The Ti, Upply & IRU European Road Freight Rate Development Benchmark Q1 2023
Providing transparency on European road freight rates through their online platforms.
Q1 2023 edition now available.
KEY DATA FOR Q1 2023:
1. The Q1 2023 European Road Freight Spot Rate Benchmark Index is 7.5 points lower than Q4 2022, but 8.9 points higher than Q1 2022.
2. Contract rates stood at 127.2, 2.8 points lower than in Q4 2022 but 10.7 points higher than in Q1 2022.
3. Freight rates to continue to soften in Q2 2023 but will remain elevated in comparison to historic norms as supply side pressure keeps costs high.
4. Toward the end of the year volumes are expected to start recovering, applying upward pressure on rates.
5. Driver shortage projected to see 9% of positions unfilled in 2023, slightly lower than the 10% in 2022
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Ti, Upply and IRU will continue to collaborate and create quarterly updates on European Road Freight Rate Benchmarks.