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                                                                   EXHIBIT 10.5

                 [LETTERHEAD OF SUNTRUST EQUITABLE SECURITIES]
                                                                  March 1, 2001
                Confirmation of Interest Rate Transaction
                -----------------------------------------

      THIS LETTER AGREEMENT SHOULD BE REVIEWED, EXECUTED BY AN AUTHORIZED
         PERSON(S), AND RETURNED IMMEDIATELY VIA FAX TO 404-532-0514.
       (Please direct any questions to Ken Kuykendall at 404-532-0303.)

Larry Goddard
Chief Financial Officer
P.A.M. Transport, Inc.
Highway 412 West
297 Henri DeTonti Blvd.
Tontitown, Arkansas  72770
Ph#:  501-361-9111
Fax#: 501-361-5381

REF:  12371

Dear Mr. Goddard:

       The purpose of this letter agreement is to set forth the terms and
conditions of the Rate Transaction entered into between P.A.M. Transport, Inc.
("Counterparty" or "you") and SunTrust Bank ("SunTrust" or "us") on the Trade
Date specified below (the "Transaction").  SunTrust Equitable Securities
Corporation acts as agent on behalf of SunTrust with respect to this
Transaction.  This letter agreement constitutes a "Confirmation" as referred to
in the ISDA Master Agreement to be entered into by the parties hereto.

       The definitions and provisions contained in the 1991 ISDA Definitions
published by the International Swap and Derivatives Association, Inc. ("ISDA"),
as amended and supplemented by the 1998 Supplement to the 1991 ISDA Definitions
(the "Definitions"), are incorporated by reference into this Confirmation.  In
the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation shall govern.

       This Confirmation supplements, forms a part of, and is subject to the
ISDA Master Agreement, as amended and supplemented from time to time (the "Swap
Agreement"), between you and us.  All provisions contained or incorporated by
reference in the Swap Agreement shall govern this Confirmation except as
expressly modified below. Prior to the execution and delivery of such Swap
Agreement, this Confirmation alone shall constitute a complete and binding
agreement with respect to the Transaction.

       Each party is hereby advised, and each such party acknowledges, that the
other party has engaged in (or refrained from engaging in) substantial
financial transactions and has taken other material actions in reliance upon
the parties' entry in the Transaction to which this Confirmation relates on the
terms and conditions set forth below.

       This Confirmation shall be governed by and construed in accordance with
the laws of the State of New York without reference to choice of law doctrine.

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                                                                          Page 2

1.     The terms of the particular Transaction to which this Confirmation
       relates are as follows:

       Type of Transaction:                 Swap Transaction

       Notional Amount:                     $15,000,000.00

       Trade Date:                          February 28, 2001

       Effective Date:                      March 2, 2001

       Termination Date:                    March 2, 2006, with adjustment in
                                            accordance with the Modified
                                            Following Business Day Convention
                                            (subject to Section 2(d) below)

       Fixed Amounts:
       --------------

         Fixed Rate Payer:                  Counterparty

         Fixed Rate Payer Payment Dates:    The 2/nd/ day of each month,
                                            beginning April 2, 2001, through and
                                            including the Termination Date,
                                            subject to adjustment in accordance
                                            with the Modified Following
                                            Business Day Convention

         Fixed Rate:                        5.08% per annum

         Fixed Rate Day Count Fraction:     Actual/360

         Adjustment to Period End Dates:    Applicable

       Floating Amounts:
       -----------------

         Floating Rate Payer:               SunTrust

         Floating Rate Payer Payment Dates: The 2/nd/ day of each month,
                                            beginning April 2, 2001, through and
                                            including the Termination Date,
                                            subject to adjustment in accordance
                                            with the Modified Following
                                            Business Day Convention

         Floating Rate for initial
           Calculation Period:              5.10375% per annum

         Floating Rate Day Count Fraction:  Actual/360

         Designated Maturity:               1 month

         Floating Rate Option:              USD-LIBOR-BBA

         Spread:                            Inapplicable

         Adjustment to Period End Dates:    Applicable


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                                                                          Page 3

         Reset Dates:                       The first day of each Floating Rate
                                            Payer Calculation Period

       Calculation Agent:                   SunTrust

       Business Days:                       New York

2.     Other Provisions

       (a)     You agree to provide us (i) corporate resolutions, and (ii) a
       certificate of incumbency with respect to the individual(s) executing
       this Confirmation, both documents evidencing your authority to enter
       into this Transaction.  This provision (2)(a) shall constitute an
       additional Agreement for the purpose of Section 4 of the Swap Agreement.

       (b)     By signing this Confirmation, you acknowledge that you have
       received and understand the SunTrust Bank "Terms of Dealing for OTC Risk
       Management Transactions" and the "Risk Disclosure Statement for OTC Risk
       Management Transactions" (each attached hereto and incorporated by
       reference into this Confirmation).

       (c)     "Loan Agreement" shall mean each agreement, related by its terms
       to this Transaction, to which you (as borrower) and SunTrust (or one of
       its Affiliates) are or hereafter become parties (and to which other
       lenders may be parties) involving the making of loans, extensions of
       credit or financial accommodations thereunder or commitments therefor,
       in the form existing on the date when that agreement is executed and
       without regard to any termination or cancellation thereof, whether by
       reason of payment of all indebtedness incurred thereunder or otherwise,
       as such Loan Agreement may be amended, supplemented, otherwise modified,
       replaced, or substituted.

       (d)     SunTrust shall have the right, but not the obligation, to
       terminate ("Option to Terminate") this Transaction on March 3, 2003,
       subject to adjustment in accordance with the Modified Following Business
       Day Convention ("Optional Termination Date").  In order to exercise its
       Option to Terminate, SunTrust shall notify Counterparty two New York
       Business Days prior to the Optional Termination Date by telephone, which
       notice shall be deemed to be irrevocable and shall be confirmed in
       writing (which writing may be transmitted by facsimile) by SunTrust to
       Counterparty no later than the following Business Day. Upon exercise by
       SunTrust of its Option to Terminate as aforesaid, all rights and
       obligations arising out of this Transaction following the Optional
       Termination Date shall be deemed to have been terminated and both
       parties shall be under no further liability to each other with respect
       to the Transaction. The amount payable on the Optional Termination Date
       will be the amount that would, had this Transaction not been terminated,
       have been paid by SunTrust or Counterparty as the case may be.

3.     Account Details

       Payment to Counterparty:

         Depository:                  [PLEASE ADVISE]
         ABA #
         Favor of:
         Account #


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                                                                          Page 4

      Payments to SunTrust:

         SunTrust Bank
         ABA # 061000104
         FBO:  Bond Wire Clearing
         Account # 9088-0000-95
         Attn: Financial Risk Management, Operations

4.    Offices

      (a)     The Office of Counterparty for the Transaction is its Tontitown
      office; and

      (b)     The Office of SunTrust for the Transaction is its Atlanta
      office.

       By signing below, you also acknowledge and agree that we have explained
to you the risks involved in this Transaction, which risks include but are not
limited to the following:

..      Market Risk:  The risk that the Transaction may increase or decrease in
       value with a change in, among other things, interest rates or the yield
       curve; and

..      Liquidity Risk:  The risk that the Transaction cannot be closed out or
       disposed of quickly at or near its value.

       You further acknowledge and agree that you understand these risks and
the Transaction as a whole, that you are capable of managing the risks
associated with this Transaction, that the risks involved in this Transaction
are consistent with your financial goals, policies and procedures, and risk
tolerance, and that you have determined that this Transaction is appropriate
for you.

       Please confirm that the foregoing correctly sets forth the terms of our
agreement by signing this copy of this Confirmation and immediately returning
it to SunTrust Equitable Securities Corporation via fax at the number indicated
on Page 1.

Very truly yours,               Accepted and Confirmed as of the date first
                                written:

SUNTRUST BANK                   P.A.M. TRANSPORT, INC.

By:/s/ Fred D. Woolf            By:/s/ Larry J. Goddard
   -------------------------       -----------------------------
     Fred D. Woolf              Name:  Larry J. Goddard
     Vice President             Title:  Vice President - Finance