The recent diesel price surge has driven spot rates higher across the trucking market. However, despite these gains, fleets are facing increasing pressure on profitability as rising fuel costs outpace underlying rate improvements. According to data from FTR Transportation Intelligence and DAT Freight & Analytics, last week’s spot market reflected both stronger pricing and tightening margins.
Fuel Costs Drive Higher Spot Rates
To begin with, total spot rates increased across all three major equipment types—dry van, refrigerated, and flatbed. According to FTR, spot rates for each segment rose by more than 10 cents per mile, which is notable because rates typically decline during this period.
As a result, total spot rates reached their highest levels since late 2022. However, these increases were largely driven by higher fuel surcharges tied to rising diesel prices. Therefore, while headline rates appear strong, the underlying pricing story is more complex.
Importantly, when fuel costs are excluded, rate performance looks weaker. In fact, gains in total rates did not fully offset the increase in diesel expenses. Consequently, fleets are seeing limited improvement in actual revenue per mile.
Dry Van: Higher Total Rates, Lower Linehaul
In the dry van segment, spot rates rose sharply on the surface. According to FTR:
- Total spot rates increased 12 cents per mile
- Rates reached their highest level since the end of 2022
- Dry van loads rose 3.6% week over week
However, when excluding fuel surcharges:
- Rates actually declined by 3.5 cents per mile
Similarly, DAT reported:
- Linehaul rates (excluding fuel) dropped 8 cents per mile
- The average settled at $1.92 per mile
Even so, dry van rates remain 18% higher than last year, indicating that the market still holds some strength despite short-term pressure.
Refrigerated Freight Shows Similar Trend
Refrigerated freight followed a similar pattern. Total rates increased due to fuel surcharges, but linehaul rates declined.
According to FTR:
- Total spot rates rose just over 10 cents per mile
- However, excluding fuel, rates fell by more than 5 cents
- Refrigerated loads increased 6.7%
Meanwhile, DAT reported:
- Linehaul rates dropped 8 cents per mile
- The national average reached $2.30 per mile
Despite these declines, refrigerated rates remain 22% higher year over year, showing continued resilience in demand.
Flatbed Rates Rise but Lose Strength
The flatbed segment also experienced higher total rates, although its underlying strength weakened compared to other segments.
According to FTR:
- Total spot rates rose nearly 11 cents per mile
- Excluding fuel, rates declined by almost 5 cents
- Flatbed loads increased 6.9%
DAT data showed:
- Linehaul rates decreased 2 cents per mile, averaging $2.31 per mile
- Rates remain 12% higher than last year
Therefore, while flatbed demand continues to grow, margin pressure is still evident.
Rising Costs Squeeze Fleet Profitability
Overall, the data highlights a growing disconnect between total spot rates and actual earnings. Although rising diesel prices push total rates higher, they also increase operating costs at a faster pace.
As a result, fleets may struggle to maintain margins, especially when linehaul rates decline. In addition, even modest drops in non-fuel rates can significantly impact profitability when fuel costs spike rapidly.
Market Outlook Remains Uncertain
Looking ahead, the trucking market remains sensitive to fuel price volatility. While demand and volumes show signs of improvement, rising diesel costs could continue to limit financial gains for carriers.
Therefore, fleets must closely monitor both fuel trends and linehaul rates to manage costs effectively and maintain profitability in a changing market.
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