Volume up, savings window still open - Intermodal Savings Index

Intermodal volumes are on the rise, at the (and somewhat because of) the expense of truckload. The Journal of Commerce Intermodal Savings Index (ISI) for Q3 of 2026 notes intermodal volumes from April to June grew 5.4% from the same period in 2025 - with the elevated cost of diesel following the Iran attacks pushing cost conscious shippers from over the road to the road-rail combo at increasing intensity.

Fuel prices only exacerbated the gulf between truckload and intermodal that had already been growing due to capacity challenges over the past several months. Following Q1's record spot savings, shippers found an even larger pricing disparity in both spot and contract pricing in the second quarter.

How much is intermodal savings vs truckload as of August 2026?

The Intermodal Savings Index measures intermodal spot rate savings vs. truckload at 34.1% as a Q2 average in 2026. While spot rate savings is outpacing contract savings for the second straight three-month period, contract savings also rose to an even 30% - its highest gap in more than four years. The significance of the contract savings is important to note, as about nine in 10 intermodal loads actually move via contract rates.

Also important to note is the historical average savings of both measures. Intermodal spot rates are typically 16-19% lower than truckload spot, so savings are roughly double the traditional amount for shippers according to the ISI. Contract savings tend to be steadier at a higher number (in the 25+% range), so the current gap is less of a spike, but still significant. Diesel pricing, which jumped following the Iran attacks, then moderated before rising again, only further hurt the truckload comparison, as intermodal is three to four times more fuel efficient than over-the-road shipping.

As we noted in our Q1 ISI update, there is an expiration date for intermodal savings to stay this elevated. Yet that window hasn't closed yet, and analyst JOC ISI analyst (and recent Intermodal Logistics Podcast guest) Jason Miller believes the significant pricing gap will stick around for the rest of Q3 at least. Our Intermodal Spot Rate Index has seen increases slow a bit in recent weeks, though it's currently showing a 1.8% advantage over last year's measurement, while truckload spot rates (which have also slowed their pace of increases) remain 28.7% ahead of 2025 according to DAT figures.

Domestic intermodal volumes spike

Following a Q1 that saw volumes roughly flat year-to-year, Intermodal Association of North America (IANA) figures had total North American volumes in the second quarter +5.4%vs 2026, with 4.83 million loads moved. 

For domestic containers and trailers only, railroads set a new record with 2.35 million moved in the three month period, with the margin year-to-year spiking to 15.6% in June after readings of 8.6 and 8.7% in April and May respectively. That jibes with J.B. Hunt's recent earnings report, on which the company noted conversion activity (switching from truck to intermodal) has been higher in recent months than any time in the past decade.

Just as in Q1, the Iran and overall diesel situation remains an issue for freight, and the question of whether tariff pull-forward affects volumes as the year goes on bear monitoring. And also just like we ended with on the first quarter report, the rail merger looms large - as last week, Union Pacific and Norfolk Southern finalized their submission to the Surface Transportation Board, starting the clock on a full review that will likely take a solid year.

For more information and commentary on the intermodal market from April to June of 2026 - including not only rates and volumes but also service - as well as projections, 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.