The Outbound Tender Volume Index (OTVI) climbed another 1.4% this week to a new all-time high of 16,053. OTVI has posted a string of consecutive all-time highs for many weeks now. It is important to note that OTVI does include rejected contract load tenders, so the true organic growth of load volumes is significantly lower than the indexed reading as we explain later. However, this does not mean the index is not directionally accurate or not indicative of the overall strength in the freight market. However, the rate of volume acceleration has begun to slow.
To account for the high level of rejected tenders in our Outbound Tender Volume Index, a new metric, a proxy index for accepted tenders, has been calculated. Using this correction, volumes are running up about 19% year-over-year and are at a three-year high. Carriers are rejecting one in four contracted load tenders, and spot rates have pushed north of $2.75 per mile on a national basis.