Loadlink, Canada’s leading freight matching platform, has released its Canadian Freight Index for November 2024. The report provides valuable insights into trends in Canada’s freight market.
Month-over-Month Performance
In November 2024, the freight market remained steady, with volumes staying almost the same as the previous month. There were no significant changes, suggesting that the market is stable after the disruptions of previous years. Although the market is steady now, Loadlink expects a rise in freight volumes in December, which is common during the holiday season.
Year-over-Year Trends
When comparing November 2024 to November 2023, there was a 10 percent decrease in freight volumes. This drop is mainly due to the ongoing strike at Canadian ports and seasonal freight fluctuations. However, Loadlink expects a boost in freight activity in December as usual, as holiday demand increases.
Cross-Border Freight Activity
Cross-border freight accounted for 63 percent of the data submitted by Loadlink’s Canadian customers this month. Despite this, both inbound and outbound loads saw a small decrease in 2024 compared to the previous year. Equipment postings, however, decreased more significantly, at 24 percent for inbound and 23 percent for outbound.
Intra-Canada Freight Trends
Intra-Canada freight, which accounted for 36 percent of the total market, saw a small one percent drop month-over-month in November. Compared to last year, volumes were down 12 percent. Equipment postings also fell by 10 percent month-over-month and a more significant 26 percent year-over-year. Despite this, intra-Canada freight remains a significant part of the market, and volumes are expected to jump during the month of December.
Equipment Market Breakdown
Dry vans remained the most used equipment type, making up 54 percent of the market. Reefers followed at 23 percent, then flatbeds at 19 percent, and other types of equipment at four percent. The ongoing demand for dry vans suggests that general freight continues to drive the market.
Truck-to-Load Ratio
The truck-to-load ratio decreased in November 2024, falling to 3.19, down from 3.64 in October and 3.68 in November 2023. This shows a 12 percent decrease month-over-month and a 16 percent decrease year-over-year, meaning that there are fewer trucks available per load. This trend suggests that the market is becoming more favorable to carriers.
Conclusion
November 2024 showed that the Canadian freight market is steady, with some challenges and opportunities. While freight volumes are lower than last year, the market is stabilizing after recent disruptions. As the holiday season approaches, a rise in freight volumes is expected. The data suggests a more carrier-friendly market, with fewer trucks available per load. Loadlink’s platform continues to be a key tool for businesses looking to improve profitability and make the most of changing market conditions.
About Loadlink
Loadlink is Canada’s #1 freight matching platform, connecting brokers and carriers to simplify freight movement across the country. By focusing on technology and innovation, Loadlink helps businesses in the logistics industry improve efficiency and maximize their earnings.