The third quarter of 2024 saw a significant spike in load postings, largely driven by the rail strikes in August. This surge was followed by a return to more typical volumes in September. Load postings declined by 15% compared to the previous month, primarily due to the normalization after August’s spike. Year-over-year numbers showed a solid increase of 7%.

Truck postings declined by 9% month-over-month and were down 18% compared to September 2023, further tightening the truck-to-load ratio in favour of carriers.

Most impressively, Q3 2024 load volumes outperformed the previous year by a significant 17%. This suggests a positive trend for truckers, indicating a potential shift towards a more favourable market environment.

Cross-Border Trade Remains Strong

Cross-border trade continued to be a driving force in the Canadian freight market, accounting for 62 percent of all submissions to Loadlink’s platform. Outbound loads from Canada to the United States experienced a notable 28 percent increase, while inbound loads from the United States saw a single percent decline. Inbound cross-border Equipment postings decreased by 18 percent and outbound decreased by 20 percent year-over-year by quarter end.

Intra-Canadian Activity Slows

The domestic freight sector saw a 22 percent dip in loads from August to September, while year-over-year, volumes saw just a two percent decrease. Equipment postings saw a slight decrease with an 11 percent month-over-month dip, but declined by 18 percent, year-over-year.

Equipment Breakdown:

The top equipment postings were Dry Vans 53 percent, Reefers 25 percent, Flatbeds 17 percent, and Other four percent.

Average Truck-to-Load Ratios Improve

One of the most encouraging signs of a more balanced market is the improvement in the average truck-to-load ratio. In September, the ratio reached 3.31 trucks per load, a significant decrease from 4.34 in the previous year. This reflects a positive trend, indicating the market is moving in the right direction.

Loadlink Technologies, with over 30 years of experience, continues to play a pivotal role in Canada’s freight movement by efficiently matching trucks with loads. Their reliable technology, data, and analytics ecosystem contribute to the industry’s largest and most efficient digital freight network.