The tables have drastically turned since last spring when the economic shutdowns led to a drop in demand, causing truckload rates to plummet to under $1 dollar per mile. For the past year, transportation costs for shippers have spiked, as spot market rates are well above $3 per mile, causing contract rates to rise as well.
As long as the current high-demand environment persists, spot rates will stay elevated. While orders for new trucks and the end of social distancing promise an influx of new...