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Dry Van Spot Rates Hit $3.05 a Mile in October, the Highest Monthly Average Since February 2022

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Dry van spot rates just hit their highest monthly average in more than four years. The average dry van spot rate rose to $3.05 a mile in October, the highest monthly average since February 2022, according to DAT Freight and Analytics, The Trucker reports.

The October numbers

DAT's national averages for October:

All three were about 45% higher than a year earlier. Spot rates are paid by brokers to truckload carriers and are negotiated as all-in pricing, with no separate fuel surcharge, The Trucker notes.

Contract rates are up too

Contract van rates, which include fuel surcharges, rose 4 cents to $3.28 a mile, matching the record set in May 2022, according to DAT. Reefer contract rates reached $3.62 and flatbed $4.05.

Then there is fuel

Diesel averaged about $6.25 a gallon in October, according to the U.S. Energy Information Administration. That is about $2.60 more than a year earlier.

DAT's example: for a truck running 500 miles a day at 6 miles per gallon, fuel cost about $521 a day in October. Back in February, it was about $310.

So the rate went up. But so did the biggest bill on the truck. Since July, DAT says, the van linehaul portion of the spot rate has fallen 17 cents while the fuel portion has risen 21 cents.

Fewer loads, higher pay

"Brokers moved fewer loads than a year ago and paid carriers about a dollar a mile more to move them last month," said Dean Croke, DAT's principal industry analyst. He added that equipment posts on DAT One are running about 22% to 26% below last year, depending on equipment type, and that carriers head into the holiday season in a position to be selective.

Why it matters to truckers

A higher rate per mile only helps if it covers more than the fuel. Owner-operators can plug their own numbers into a load rate calculator to see what a $3.05 load actually leaves after diesel. With fuel near $521 a day on DAT's example truck, the gap between a good load and a break-even load is small.

Quick facts

FAQ

Do spot rates include fuel?

Yes. DAT's spot rates are all-in rates with no separate fuel surcharge, according to The Trucker.

Who publishes these numbers?

DAT Freight and Analytics, which runs the DAT One load board.

A question for readers

Owner-operators, is $3.05 a mile actually putting more money in your pocket, or just covering the fuel?

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