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February 2024 Freight Rate & Trucking Update

Current Freight Rates – February 2024

February 18, 2024

Factoring for Trucking Companies

Trucking News – US Freight Rates

February 18, 2024 – Courtesy of DAT Trendlines 

February 2024 Freight Rates

Feb 08 – Feb 18 vs. Feb 05 – Feb 11 Jan 2024 vs. Dec 2023 Jan 2024 vs. Jan 2023
Spot Market Loads -8.5% +23.3% -57.2%
Spot Market Capacity -42.0% +14.3% -20.2%
Van Load-To-Truck -28.0% +9.0% -44.1%
Van Rates (Spot) -0.4% +1.6% -12.5%
Flatbed Load-To-Truck -9.9% +7.1% -47.9%
Flatbed Rates (Spot) +0.6% +0.7% -12.5%
Reefer Load-To-Truck -31.3% +18.3% -54.6%
Reefer Rates (Spot) -2.0% +0.7% -12.4%
Fuel Prices +1.2% -6.6% -15.7%

Van Freight Rates – February 18, 2024

DAT.com’s February 18th Trendlines Report shows current national van rate averages are at $2.09 per mile, $0.05 lower than the January average.

According to DAT, the highest average van rates are in the Midwest at $2.43 per mile. The lowest average van rates are in the South at $1.98 per mile.

DAT reports the current national load-to-truck ratio is 1.14 loads-to-truck, compared to the January average of 2.30. Ratios are highest in the Northwest states. The lowest ratios are in the South and West Coast states.

Average van freight rates as of February 18, 2024

Reefer Freight Rates – February 18, 2024

Reefer freight rates are averaging $2.45 per mile, $0.12 lower than in January. Reefer rates are highest in the Midwest, averaging $2.91 per mile. The lowest rates are in the Southeast, with an average of $2.23 per mile.

National reefer capacity is at 1.86 loads-to-truck, compared to the January average of 3.45 loads-to-truck.

Current load-to-truck capacity shows reefer demand is highest in the Northern states. The Southeast states have the lowest load-to-truck ratios.

Average reefer freight rates by region as of February 18, 2024.

Flatbed Freight Rates – February 18, 2024

National average flatbed rates are currently $2.48 per mile, $0.01 higher than the January average.

The Midwest has the highest average flatbed rates at $2.79 per mile. The lowest rates are in the West, with an average of $2.19 per mile.

Nationally, load-to-truck ratios are at 6.47, compared to 8.16 in January. Load ratios are highest in the Southeast. The Southwest has the lowest load-to-truck ratios. For more details, visit Dat.com.

Average flatbed freight rates in the US as of February 18, 2024.

*Diesel fuel price map as of February 18, 2024.

Checking fuel prices, the national average diesel price is $4.11 a gallon compared to $3.86 one month ago and is down $0.27 compared to one year ago.

East Coast diesel prices are averaging $4.24 per gallon. The average price in the Midwest is $4.01 per gallon. California diesel prices are averaging $5.26 per gallon.

Average US diesel fuel prices as of February 18, 2024

Change from
2/05/24 2/12/24 2/19/24 Week Ago Year Ago
US 3.899 4.109 4.109 0.000 -0.267
East Coast (PADD 1) 4.043 4.201 4.240 0.039 -0.332
New England (PADD 1A) 4.324 4.350 4.320 -0.030 -0.641
Central Atlantic (PADD 1B) 4.275 4.317 4.355 0.038 -0.515
Lower Atlantic (PADD 1C) 3.929 4.143 4.189 0.046 -0.232
Midwest (PADD 2) 3.738 4.042 4.010 -0.032 -0.184
Gulf Coast (PADD 3) 3.702 3.865 3.844 -0.021 -0.256
Rocky Mountain (PADD 4) 3.650 3.805 3.957 -0.152 -0.664
West Coast (PADD 5) 4.551 4.723 4.721 -0.002 -0.251
West Coast less California 4.054 4.264 4.254 -0.010 -0.339
California 5.121 5.250 5.258 0.008 -0.149

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