Back to April 2026 Industry Update
April 2026 Industry Update: Intermodal
FreightWaves SONAR Intermodal Rates Index (INTRM.USA)
Key Points
- Intermodal spot rates, as measured by FreightWaves SONAR INTRM, recorded a notable improvement in March, increasing $0.14 MoM from February and rising $0.10 above year-ago levels — the first positive YoY comparison since July of last year.
FreightWaves SONAR Initially Reported Average Contract Base RPM (IMCRPM1.USA)
Key Points
- Although intermodal contract rates have begun to soften following the conclusion of the latest annual bid cycle, there is limited evidence of meaningful upward movement, with average rates increasing just $0.03 YoY from March 2025.
- Despite service levels remaining at record highs, persistent excess container availability continues to weigh on rate negotiations. However, recent tightening in the truckload market is typically a leading indicator of future increases in intermodal contract pricing.
Association of American Railroads (AAR) Total U.S. Rail Carload Volumes
Key Points
- Total U.S. rail carload volumes extended their streak of annual gains to a third consecutive month in March, increasing 1.7% YoY, or approximately 15,500 units, with weekly domestic carload originations averaging 230,401 units — the strongest March performance since 2019, according to the Association of American Railroads.
- Growth remained broad-based, with 12 of the 20 major AAR-tracked commodity categories expanding, led by grain and chemicals, resulting in year-to-date volumes running 4.2% above Q1 2025 levels, marking the strongest start to the year since 2019.
Association of American Railroads (AAR) Total U.S. Rail Intermodal Volumes
Key Points
- Total U.S. rail intermodal volumes also increased in March, with weekly originations averaging 280,076 containers and trailers, representing a 1.4% YoY gain, or nearly 16,000 units, over March 2025 levels and marking the second-highest March figure on record.
Despite recent annual gains, year-to-date intermodal volumes remain slightly below Q1 2025 levels. However, the improvement in March underscores the resilience of consumer-linked freight flows and the railroads’ expanding role in long-haul domestic logistics.