TL linehaul rates surge in April, Cass says

Freight shipments stabilized in April as capacity constraints pushed rates to recent highs, according to monthly data from Cass Information Systems. The shipments component of the Cass Freight Index was down 4. 4% year over year but increased 0. 4% from March (up 0. 6% seasonally adjusted).

That was a third straight sequential increase in volumes, and “an encouraging signal for a potential second-half recovery,” the Thursday report said. Normal seasonal trends moving forward would result in a 1. 7% y/y increase in the shipments index during the back half of the year. The dataset is expected to decline just 1% y/y in May.

A two-year-stacked decline of 7. 9% was tied for the smallest over the past year. window. googletag = window. googletag || {cmd: []}; googletag. cmd. push(function() {googletag. defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[300, 100], [320, 50], [728, 90], [468, 60]], 'div-gpt-ad-1709668545404-0'). defineSizeMapping(gptSizeMaps. banner1).

addService(googletag. pubads()); googletag. pubads(). enableSingleRequest(); googletag. pubads(). collapseEmptyDivs(); googletag. enableServices(); }); googletag. cmd. push(function() {googletag. display('div-gpt-ad-1709668545404-0'); }); April 2026y/y2-yearm/mm/m (SA)Shipments-4. 4%-7. 9%0. 4%0. 6%Expenditures3. 5%4. 8%2. 6%1. 2%TL Linehaul Index5. 6%6.

5%3. 2%NMTable: Cass Information Systems (SA – seasonally adjusted) At an investor conference held this week, J. B. Hunt (NASDAQ: JBHT) reported that shipper demand exceeded expectations throughout the first quarter and has remained steady since. It sees a path to raise truckload rates materially over the next two years.

“LTL tonnage trends are improving for some fleets, which bodes well for continued improvement in shipment trends in the coming months,” the Cass report said. “Tightness in the dry van TL market is starting to radiate to other modes, so far mainly reefer and flatbed TL, but eventually this tightness will drive demand in LTL and intermodal as well.”

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 tightened truckload market. To learn more about SONAR, click here.

Cass’ (NASDAQ: CASS) expenditures index, which measures total freight spend including fuel, was up 3. 5% y/y and 2. 6% higher than March (1. 2% higher seasonally adjusted). Higher diesel prices and core freight rates were the drivers of the increase. Cass’ TL linehaul index, which tracks rates excluding fuel and accessorial surcharges, surged 5.

6% y/y, registering the largest y/y increase since August 2022. The dataset was 3. 2% higher sequentially, which was the biggest jump since March 2022. However, the index was basically flat sequentially in February and March. The dataset, which includes for-hire spot and contract rates, has been up y/y in 16 straight months.

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.

Spot rates stepped higher through peak season as regulatory constraints on the driver pool took hold. Rates remain notably higher on a y/y comparison in May. The report concluded that the freight cycle is being led by the supply side as noncompliant drivers are being forced out of service.

It cautioned that “higher fuel prices sapping consumer spending, and rising interest rates sapping the housing market” are weighing on demand, which will be required at some point to carry the recovery. window. googletag = window. googletag || {cmd: []}; googletag. cmd. push(function() {googletag.

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push(function() {googletag. display('div-gpt-ad-1665767553440-0'); }); “New FMCSA regulations have acted as a catalyst, and seem likely to result in tighter capacity and higher rates from here,” the report said. Data used in the indexes comes from freight bills paid by 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: J. B.

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