The IRU x Ti x Upply study on European road freight rates has found that the contract and spot rate indexes converged at 132.2 in Q2 2025. The benchmark spot rate index declined by 2.2 points quarter on quarter (q-o-q), while the contract rate index inched up by 1.2 points over the same period. Year on year (y-o-y), spot rates are down by 2.0 points, whereas contract rates have risen slightly by 0.7 points. Spot rates are now at their lowest level since Q4 2023.