April 2026
Market Update
3 KEY TAKEAWAYS
During the last month, spot and contract rates continued to remain inflated compared to last year. We continue to see capacity tightening and higher rejection rates across the U.S.
RATE INCREASES
- Rate increases are broad-based and accelerate across all modes. Spot rates are up 34-40% year-over-year across dry van ($3.09/mi, +39.7% YOY), refridgerated ($3.28/mi, +35.5% YOY), and flatbed ($3.44/mi, +34% YOY), with contract rates following suit.
CAPACITY TIGHTNESS
- Capacity tightening is structural, not seasonal. National rejection rates have surged year over year across every mode—dry van (+169% YOY), flatbed (+122% YOY) and reefer (+78% YOY).
GEOPOLITICAL IMPACT
- The effective closure of the Strait of Hormuz is driving transpacific ocean rates higher, diesel has hit $5.40/gallon (+51% YOY), and the tariff landscape remains one of the most complex in modern trade history—with Section 232 revisions, ongoing Section 122 legal challenges, and China-origin imports down more than 30% from their mid-2024 peak.
