The Upply x Ti x IRU European road freight rates index for Europe shows that spot rates fell by 2.4 index points in Q4 2022 vs Q3. This represents the first fall in the spot index since Q1 2020, but spot rates still remain up 18.1 points on Q4 2021. Meanwhile, the contract rates index rose 0.4 points quarter-on-quarter in Q4 and contract rates are now up 19.0 points year-on-year.
The year 2020 was a unique year for IRU and the commercial road transport industry. Almost everything IRU did was in some way impacted by the pandemic. It was not all about COVID-19 of course, but the pandemic showed IRU and our industry at its finest.