Q3 2023 Shipper Rate Report

FreightWaves BlueGrace US Bank Q3 Shipper Rate Report

Q3 2023 Shipper Rate Report

The Shipper Rate Report—presented in partnership with U.S. Bank and BlueGrace Logistics—is a quarterly publication using freight payment data from U.S. Bank in conjunction with FreightWaves SONAR data sets to create the most in-depth rate and demand outlook for shippers. The insights within this paper are curated by the market experts at FreightWaves and backed by the proprietary data and analytics housed in FreightWaves’ SONAR platform.

Featured insights for Q3 2023 include:

Insights from the latest U.S. Bank Freight Payment Index
Review of trends from the previous quarter
Update on rates, volumes and capacity for Q3
Shipper insights and forecast for the coming month

“The gap between contract rates and spot rates has continued to close while spot rates have stabilized at what appears to be their floor. Seasonality has created pockets of market tightness based on both geography and equipment type. These are all signs that the market has found its floor. Tender volumes have increased over the past three weeks as have import volumes at US West Coast ports. Capacity has left the market due to the lack of spot freight over the past 12 months. Based on these factors, if we experience a traditional Q3-Q4 uptick in volumes for back-to-school and holiday shopping, I expect increased spot freight (volumes and rates) as we move further into the second half of 2023.”

– Bryce Williford, Vice President of Sales, BlueGrace Logistics