A stronger than expected September provided a jolt to keep intermodal volumes up in the third quarter of 2025 - while savings held steady, according to the latest Intermodal Savings Index by the Journal of Commerce (JOC). That quarter marks two-years straight of year-over-year volume gains - an unexpected continuation of the streak as a decline was projected in the prior report both due to expected softer activity and because last year's expected port strike provided an added bump.
When it comes to the actual numbers, the Intermodal Association of North America (IANA) had railroads transporting 2.22 million domestic containers for the three-month period, up 2.5% from the same quarter in 2024. Total North American volumes came in at 4.6 million - a 2.8% yearly increase. So where did the bump show up? Outbound California traffic surprised in September, as did the southwest to Midwest, southwest to south central and Midwest to southeast - showing peak-ish signs.
Also coming up big in the quarter was the Mexico-Midwest lane, showing northbound volumes up 14% and southbound up 16% compared to the prior year. That increase occurred after a cross-border annual decline of over 10% during May, June and July.
As for cost, intermodal savings for contract rates stayed consistent with the prior quarter, at just over 24% compared to truckload. That keeps the contract side slightly below - but still not far from - its long-term average of 26-29%. The spot ISI came in at 21.1% savings vs. truck last quarter, a few points better than Q2. That mark also outstrips the long-term spot savings average of 16-19%, though it's important to remember spot freight is a small piece of intermodal activity compared to its over-the-road counterpart.
The report says these savings levels indicate a market with little pricing advantage for shippers or carriers - basically a steady status-quo.
Even as volume kept its year-to-year gains going, intermodal train speeds maintained an average of 29.8 mph among the U.S. class 1 railroads. That's the same figure as the previous quarter, and 1.4% better than 2024. Taking it a step further, five of the six North American class 1s reported faster network speeds. Beyond the solid speeds, the average number of intermodal trains held per day was 5.25, 70% lower than the same period last year and almost two trains better than Q2.
For more information and commentary on the intermodal market from July to September of 2025, 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 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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