European road freight rates converge

The Upply x Ti x IRU 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. The Q2 2025 European Road Freight Contract Rate Benchmark Index rose to 132.2, 1.2 points higher than in Q1 2025 and 0.7 points higher than in Q2 2024. The Q2 2025 European Road Freight Spot Rate Benchmark Index fell to 132.2 points, 2.2 points lower than in Q1 2025.

Spot rates were also down by 2.0 points y-o-y. Trade by road between major economies (Germany, France, Poland, Italy and Spain) has rebounded since the December 2024 low point. However, international tonnage exchanges between these economies are lower compared to 2024.

There are 426,000 unfilled truck driver positions across Europe, according to IRU's 2024 survey. Diesel prices were down by 6.4% compared to Q1 2025, though prices have risen in recent weeks following the Israel-Iran war. The Road Freight Sentiment Index for Q2 stands at 8.2, indicating that respondents expect a slight increase in the next quarter.

There is modest upward pressure on rates across Europe, as demand improves and operating costs remain relatively stable.