Spot Market Freight Index Hits Lowest Level in Years

TORONTO — Following last month’s jump in truck capacity, TransCore Link Logistics Canadian Spot Market Freight Index saw a big decline in July, according to newly released figures. 

It registered 197 for the month, down 25 percent from June and 32 percent lower than July 2014 while hitting the lowest level since February 2010

The number of trucks posted in July increased 10 percent month-over-month and jumped 33 percent from July 2014.

The equipment-to-load ratio nearly doubled the ratio year-over-year to 3.71 from 1.89 in July 2014, representing a 96 percent change, hitting its highest level since 2009. Month-over-month, the ratio increased from 2.53, representing a 47 percent change. 

While load volumes in July fell to the lowest levels all year, they traditionally decline over the summer months, according to TransCore Link Logistics. July also had two fewer shipping days for separate holidays observed in Canada and in the United States.

Cross-border loads leaving Canada declined 20 percent from the month before and loads coming into Canada dropped 42 percent year-over-year. These volumes averaged 66 percent of the total data submitted by Loadlink’s Canadian-based customer and were five percent lower than last month’s level.

Of the cross-border loads into Canada, 61 percent were bound for Ontario, 18 percent each for Quebec and Western Canada, while 3 percent were destined for the Atlantic Provinces. 

Loads moved within Canada increased six percent in July from the previous month. Intra-Canada load volumes represented 29 percent of the total volumes, down 21 percent year-over-year.

Of the loads moved within Canada, 39 percent originated in Ontario, 37 percent in the Western Provinces, 16 percent in Quebec and 8 percent in the Atlantic Provinces.

Intra-Canada loads by region of destination came to 36 percent each for the Western Provinces and Ontario, followed by 25 for Quebec and 3 percent for the Atlantic Provinces.

TransCore’s Canadian Freight Index measures trends from roughly 5,000 of Canada’s trucking companies and freight brokers, and includes all domestic, cross-border and interstate data submitted by Loadlink’s customers.

 

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