Outbound cross-border freight activity continues strong Q3 performance while domestic front also gains momentum to help cement September 2021 as the best-performing September in Loadlink history.
TORONTO – Loadlink Technologies’ Canadian spot market ended the third quarter on a high note as September saw both record load and truck volumes for the month. Previously, September’s record load volumes came in 2017 when the trucking industry encountered a capacity crunch. This year’s volumes outperformed that record. September’s volumes grew 27 percent year-over-year. Compared to last month, September’s, load volumes were up seven percent month-over-month.
SEPTEMBER HIGHLIGHTS
- The Labour Day holiday reduced average daily load volumes in the first week by 18 percent
- Average daily loads grew steadily throughout the month, jumping 28 percent in week two, two percent in week three, and eight percent in the last week of the month
QUARTERLY HIGHLIGHTS
- Monthly load volumes grew an average of five percent every month since the start of the Q3
- Q3 2021 load volumes were the second highest Q3 on record, behind only Q3 2017
- Q3 2021 truck volumes were the strongest for any Q3 on record
- Q3’s truck-to-load of 2.90 was 12 percent higher than the value of 2.58 in Q2
Outbound Cross-border Activity
For the third consecutive month, outbound cross-border loads saw the largest improvement in load postings. Month-over-month, loads from Canada to the United States were up 14 percent, while year-over-year, this number was 35 percent higher than September 2020. Equipment postings fell nine percent on a monthly basis and were down five percent from September 2020.
Quebec continued to show no signs of slowing down as the province saw a 27 percent increase in outbound loads heading across the border. Atlantic Canada also saw a surge in volume with a 46 percent increase on lesser total volumes. Ontario was up by eight percent more loads while Western Canada outbound load postings remained unchanged from August.
Inbound Cross-border Activity
In contrast to outbound cross-border’s three consecutive months of improved volumes, inbound activity fell for the third straight month. Load postings declined seven percent month-over-month, but were up 13 percent compared to September 2020. Equipment postings dipped slightly by three percent but were up six percent year-over-year.
Ontario was the only province that saw positive change from August as freight volumes jumped 16 percent. Quebec and Western Canada had an average decline of 14 percent while Atlantic Canada only saw a seven percent drop in postings.
Intra-Canadian Activity
Domestic freight activity saw similar improvements as outbound cross-border activity due to a 13 percent boost in loads from a previously stagnant month of August. Year-over-year, domestic load movement improved by 38 percent from September 2020. Compared to August, equipment volumes fell slightly by five percent, but were up seven percent from last year.
Average Truck-to-Load Ratios
In September, the truck-to-load ratio improved by eleven percent, falling to a value of 2.64 compared to 2.98 in August. Year-over-year, September’s truck-to-load ratio was 18 percent lower compared to a ratio of 3.24 in September 2020.
About Loadlink Indexes
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 historical available capacity, and total truck-to-load ratios.
Freight Index data provides insight on 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 from roughly 6,200 Canadian carriers and freight brokers. This data includes all domestic, cross-border, and interstate data submitted by Loadlink customers.
About Loadlink Technologies
Loadlink Technologies helps Canadian transportation companies facilitate the critical movement of goods by trucks through the use of its technology. With decades of propelling innovation and by way of its modernized freight matching, the company helps its members drive better business performance and competitiveness while delivering new levels of customer experiences.