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At Spot, we understand the vital role that up-to-date information plays in navigating the dynamic logistics market. Each month, we bring you a comprehensive logistics market update. We dive into the latest trends, challenges, and innovations shaping the logistics sector. Join us as we empower you with the knowledge needed to make informed decisions in this fast-paced industry. Market Update.

Tariff Timeline Driving Demand Disruption

• April 2 – “Liberation Day”:
• 10% universal tariff on all imports (excl. Canada/Mexico), effective April 5
• “Reciprocal” tariffs on 60+ countries (China: 54%, Vietnam: 46%, EU: 20%)
• Announcement of De Minimis elimination for Chinese imports, effective May 2

• April 5 – Import volumes momentarily surge as tariffs take effect

• April 8 – U.S. raises China tariffs to 120%; Chinese-made electronics no longer exempt

• April 9–11 – China retaliates with 125% tariffs, rare earth export bans, and blacklisting U.S. firms

• April 10 – U.S. imposes a 90-day global tariff suspension, but raises China’s rate to 125%

• April 15 (projected) – EU rolls out $23B in retaliatory tariffs

LTL and Parcel Holding Steady as Warning Signs Emerge

LTL cost per shipment rose 1.5% quarter over quarter in Q1 2025, supported by fuel surcharges and GRIs, but faces looming softness tied to industrial slowdown and tariff impact on manufacturing inputs. The PMI returned to contraction in March, signaling a risk of near-term volume erosion.

Carrier Operating Costs Rise Under New Tariff Burden

Parts and Maintenance Costs Climbing: “Bolts, bars, anything with steel” is now significantly more expensive. Even with heavy-duty trucks exempt from direct tariffs, indirect exposure is high. Preventive maintenance is being delayed, potentially leading to increased breakdowns and rental costs.

Tariff-Induced Uncertainty: Companies are stalling investments due to policy whiplash. The White House’s 90-day “pause” came days after declaring tariffs permanent, freezing expansion plans, and curbing capital deployment.

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The State of Tariffs and Their Impact on Supply Chains

U.S. Tariff on Canadian Aluminum (50%)

The U.S. has imposed a 50% tariff on aluminum imports from Canada and a 25% tariff on steel and aluminum imports from most countries. The U.S. produces only 670,000 tons of primary aluminum annually, while it imports over 2 million tons from Canada.

Industries Affected:

Automotive: Higher material costs for vehicle production.
Packaging: Increased costs for aluminum cans and food containers.
Manufacturing: Rising expenses for aluminum-based products.

U.S.-China Trade War Intensifies

The U.S. has added a 20% blanket tariff on top of existing 10% duties on Chinese imports. China has responded with up to 15% tariffs on U.S. farm goods like chicken and pork. The U.S. has also signed a measure allowing for reciprocal tariffs by April 2.

Industries Affected:

Agriculture: Farmers face declining exports and higher storage costs for unsold goods.
Retail & Consumer Goods: Increased costs for Chinese-manufactured goods, affecting pricing and inventory planning.

Carrier Operating Costs and Freight Rates

Despite falling fuel prices, carrier operating costs remain elevated. Long-haul spot market operating costs averaged $1.80 per mile in February 2025, consistent with 2024 levels but still $0.18 per mile higher than pre-pandemic rates in 2019.

Meanwhile, dry van linehaul rates have struggled to keep pace with rising expenses. February spot rates averaged $1.66 per mile nationally, only $0.04 above 2019 levels, reinforcing concerns about profitability for smaller carriers.

Tariff Impact on Carrier Costs

Potential job losses: Rising costs may force businesses to cut logistics

Higher fuel costs: If tariffs disrupt global oil imports, diesel prices may rise despite recent declines.

Increased compliance costs: Carriers will need to invest in updated documentation, customs declarations, and compliance checks.

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Inflationary Pressures from Tariffs

The economic dynamics of tariffs indicate a direct inflationary impact on manufacturers and, consequently, on the freight sector.

•Aluminum: The U.S. imports ~47% of its aluminum, mostly from Canada. Tariffs will increase costs, prompting both importers and domestic producers to raise prices.

•Steel: Only ~13% of U.S. steel is imported, yet past behavior (e.g., 2018 tariffs) suggests that domestic mills will follow suit by raising prices.

Cross-Border Freight: Laredo Sees Capacity Constraints

Rejection Rates & Trade Uncertainty

Laredo, Texas, the largest U.S.-Mexico freight crossing, has seen rejection rates climb to their highest levels since the pandemic era. The Outbound Tender Reject Index rose from a 3.8% average (October–mid-December) to over 6% in late December and remains elevated.

This increase suggests that market tightening is influenced by more than demand, which has been running 10% higher year-over-year. One potential factor is trade uncertainty, as fluctuating U.S. tariff policies on Mexico drive shippers to accelerate cross-border shipments before potential cost increases.

The Closing Gap: Spot vs. Contract Rates

The gap between dry van truckload contract and spot rates (excluding estimated fuel costs) has narrowed steadily over the past 2.5 years. This trend is driven by gradual capacity reduction and slow yet consistent demand growth, reshaping freight dynamics despite going largely unnoticed by market participants.

Contract Rates Begin to Rebound

Most contract rate declines happened in 2023, continuing into late 2024 before rebounding slightly. Leading into peak season (Nov-Dec 2024), the spot-contract spread hovered at 16%, compared to 10-15% in 2029. A key shift in market expectation may be influencing pricing decisions, as stakeholders anticipate tightening capacity.

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Overcoming Labor Hurdles with E-Commerce & Automation

Labor shortages continue to constrain U.S. manufacturing, impacting freight demand across critical sectors such as food production, chemicals, and petroleum. In Q3 2024, 20.6% of manufacturing plants reported labor shortages—an improvement from 46.3% in 2021 but double the pre-2014–2016 average.

Food Manufacturing: Accounts for 14.5% of freight ton-miles, with labor gaps risking raw material disruptions.
Chemicals and Petroleum: Despite high-capacity utilization, labor constraints persist.

E-Commerce Fuels Short-Haul Boom, Long-Haul Declines

The rise in data center and warehousing projects, paired with the explosive growth of e-commerce, is reshaping freight patterns:

Short-Haul Freight (<100 miles): Demand rose 13% year-over-year, driven by e-commerce.
Long-Haul Freight (>450 miles): Volumes declined 13% as intermodal rail gained 6% year-over-year.

These shifts reflect how consumer expectations for faster deliveries are influencing supply chain strategies.

Progress Anchors Stability as Ports Embrace New Agreements

Developments like the tentative ILA-USMX agreement and advancements in port automation are stabilizing key ports, ensuring smoother supply chain operations, and reducing disruptions.

Strategic Supply, Capacity, and Cost Considerations

Bridging Gaps as Infrastructure and Fuel Costs Rise

Events like the Baltimore Bridge collapse highlight vulnerabilities in transportation networks. Delays and added costs—projected to reach $92.8 million annually—emphasize the need for infrastructure investments.

Meanwhile, diesel prices remain volatile, with the current national average at $3.503 per gallon. Over seven weeks, fluctuations have resulted in a net increase of $0.012, adding to operational pressures.

Tightening Freight, Rising Rates, Smarter Fleets

Market trends show a tightening freight market with rising contract rates. Fleets are adopting cost-saving measures like remanufactured parts, balancing efficiency with sustainability.

New Rate Differential: Positive since August 2024, signaling higher operating costs for shippers.
Adaptive Solutions: Reduced lead times and costs through remanufactured parts.

Steady Amid the Storm

Steady Contracts Amid Shifting Rates

While spot rates fluctuate with short-term disruptions, contract rates maintain steady growth:

Dry Van Contract Rates: $1.80/mile, up 2% year-over-year.
Reefer Spot Rates: Increased to $2.22/mile amid tight capacity.

Strategic Capacity Management

Securing long-term contracts remains vital, particularly in critical lanes prone to seasonal disruptions. Metrics like the reefer Load-to-Truck Ratio (16.58) underline the importance of proactive capacity planning.

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The market is showing early signs of recovery after a prolonged downturn. While manufacturing growth remains sluggish, rising tender rejections and tighter capacity hint at a more balanced, carrier-favorable market on the horizon.

Demand Levels & Outlook

Freight Gears Up for a 2025 Comeback
The Federal Open Market Committee initiated interest rate cuts in late 2024, creating conditions for a potential freight market recovery in 2025. These rate reductions aim to lower financing costs, fostering growth in freight-generating sectors such as residential construction, machinery manufacturing, and motor vehicles.

What’s Putting Freight Back in the Fast Lane

Interest Rate Cuts:
- 50 basis points in September 2024.
- 25 basis points in November 2024.
Residential Construction:
- Expected boosts in housing starts and renovations lead to higher flatbed freight demand for materials like cement, lumber, and millwork.
Machinery Manufacturing:
- Rate cuts to enable equipment financing, spurring production of components like screws, nuts, and bolts.

Supply, Capacity & Carrier Costs

Capacity Erosion Amid Stable Volumes
Tender rejection rates rose to 6% from 4.5% in September, reflecting capacity erosion despite stable load volumes.

Capacity Decline:
- Dry Van Load-to-Truck Ratio: ↑ 16% YoY to 6.50.
- Reefer Ratio: ↑ 8.67; Flatbed Capacity: ↓ 3% YoY.
- 350 carrier exits per week over two years reduced active capacity.

Post-Labor Day rejection rates climbed unexpectedly, with a looming ILA-USMX dispute threatening major port disruptions in 2025.

Contract & Spot Market Rate Trends

Contract Rates Stable—for Now
The freight market is gradually recovering, with spot rates across Dry Van, Reefer, and Flatbed modes showing modest YoY increases and further gains expected by early 2025. Spot rates remain discounted compared to contract rates but are narrowing the gap. Spot freight accounts for 15% of total freight volume, with shippers leveraging cost advantages, especially in the Reefer segment. Contract rates are stable but projected to rise 4–6% in H2 2025 as demand grows and capacity tightens.

Rates by the Number

Spot Rates (Current and Forecasted):
- Dry Van: $1.72/mile (+$0.07 YoY); forecast: $1.86/mile.
- Reefer: $2.05/mile (+$0.10 YoY); seasonal rebound expected.
- Flatbed: $1.97/mile (+$0.07 YoY); forecast: $2.07/mile.
Spot Market Share: 15% of total freight volume.
Contract Rate Outlook: Stable now; projected increase of 4–6% in H2 2025.

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Demand Levels & Outlook

Rising Rejections and Tight Capacity Indicate Market Recovery
Tender rejections are rising, and capacity is tightening — signs of positive momentum for carriers. While slow growth in the manufacturing sector tempers broader optimism, a clear shift toward a more balanced market is expected by early 2025. The Outbound Tender Volume Index dropped 2.24% week-over-week and 1.87% year-over-year, while contract load accepted volumes fell by 2.1% week-over-week and 3.89% year-over-year. On a positive note, short-haul volumes have increased slightly, suggesting some stabilization.

Freight growth in Q3 2024 was modest, up just 0.1%. Meanwhile, container imports from China surged to pre-2019 tariff levels as businesses rushed to get ahead of impending tariff hikes, likely leading to higher product prices in the coming months.

Warehousing Investment and Import Trends
Investment in warehouse construction remains high—30% above 2017 levels—but has declined by 20% year-over-year due to rising interest rates and high vacancy rates. October’s import volumes fell by 6% compared to last year as shippers avoided peak surcharges and prepared for tariff hikes. Disruptions on the East Coast, including port strikes and regulatory changes, have impacted logistics. Moreover, new driver regulations could potentially remove 177,000 drivers from the workforce, further straining capacity.

Intermodal Gains Momentum Amid Freight Shifts
Intermodal volumes are gaining momentum over truckload, with long-haul intermodal routes, such as Los Angeles to Chicago, carrying substantial freight. Intermodal volumes grew by 8% year-over-year, while reefer volumes saw slight growth. This shift to intermodal on major routes has helped reduce weekly truckload pressure by 2,200 to 2,500 loads. expansion, while freight volumes remain weak, down 5.2% year-over-year.

Supply, Capacity & Carrier Costs

Deferred Maintenance Challenges for Independent Truckers
Independent truckers are facing rising costs and unsustainable deferred maintenance. With average truck payments nearing $3,000 per month, owner-operators are under significant financial pressure. Maintenance costs have spiked due to deferred upkeep, and overall carrier costs have increased by 15-20% compared to pre-COVID levels. Diesel expenses remain a major budget concern despite some price moderation.

Flatbed Rejections Amid Hurricane Relief
While capacity appears to be stabilizing for larger carriers, flatbed rejection rates remain elevated, partly due to ongoing hurricane relief efforts. New truck orders are down 5.2% year-over-year as fleets cautiously manage their growth. Drivers are also putting in more miles—now averaging 93,000 miles annually—as they work to maximize their assets.

Contract & Spot Market Rate Trends

Spot Rates Surge Beyond Contract Rates
The gap between spot and contract rates continues to narrow as capacity rebalances across different freight modes. Dry van spot rates have increased by $0.04 per mile since October and are expected to rise by another $0.09 by mid-December. At the same time, reefer rates are experiencing a seasonal uptick, peaking around Thanksgiving, while flatbed rates are also following seasonal trends.

The average spot rate has risen to $2.35 per mile, up $0.12 from last year, while the dry van contract rate stands at $2.33 per mile, reducing the spot-contract gap by $0.12 year-over-year. This narrowing gap has shifted carrier priorities toward spot opportunities which offer better profit margins.

Capacity Rebalancing Boosts Spot Rate Increases
Spot rate increases are visible across multiple freight modes and are driven by rebalancing capacity. However, the dry van load-to-truck ratio has dropped to 4.03, reflecting reduced freight volumes. Reefer load-to-truck ratios remain high at 6.61, showing strong demand even with reduced produce volumes.

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Demand Levels & Outlook

Hurricane Milton’s Impact

Hurricane Milton disrupted supply chains, particularly in Florida, with Port Tampa Bay closures causing congestion at alternative ports. Road and rail closures, coupled with damage to Florida’s citrus industry, have created significant supply chain disruptions and delays.

25% increase in dwell times at alternate ports.
Citrus crop losses estimated at 30%, with prices expected to rise 15-20%.
Estimated shipment delays of 3-5 days due to road closures.

Port Strike Aftermath

The recent East and Gulf Coast port strike led to backlogs, which are expected to take 3-4 weeks to clear. Shippers rerouted freight to other ports, increasing congestion.

15% increase in container dwell times.
Linehaul rates for East Coast routes rose by 8% during the strike.

Market Momentum

The Transportation Utilization Index fell slightly to 57.6, indicating slower expansion, while freight volumes remain weak, down 5.2% year-over-year.

Supply, Capacity & Carrier Costs

Capacity Crunch

Capacity remains tight, particularly for flatbed and reefer carriers affected by Hurricane Milton. The Transportation Capacity Index held steady at 50, signaling no change in capacity.

Flatbed load-to-truck ratio increased by 54% year-over-year.
National reefer load postings fell 14%.

Warehouse Costs & Fuel

Warehouse prices surged as retailers prepare for the holiday season, while freight expenditures dropped 6.6% year-over-year, driven by a 4% drop in diesel prices.

Freight expenditures grew 1% from August despite year-over-year declines.
Warehouse prices rose to 66.9, the highest in over a year.

Contract & Spot Market Rate Trends

Spot Market Freight Rates Remain Steady

Despite disruptions, spot market freight rates have held relatively stable. The Outbound Tender Rejection Index increased slightly to 5.62%, signaling tighter conditions in hurricane-impacted areas. FEMA’s disaster relief efforts are expected to increase competition for loads.

National dry van spot rates remained at $1.65 per mile, slightly up from last year.
Spot rates in Southeastern lanes, especially Florida, are on the rise.

Contract Rates Stabilizing

Contract rates are down 2% year-over-year but are stabilizing. As capacity tightens for the holiday season, certain lanes, particularly those in hurricane-hit regions, are seeing rising rates.

Flatbed spot rates averaged $2.00 per mile, up by $0.11 year-over-year.
Outbound flatbed volumes from Lakeland, FL, dropped 40%, spiking Spot rates on certain lanes.

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The freight market in September 2024 continues to steer through a challenging environment of fluctuating demand, shifting capacity, and evolving economic pressures. Key indicators such as freight demand, capacity constraints, and freight pricing are shaping the industry, with significant implications for both shippers and carriers.

Volume Dips Slightly, but Retail and E-Commerce Boost Demand

Freight demand has shown resilience, with sectors such as retail driving growth. Real median household incomes have seen a 3.96% increase from the previous year, bolstering consumer spending and supporting freight demand across various industries, particularly retail and e-commerce. Freight volume trends for September 2024 indicate a slight dip, with the For-Hire Trucking Ton-Mile Index reporting a 0.3% year-over-year decline in July 2024, the smallest negative shift since early 2023. This minor contraction reflects stabilizing demand, with expectations of improvement in early 2025 as interest rates potentially decrease.

Manufacturing and freight demand are also intertwined, with industries such as motor vehicle and parts manufacturing contributing about 5% of total trucking demand. However, capacity constraints in freight are influencing overall market dynamics, particularly as the automotive sector faces production slowdowns due to high dealer inventories.

Freight Market Sees Slight Spot Rate Decline Amid Increased Carrier Availability

In September 2024, spot freight rates saw a marginal decline, reflecting seasonal downturns and lower urgency in shipments. The National Truckload Index (Linehaul Only) dropped from 1.71 to 1.66, indicating slightly lower spot market rates. This decline points to either decreased demand or an increase in carrier availability, further easing the pressure on spot rates.

On the other hand, contract freight rates have remained relatively stable. The slight increase in the Outbound Tender Reject Index, from 4.41 to 4.45, signals a tightening in capacity on specific routes, as carriers show a preference for higher spot market rates over contracted loads. This trend, though subtle, highlights the delicate balance between spot vs. contract market dynamics.

In the broader context, carrier operating costs have been mitigated by lower fuel prices, which are now averaging $3.56 per gallon. This is a significant decrease from previous highs, providing some relief for carriers despite lower freight rates.

Capacity Rebalances as Truckload Payrolls Drop 4.4%

Freight capacity outlook for September 2024 reflects a nuanced picture. While dry van truckload payrolls have decreased by 4.4% since December 2022, carrier availability has remained steady. The reduction in payrolls aligns with early 2019 capacity levels, pointing to a gradual rebalancing of supply and demand. However, logistics challenges in 2024, such as capacity constraints, persist in specific sectors, influencing rates and freight cost drivers.

Recent declines in load-to-truck ratios across all major equipment types, including a van ratio decrease from 3.86 in August to 3.27 in September, indicate a softening in freight demand. These ratios, sourced from DAT One Marketplace, provide valuable insights into current market conditions, suggesting lower demand relative to available trucks.

ILA Port Strike Impact

The port strike disruption poses a significant threat to supply chains. The International Longshoremen’s Association (ILA), representing 85,000 dockworkers, seeks wage increases, job security, and protection against automation. With no agreement in place, this strike could halt 50% of U.S. import/export activity, stranding cargo, rerouting goods, and driving up costs Immediate impacts include escalating costs for goods like food, vehicles, and electronics, with ocean carriers announcing surcharges as high as $3,000 per container. The operational backlog from even a short strike could last weeks.

With ripple effects spanning multiple sectors, from retail to agriculture, a prolonged strike could cost the U.S. economy up to $5 billion daily.

Shippers Turn to Long-Term Contracts to Mitigate Spot Market Volatility

The broader economic environment continues to influence the freight market. The recent uptick in real median household incomes supports consumer spending, a crucial driver of freight demand. However, the ongoing economic impact on freight is complex, with uncertainties surrounding future supply chain trends. Events such as the 2024 U.S. presidential election and potential disruptions in global supply chains could further impact freight volumes and pricing.

The ongoing balance between supply and demand also shapes freight market trends for September 2024. While freight volume has remained relatively stable, factors such as fluctuating fuel costs and external disruptions—like port strikes—could affect long-term market dynamics. Shippers are increasingly looking to lock in long-term contracts to secure capacity and avoid the volatility seen in the spot market.

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Demand Levels & Outlook

The Freightwaves Outbound Tender Reject Index (OTRI) dropped slightly to 4.49%. This is 1.11% higher than last year and 0.64% higher than in 2019. This shows that rejection rates are rising, putting pressure on shippers and increasing costs in the trucking industry.

In the residential sector, sluggish single-family home sales and weak investment have kept building material demand low. Meanwhile, the agriculture, automotive, and energy sectors of the trucking market are reducing freight volumes. Agriculture is dealing with low crop prices, automotive shipping has decreased due to weak sales, and energy is experiencing a 14% drop in oil and gas drilling compared to last year. This lack of investment in these sectors reflects an industry trend towards reduced freight volumes and suggests that the freight recession will continue until 2024. As a result, the recovery of the truckload market may not happen until around mid-2025.

Despite a 1.24% week-over-week dip in tender volumes, the year-over-year figure is up 1.87%, driven by a 25% increase in short-haul freight. In mode-specific insights, the dry van market declined 1.8% last week, dipping 0.05% year-over-year, while the reefer market saw a 0.92% decline last week but remains up 1.35% year-over-year, with rates rising 13% since April.

Supply, Capacity, and Carrier Operating Costs

This market update saw mixed capacity dynamics, with only 53 of 135 markets experiencing rising rejection rates, down from 67 last week. Southern California declined, while Houston’s rates rose by 2.49%, signaling volatility in freight prices.

In recent freight news, the trucking industry is adapting to fluctuating market conditions. According to the latest data, the national average diesel price increased by 3 cents per gallon, now standing at $4.56. This rise in fuel costs is likely to affect overall transportation expenses and may impact contract negotiations in the coming weeks.

Dry van rejection rates slightly decreased by 0.06% week-over-week but remained 1.17% higher year-over-year, reflecting a stable yet tightening market. Reefer rejection rates dropped by 0.48%, though Ontario, CA, saw a 5.80% spike, with rates up 2.76% year-over-year. Flatbed rates increased by 0.36% weekly but are down 2.14% year-over-year, indicating pressure from the industrial sector. Dry van spot market rates held steady at $2.29 per mile, up $0.07 year-over-year, while contract rates rose to $2.31 per mile, $0.05 lower year-over-year. The narrowing spread between spot and contract rates suggests potential shifts around Labor Day. The dry van market remains subdued, with possible pressure on the reefer market as carriers switch sectors. Without a demand surge, significant market growth is unlikely despite capacity reductions.

Contract & Spot Market Rate Trends

In August, news in trucking was notably stable, with spot freight rates remaining steady at levels similar to those observed around Memorial Day. Although rejection rates, a key indicator of freight market shifts, have remained unchanged, the approaching Labor Day holiday may lead to a rise in these rates, potentially causing a surge in spot rates akin to the Fourth of July.

The Freightwaves National Truckload Index (NTI) has slightly decreased by $0.02 per mile to $2.29 per mile but is still up $0.06 per mile year-over-year, reflecting a 2.7% increase. The NTIL, or Linehaul Index, also saw a minor decrease to $1.71 per mile, though it remains $0.14 per mile higher than last year.

Dry van contract rates have remained steady at $2.31 per mile over the past week, showing stability in 2024 but a slight year-over-year decline of 5 cents per mile, or 2%. The spread between NTIL and dry van contract rates is nearing pre-pandemic levels due to recent increases in contract rates.

In the refrigerated load market, spot rates have been rising, with the Refrigerated Truckload Index up 13% since April. These increases are attributed to broader market conditions rather than seasonal factors. However, contract rates for refrigerated loads continue to face pressure, with expectations for further rate reductions and no major demand shocks.

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Demand Levels & Outlook

The food industry is a major force in U.S. trucking, accounting for 15% of total shipping tonnage and involving 20 million heavy shipments annually. Seasonal peaks in ice cream and produce require flexible trucking solutions. However, challenges exist. Declining food exports and a moderate import increase mean less demand for truckloads. Hurricane Beryl may cause temporary disruptions, but the national impact is likely limited. Future considerations include potential softening in motor vehicle production, but also potential growth from reshoring and electric vehicle development. Overall, food manufacturing remains a key driver, but the trucking industry must adapt to evolving trends.

Supply, Capacity, and Carrier Operating Costs

U.S. manufacturing weathered the Red Sea crisis surprisingly well, with material shortages easing significantly. However, longer shipping routes and port congestion are raising carrier costs. The trucking industry faces a different set of challenges. A glut of trucks caused by government loans during COVID-19 is keeping rates low, potentially forcing smaller carriers out of business and leading to a capacity crunch in 2025. The industry saw a significant number of exits in April, highlighting the overall strain.

Contract & Spot Market Rate Trends

The 4th of July holiday caused a significant drop in freight activity across the board, but spot rates remained steady or even rose slightly. Hurricane Beryl and labor disputes on the East and West Coasts could further tighten capacity and impact rates in specific regions. California’s import surge might drive up spot rates, while Midwest steel production decline leads to lower rates. Labor issues in Canada add uncertainty to agricultural freight markets. Overall, the ability of spot rates to stay high through Labor Day hinges on future demand and capacity adjustments.

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