April Rate Gains Driven by Fuel Costs, Not Freight Demand

Key Details North American truckload spot and contract rates climbed sharply in April, but the increases were primarily driven by rising diesel fuel costs rather than stronger freight demand. National average spot rates rose across all equipment categories, with van rates up 71 cents per mile, reefer up 83 cents, and flatbed up 94 cents compared to April 2025. Why It Matters While headline rates improved, the underlying transportation pricing tells a different story. Linehaul rates - the portion excluding fuel surcharges - showed only modest movement, with van linehaul rising just 5 cents to $1.96 per mile and reefer increasing 4 cents to $2.34 per mile. This soft core pricing suggests weak fundamental demand. Volume Weakness The DAT Truckload Volume Index declined sequentially across all equipment types. Van volumes fell 3% month over month to 251, refrigerated volumes dropped 9%, and flatbed volumes slipped 3%. According to DAT analyst Dean Croke, "Fuel was the story in April. Linehaul rates barely moved in van and reefer, and the volume of loads moved fell across the board." Market Outlook Per-mile fuel surcharges hit their highest monthly averages since July 2022, temporarily boosting total freight rates. The spot-to-contract spread also narrowed, with van spreads tightening to 18 cents from 20 cents - a sign of shrinking truck capacity rather than surging freight demand. Small carriers continue to exit the market under sustained cost pressure.