Cass: TL linehaul rates advance in June, volume inflection delayed

Freight shipments backed up in June but expenditures, led by higher truckload rates and fuel surcharges, continued to advance, according to a monthly report from Cass Information Systems. The multimodal shipments component of the Cass Freight Index fell 4. 1% year over year in June, a downward acceleration from the 1. 2% y/y dip logged in May.

Shipments slid 3. 1% from May to June (down 2. 9% seasonally adjusted). The dataset is trucking-centric and bucked the favorable demand trends J. B. Hunt Transport Services (NASDAQ: JBHT) reported on Wednesday.

“To some extent, volumes are still down because capacity is declining, and the glimmers of strong demand visible with double-digit growth in the relatively small domestic intermodal sector are not moving the needle in this more trucking-based index,” the Friday report said. “Higher fuel prices were also a drag on goods demand.”

June 2026y/y2-yearm/mm/m (SA)Shipments-4. 1%-6. 4%-3. 1%-2. 9%Expenditures11. 2%14. 1%2. 2%1. 2%TL Linehaul Index5. 5%7. 6%-0. 9%NMTable: Cass Information Systems (SA – seasonally adjusted) Commentary from J. B. Hunt likely reflected idiosyncratic trends, as it has been successful in taking market share.

It noted heightened interest for its intermodal and dedicated offerings as shippers seek “safe, secure and reliable capacity,” following the Supreme Court’s ruling widening liability exposure for brokers. A May report from Cass projected volumes would increase 1. 8% y/y in the back half of the year if normal seasonal patterns held.

The recent iteration didn’t provide an outlook. “The volume recovery seems delayed by a hopefully brief bout of inflation, and it will take time for the razor thin U. S. savings rate to recover,” the report said. “But fuel prices are falling fast, inventories are tight, tariffs are down, and the U. S.

dollar is soft, so a demand recovery remains possible later this year. But for now, tighter supply remains the main reason for accelerating rates.” SONAR: Outbound Tender Rejection Index (OTRI. USA) for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line).

A proxy for truck capacity, the tender rejection index shows the number of loads being rejected by carriers. Current tender rejections show a tight truckload market. To learn more about SONAR, click here. Cass’ expenditures index, which measures total freight spend including fuel, surged 11. 2% y/y in June.

Higher freight rates and a 40% y/y increase in retail diesel fuel prices drove the increase. Cass’ TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, increased 5. 5% y/y. The dataset, which includes for-hire spot rates but is heavily weighted to contract rates, has been up y/y in 18 consecutive months. (It was up 7.

6% on a two-year-stacked comparison in June.) The June reading came in 0. 9% below May. “With many shipper bids taking effect July 1, this is likely a temporary pause in the upward move in truckload rates,” the report said. SONAR: National Truckload Index (linehaul only – NTIL.

USA) for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). The NTIL is based on an average of booked spot dry van loads from 250,000 lanes. The NTIL is a seven-day moving average of linehaul spot rates excluding fuel. Rates remain significantly higher on a y/y comparison in July.

SONAR: Van Contract Rate Per Mile Index (VCRPM1. USA) for 2026 (blue shaded area), 2025 (yellow line), 2024 (green line) and 2023 (pink line). The index shows a 7-day moving average of the initial reporting of dry van contract rates without fuel or accessorial charges.

Data used in the indexes comes from freight bills paid by Cass (NASDAQ: CASS), a provider of payment management solutions. Cass processes $37 billion in freight payables annually on behalf of customers. More FreightWaves articles by Todd Maiden: ArcBest announces layoffs, closing 10 LTL terminals ‘Massive opportunities’ for J. B.

Hunt in intermodal shift TL, LTL rates to hit new highs in Q3 The post Cass: TL linehaul rates advance in June, volume inflection delayed appeared first on FreightWaves.