rejections have continued to decline throughout February. Accepted tender volumes continue to outpace year-ago levels, despite difficult comps. The decline in rejections can largely be attributed to contracts being repriced higher and capacity entering the market, though constraints are still prevalent. Spot rates have yet to retreat significantly from recent highs even with rejection rates pulling back.
Domestic intermodal (pages 7-9) volume is showing mid-single digit growth year-to-date while international intermodal volume is showing double-digit declines as port congestion impairs loadings. Plus, a loosening dry van market on the West Coast presents the highway as a more viable option in the densest intermodal lanes. Domestic intermodal contract rates in SONAR show 2022 rates 13% above 2021 averages – that spread will decline as the year progresses, but it’s clear that intermodal rates will be higher y/y in 2022, particularly in the first half of the year.
Maritime import (pages 10-13) volume levels remain near peak-season levels despite a decline in bookings following the Lunar New Year. Bookings levels are set to rebound in the coming week, especially from China to the U.S. where bookings fell to the lowest level since June 2020. Ocean rates have remained relatively stable over the past month as securing capacity on the ocean remains remarkably difficult.
You have selected content that's only available to members of FreightWaves Passport. As a member, you gain immediate access to the most in-depth and informative freight research available. It's your gateway to continuing education.
Members also get:
- Access to exclusive community dedicated to discussing the most important challenges facing freight.
- Monthly and Quarterly Freight Market reports keeping you informed of industry trends.
- Much, much more!
Click below to learn more and sign up today!
Existing Passport subscribers may log in using the form below.