The latest U.S. Bank Freight Payment Index shows dry van spot rates surged 31.29% year-over-year to $2.14 per mile in May 2026, even as spot shipments fell to 1.11 million from 1.31 million in April. Contract rates reached $2.18 per mile, up 9.00% year-over-year, while the spread between contract and spot rates narrowed from approximately $0.39 per mile to about $0.11. The report, a quarterly collaboration between U.S. Bank and DAT Freight & Analytics, attributes the repricing to tightening capacity and a shrinking contract-to-spot buffer, noting that linehaul pricing has increased more than fuel costs. Less-than-truckload carriers like Old Dominion and XPO have maintained pricing discipline, with Old Dominion's revenue per hundredweight excluding fuel rising 4.4% despite a 7.9% decline in daily shipments. The index warns that contract rates are still catching up to spot, meaning shippers face growing cost exposure even without a corresponding increase in shipment activity.
Old Dominion Freight Line IncOld Dominion maintained pricing discipline with revenue per hundredweight up 4.4% despite lower shipments.
XPO Logistics IncXPO is noted as maintaining pricing discipline in the LTL sector.
Roper Technologies Inc
U.S. Bancorp