TORONTO – Loadlink Technologies’ Canadian spot market softened again in March, falling 6 percent from February and 53 percent year-over-year. Equipment postings soared across the board as both cross-border and intra-Canadian volumes increased 29 percent month-over-month, causing the truck-to-load ratio to shift upwards to 2.51 trucks available per one load posted on Loadlink.
On a quarterly basis, Q1 2023 load volumes increased from Q4 2022 by 27 percent, while truck volumes fell by nine percent. Over the last quarter, the best-performing segment on Loadlink’s spot market came from a significant jump of 72 percent more inbound cross-border loads entering Canada. Compared to Q1 2022, load volumes were significantly less than record highs by 42 percent, while trucks saw a large increase of 58 percent more postings.
Year-over-year comparisons look vastly exaggerated as load volumes in Q1 2022 were record highs for Loadlink’s history. Due to lifted COVID-19 pandemic restrictions and a reinvigorated economy, load volumes in February and March 2023 were almost double what they are currently. Despite that, Q1 2023 volumes still have been higher than all other months in 2022 since June onwards, so current freight market conditions should not be underestimated despite poor annual comparisons.
March SPOT FREIGHT HIGHLIGHTS
| Origin City | Origin State | Destination City | Destination State | Vehicle | YoY (%) | MoM (%) |
| Lethbridge | AB | Sumner | WA | Reefer | 250 | 176 |
| Indianapolis | IN | Calgary | AB | Reefer | 250 | 154 |
| Nogales | AZ | Toronto | ON | Reefer | 16 | 98 |
| Winnipeg | MB | Regina | SK | Van | -13 | 46 |
| Montreal | QC | Winnipeg | MB | Reefer | 35 | 8 |
| Toronto | ON | Vancouver | BC | Van | -25 | 5 |
Outbound Cross-border Activity
Outbound loads from Canada to the United States fell by 25 percent from last month but were down 64 percent from this time last year. Equipment postings increased by 41 percent from February and were up 96 percent year-over-year. Q1 2023 saw outbound cross-border equipment postings increase just slightly by two percent compared to Q4 2022, while loads dropped just five percent during the same period.
Inbound Cross-border Activity
Inbound loads increased by 3 percent in March compared to February but were down 56 percent year-over-year. Equipment postings were up 20 percent from last month and up a hefty 76 percent from last March. Quarterly equipment postings fell 22 percent from last quarter, but inbound cross-border loads surged by 72 percent from Q4 2022.
Intra-Canadian Activity
Freight activity within Canada decreased by four percent in March, and load postings decreased by 37 percent year-over-year. Equipment postings increased by 29 percent month-over-month and were up 60 percent year-over-year. Intra-Canadian equipment postings dipped four percent quarter-over-quarter, but load volumes trended the other way with a respectable 14 percent rise in the year’s first quarter.
Average Truck-to-Load Ratios
The truck-to-load ratio in March of 2.51 was 38 percent higher than the 1.82 trucks for every load posted in February 2023. Year-over-year, March’s truck-to-load ratio was 268 percent higher than the extremely low ratio of 0.68 seen in March 2022. The first quarter of 2023 had an average truck-to-load ratio of 2.03, which was 29 percent lower than the ratio of 2.88 in Q4 2022.
About Loadlink Indexes
Freight Index data provides insight into Canada’s economy at large and is a primary resource for the trucking community. The Freight Index accurately measures trends in the truckload freight spot market as its components are comprised of roughly 7,750 Canadian carriers and freight brokers. This data includes all domestic and cross-border data submitted by Loadlink customers and thus is considered a real-time pulse of what’s happening in the North American freight industry.
Rate Index data is based on the average spot rates paid by freight brokers and shippers to carriers in the specific lanes where loads are hauled. This data also shows real-time and historically available capacity as well as total truck-to-load ratios.
About Loadlink Technologies
Loadlink Technologies moves Canada’s freight by matching trucks with loads. With 30 years of freight matching experience, Loadlink delivers a reliable technology, data, and analytics ecosystem to keep Canadian freight moving. Loadlink is trusted by transportation companies and brokers of all shapes and sizes and is proudly the industry’s largest and most efficient digital freight network.