A significant jump in truckload combined with softness on the intermodal spot market led to record savings for shippers choosing the road and rail combination in the first quarter of 2026. That's according to the Journal of Commerce Intermodal Savings Index (ISI) for Q2 of 2026.
The savings between truckload and intermodal spot rates between January and March came in at an average of 30.6% - the highest it's been in more than 10 years of the index's history. Spot was also more cost advantageous for intermodal shippers for the first time in the ISI's measurement, as contract rates averaged a savings of 26.3%
The 30.6% savings on intermodal spot rates vs truckload is almost double the traditional average of 16-19%, meaning those who took advantage of a modal conversion during the first quarter of 2026 reaped major cost benefits. Truckload rates were already moving higher due to tightening capacity, but then the Iran attacks occurred at the end of February - leading to a drastic increase in diesel prices (and thus overall freight costs). While diesel fluctuations are felt on both over the road and intermodal, fuel has an outsized impact on trucking costs.
Intermodal customers tend to use contract over spot historically, and those contract shippers still enjoyed about average savings in Q1, as its normal range is between 26 and 29%. The 26.3% figure is a bit better than the 12 month rolling average of 25%. The 12-month intermodal spot average was 23.4% for reference.
Will the elevated disparity continue? Likely not, as intermodal spot rates tend to react to market conditions more slowly than truckload - but they do move. Our Intermodal Spot Rate Index has shown positive movement for the past four weeks, indicating the reaction is beginning. Still, savings should remain significant for the short-term.
After the end of 2025 saw intermodal volumes fall nearly 2% behind the prior year, they were back to basically flat to start 2026, at -0.4% overall. According to Intermodal Association of North America (IANA) figures, domestic intermodal volume was actually up 3.6% in Q1, while international lagged considerably.
Volumes particularly spiked in March, which saw more than 785-thousand containers and trailers moved via rail - the third highest single month ever. That volume increase coincides with the timing of the fuel cost spike with continued elevation built into trucking costs, suggesting some conversions taking place.
Looking ahead, the continued diesel situation relating to Iran merits monitoring as do tariffs, which have clearly impacted international volume. There's also the matter of the railroad merger applicationrefiled last month by Union Pacific and Norfolk Southern to keep an eye on.
For more information and commentary on the intermodal market from January to March of 2026 - including not only rates and volumes but also service, subscribe to the Journal of Commerce to read the full report. Learn more about tracking both intermodal savings and service, with the report's author Ari Ashe, on The Intermodal Logistics Podcast:
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 intermodal spot rate statistics that assist in JOC's calculations.
In other words, we know the intermodal market, and we're happy to put that knowledge to use for you. Just let us know your shipping needs, and we'll discuss solutions tailored to your company. In the meantime, please do check out the variety of intermodal, plus freight and logistics in general, information we have in our free Freight Guides.