Broker RXO sees TL spot rate surge extend into Q3
Freight broker RXO reports that truckload spot rates have surged by their largest sequential margin in five years as market capacity continues to tighten.
Brokerage firm RXO indicates that truckload spot rates experienced a significant jump during the second quarter, marking the most substantial sequential growth the company has seen in five years. According to a report from FreightWaves, this inflationary trend has persisted into the third quarter, with rates excluding fuel surcharges climbing 43% year-over-year. Company executives noted that spot prices are currently exceeding contract rates, creating visible stress on shipping routing guides.
The tightening market conditions stem from a steady decline in available carrier capacity, driven by regulatory changes and prolonged financial pressures on transportation providers. Even without a major spike in shipping demand, these supply constraints have pushed RXO's all-in cost-per-mile index to its highest level since early 2022. Corey Klujsza, an RXO vice president, stated that the current truckload environment is starting to feel "materially different" as the industry approaches its peak season.
Data from other industry sources, including Cass Information Systems, confirms that contract rates are also beginning to rise, though at a slower pace than spot market prices. Large public carriers like Schneider National and Werner Enterprises have reported double-digit increases in contract renewals or revenue per mile. Analysts suggest that rates must continue to climb to offset rising carrier operating costs, which remain significantly higher than levels seen in previous market cycles.
Editorial Desk — Trade Flow Insight. Reporting and market notes compiled by the Trade Flow Insight editorial team.
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