Volume continued to fall in the domestic intermodal market during the first few months of this year, according to the Q1 2023 Journal of Commerce (JOC) Intermodal Savings Index, released today. That falling volume, authors say, leaves no doubt that there is a glut of containers while shippers hang on to inventory in warehouses rather than moving it in their typical patterns. Specifically, North American intermodal volume was down 8.6% from the first quarter of 2022, while domestic intermodal volume (goods hauled in 53-foot containers) was down 8.5% against a backdrop of 35,000 containers added to the fleet last year. The Intermodal Savings Index (ISI) itself showed an average contract savings of 25.8% for intermodal shippers over truckload, with an average of 15.2% savings on spot rates. Both figures were down year over year, but normalized as the quarter went along - a trend that's expected to continue. Intermodal service and speed, likely helped by the decreased volume, was generally fast and reliable, with only a few lanes reporting problems. Read the full report for more detail:
Each quarter, the Journal of Commerce (JOC) releases its proprietary Intermodal Savings Index, which combines real data from the intermodal and truckload marketplace with forecasts and more. We provide statistics used in this valuable look at the intermodal market as it relates to truckload options. Find some of our contributions in our weekly Intermodal Spot Rate Pricing Trendline Analysis.
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