In May, the trucking industry saw rates for van and reefer segments improve, a development indicating a tightening of capacity in these areas. Van rates moved up by seven cents to $2.28/mile, while reefer rates saw an eight-cent increase per mile. This news aligns with anecdotal reports from truckers on social media, offering a glimmer of positive news in what many describe as a "choppy at best" economy.
Despite these rate increases, May's results also showed lower margins for brokers in the van and reefer sectors. Van margins dipped to 13.0% in May from 13.9% in April, and reefer margins fell to 12.5% from 14.1% in the same period. Industry analysts note that these van and reefer margins remain "subpar."
Interestingly, this shift occurred despite a significant 46% plunge in international shipments registered in the Transport Pro database. This sharp drop, however, did not materially affect overall rates.
Flatbed rates, margins, and length of haul remained relatively consistent with April levels. Flatbed margins saw a slight improvement from 14.4% in April to 14.6% in May. Notably, specialty flatbed services showed an uptick. Step deck movements also saw a meaningful increase in margins, rising from 13.3% in April to 14.5% in May. The report highlights that over-weight/over-dimension freight yielded strong margins at 26.1%.
Month-over-month, RGN (Removable Gooseneck) rates saw the largest percentage increase at 9.7%, moving from $4.03/mile in April to $4.42/mile in May. Reefer and van rates increased by 3.4% and 3.2% respectively. Flatbed and Conestoga rates saw slight decreases of -1.1% and -0.7% respectively.
Year-over-year, the picture remains "unremarkable." Van rates were nominally higher by 3.2% (from $2.21/mile in May 2024 to $2.28/mile in May 2025), while reefer rates were unchanged at $2.46/mile. Flatbed rates were slightly lower, down 1.4% from $2.80/mile to $2.76/mile. Conestoga rates showed a significant year-over-year increase of 11.7%, while step deck rates were down 7.4%.
Quarterly results echoed the year-over-year trends. In the second quarter of 2025, flatbed rates were the same as in Q2 2024 ( $2.78/mile), reefer rates were slightly down by two cents ( $2.42/mile from $2.44/mile), and van rates rose by four cents ( $2.25/mile from $2.21/mile).
Demand for spot market trucking slightly outpaced expectations, contributing to the pressure on margins. Experts suggest that improved weather and operating conditions may have played a role. Additionally, a major "Road Check" event might have led some truckers to park their equipment, further influencing selectivity and capacity. The average length of haul for van, reefer, and flatbed segments showed no significant shift from April to May.
Despite the uncertainties of potential tariffs, the trucking sector shows no obvious signs of deterioration. Furthermore, fuel costs continue to be more favorable for truckers compared to 2024 levels.
