Long-term or contract rates for the dry van truckload market have decreased by 0.3% year-over-year, erasing previous gains. Operating truck costs have risen 33% since 2019, while contract rates have only increased by 17%. The spot market offers lower rates compared to contract rates, which have remained flat or slightly lower.

Spot data primarily targets smaller fleets, while contract data involves larger shipping operations. The market has lost 100-200 carriers weekly, contributing to gradual upward pressure on spot rates. Shippers face increased uncertainty, as conditions become more challenging without driving long-term rates higher.

Despite ongoing softness, contract rates have not significantly fallen, reflecting shipper hesitancy to push for lower costs. Shippers should ensure high-value lanes are priced above spot market benchmarks. Little movement is expected in the contract rate environment as shippers remain uncertain about future conditions.

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Read more at Yahoo Finance: Trucking contracts held hostage by ongoing uncertainty