Rates climbed even as freight volumes declined across all three equipment types, highlighting the growing influence of shrinking capacity on pricing. According to Portland, Oregon-based DAT, freight volumes typically decline in July following seasonal activity in June. DAT defines contract rates as the negotiated prices paid by shippers to asset-based carriers and freight brokers. “Spot rates moving ahead of contract rates have historically signaled a tightening market, but we haven’t seen a capacity-driven market quite like this one,” said Dean Croke, DAT industry analyst. “Van spot and contract rates reached parity in July even as volumes declined, while van and reefer contract rates posted record June-to-July gains.