The fourth quarter of 2023 was good for the intermodal market, as volumes gained 3.1% year-over-year, according to the Intermodal Association of North America.
While trailers dropped 21.6%, domestic container and international container originations grew 6% and 2.9%, respectively.
It was the first of the past nine quarters showing year-over-year growth.
"The fourth quarter may have been an inflection point for intermodal. Both trade flows and inventories started to swing in its favor,” said Joni Casey, CEO of IANA, in a statement. “Monetary actions by the Federal Reserve to bring down interest rates in 2024 could further set the industry up for more sustainable growth."
All but one of the seven highest-density trade corridors, which collectively handled more than 60% of total volume, were up in the fourth quarter.
From a geographic perspective the numbers were as follows:
- The South Central-Southwest corridor was up 9.6%
- The Southeast-Southwest climbed 8.7%
- The Intra-Southeast was up 6.3%
- The Midwest-Southwest gained 4.8%
- The Midwest-Northwest gained 4.8%
- The Northeast-Midwest put on 4.6%
- The Trans-Canada was the only loss at 2.3%
Total IMC volume fell 11.8% year-over-year in Q4, with intermodal down 6.6% and highway traffic down 14.9%.
