The European Road Freight Rates Index prepared by Upply, Ti and IRU showed that contract rates for the third quarter remained unchanged quarter-on-quarter. However, the price index momentarily fell 4.4 points q/q. Both the transaction price index in the spot and contract markets decreased from year to year.
Rates are down
The instantaneous tariff index for European road transport in the third quarter fell to 122.4 points, down 4.4 points compared to the second quarter of 2024, and down 6.1 points compared to last year.
The freight contract rate index in the third quarter remained stable compared to the second quarter at 127.2 points, but fell 2.2 points year-on-year.
As industrial production in Europe declines, freight transport demand declines, resulting in a brief decline in market prices starting in the second quarter of 2023 (with a brief turning point in the second quarter of 2024).