The truckload market crossed a threshold in June that carriers have been waiting four years to see: the national average dry van spot rate climbed above the average contract rate for the first time since February 2022, according to new data from DAT Freight & Analytics.
Van spot rates averaged $3.00 per mile in June, up 11 cents from May and 74 cents — roughly 45% — from a year earlier. Van contract rates, meanwhile, slipped 3 cents to $2.89. When spot pricing exceeds contract pricing, it means shippers are paying a premium to find trucks on the open market — the classic signature of a capacity-constrained freight environment.
Records Across the Board
The milestone wasn't limited to dry vans. Flatbed spot rates reached $3.69 per mile in June — an all-time high — up 4 cents month over month and 84 cents (40%) year over year. Flatbed linehaul rates, which exclude fuel, also set a record at $2.94 per mile. Refrigerated spot rates averaged $3.39 per mile, up 39% from a year ago and comfortably above the reefer contract average of $3.22.
Linehaul averages — the cleanest read on underlying pricing power because they strip out fuel — rose sharply for all three equipment types: van linehaul jumped 21 cents month over month to $2.37, reefer gained 14 cents to $2.70, and flatbed added 16 cents to $2.94.
"Carriers are gaining pricing power across the board. Van spot beating contract for the first time in four years, and flatbed hitting an all-time high in the same month, shows real capacity pressure." — Dean Croke, Industry Analyst, DAT Freight & Analytics
Capacity, Not Demand, Is the Driver
Notably, freight volumes rose far more modestly than rates. DAT's dry van Truckload Volume Index came in at 262 for June — up 11% from May but essentially flat year over year. Reefer volumes rose 5% month over month and flatbed 12%. In other words, there is not dramatically more freight moving than a year ago; there are fewer trucks available to move it.
That pattern is consistent with what the market has shown all year: carrier exits, tighter enforcement, and disciplined fleet growth have steadily drained excess capacity from the system. Weekly data reinforces the trend — dry van spot rates set a new record for the 26th week of the year, exceeding even the pandemic-era 2021 high for that week by 8 cents.
What This Means for Fleet Owners
A spot market trading above contract changes the calculus for carriers of every size:
- Stronger cash flow is here now. Carriers with capacity in the spot market are earning rates 39–45% higher than a year ago. That improved revenue per mile strengthens balance sheets and supports equipment investment.
- Contract negotiations are shifting in carriers' favor. As contract rates reset against a hot spot market, carriers entering bid season have leverage they haven't had since 2021.
- Well-timed capacity additions pay off quickly. When spot rates exceed contract, an additional truck seated and dispatched earns a premium from day one — a meaningful factor when evaluating whether an equipment purchase pencils out.
- Flatbed remains the standout. Record flatbed rates driven by construction and industrial demand favor carriers positioned in open-deck freight.
Rate cycles reward carriers who are equipped and ready when the market turns. With pricing power back on the carrier side of the table for the first time in four years, fleets that secured equipment ahead of the upswing are now reaping the benefit — and those still weighing expansion have the strongest revenue backdrop in years to support the decision.