Intermodal volumes see second quarter gains, reports IANA

Intermodal volumes were up annually in the second quarter, according to the new edition of the “Intermodal Quarterly,” which was recently issued by the Intermodal Association of North America (IANA).

Total second quarter, at 4,579,798 units, increased 2.4% annually, marking the seventh consecutive quarter of annual growth, following eight straight quarters of annual declines.

Domestic containers, at 2,119,717, rose 2.6% annually, and trailers, at 108,919, fell 25.4%. All domestic equipment, which is comprised of trailers and domestic containers, came in at 2,228,636, for a 0.8% annual increase. And ISO, or international, containers, at 2,351,162, were up 2.4%.

In the report, IANA observed that while tariffs and trade policy-driven uncertainty remained intact in the second quarter, there were some encouraging economic data points, which are beneficial for intermodal, including: retail trade sales up 3.7% annually, for a record high; the manufacturing subcomponent of the Federal Reserve’s industrial production index reaching its highest quarterly average, at 100.8, going back to late 2018; and the advanced GDP estimate at 3.0%.

“The strong first half of the year has been backed by a rush to move as much freight as possible before tariffs go into effect,” said IANA. “This ‘frontloading’ created opportunities for both domestic and international intermodal.”

While international intermodal fared well in the second quarter, due to consumer spending, as well as ongoing front-loading efforts by shippers to get ahead of tariffs, IANA President & CEO Anne Reinke told LM that, amid the ongoing tariff activity, especially the White House’s reciprocal tariffs that took effect today, the outlook for the third quarter and beyond is unclear.  

“A China trade deal is the biggest question mark hanging over international volume, and some kind of U.S.-China arrangement would protect that volume,” she said. “Obviously, degree and timing matters—hopefully we'll know more next week—but consumer spending remained strong in Q2 despite the existing tariffs on Chinese imports.”

Addressing the 2025 Peak Season, Reinke explained that the trend in recent years has been what she called a “flatter” Peak Season, with the expectation that will be the case again this year, due to the ongoing frontloading efforts by shippers.

“Peak season also came late in 2024 and 2023, and we may see that again this year,” she said.

When asked about the current state of intermodal service, Reinke said IANA cannot comment on rail service, but did note that the latest STB data indicates that the intermodal network is operating smoothly.

IMC data: IANA’s Intermodal Marketing Company members intermodal loads’ volume, at 286,642, fell 8.2% annually, contracting after four straight quarters of growth, with highway loads down 11.9%, to 182,273. Total second quarter IMC loads, at 469,915, were off 9.7% annually. And total revenue, at $1,105,592,178, saw a 14.3% annual decline, with average revenue per load down 5.9% and 4.6%, for intermodal and highway, respectively.

The report explained that these results highlight what it described as a, “difficult freight market for IMC participants relative to the overall intermodal market where loadings moved up.”

In looking at intermodal volumes over the first half of 2025 and into the balance of the year, IANA said that imports paced North American intermodal loadings over the first and second quarters. And it added that while future volumes will likely be reduced due to that, higher prices from tariffs have not yet impacted goods and consumer spending, noting total 2025 import volumes are expected to remain solid.