FTR’s Shippers Conditions Index for February dropped to -11.9 – reflecting the toughest market conditions for shippers since March 2022 – but surging fuel prices mean that market conditions for shippers have deteriorated faster than the monthly SCI can measure fully. The upcoming March index reading will dwarf unfavorable index levels in January and February.

Avery Vise, FTR’s Vice President of Trucking, commented, “We haven’t finalized the March SCI data yet, but the index will indicate either the toughest or second toughest month ever for shippers, at least going back to the beginning of the data series in 2000. A big warning sign for shippers is how strongly spot rates in trucking rose in response to surging fuel prices as that indicates very tight capacity. Contrast that to March 2022 when dry van and refrigerated van spot rates continued to fall even as diesel prices soared. The one aspect of the market that is not exerting much pressure on shippers currently is freight demand, which remains a wild card in determining how difficult the market might become.”