The Upply x Ti x IRU European road freight rates index shows that the spot rates index moved further below the contract rates index in Q3 2023. The spot index fell for the fourth consecutive quarter, while the contract spot index climbed for the first time since Q4 2022. Q3 2023 sees the spot index move further below the contract index. This now means spot rates are closer to their base level (2017 Q1) than contract rates. The spot market index dropped for the fourth consecutive quarter, down 1.2 points to 125.4, now putting it down 14.8 points year on year (Y-o-Y). The speed of decline in spot rates has slowed by more than a third as spot rates begin to settle in response to demand settling at a lower level. (....)