Surface Transportation
North American domestic rail volumes grew 2.2 % in Q4 2025. BeyondImages / Getty Images
Index values above 100 indicate intermodal is the more cost-effective mode; the higher the index number, the greater the savings. A spot ISI of 125.6 translates to a 25.6 % savings on intermodal versus truckload, while a contract ISI of 125.4 implies a 25.4 % savings. Calculations assume local drayage at origin and destination, so shippers with distribution centers more than 30 minutes from the terminal will save less than the index values.
In dollar terms, intermodal shippers saved an average of $ 800 per container on the spot market in the fourth quarter compared with truckload, and $ 870 per container on the contract market. In the fourth quarter of 2024, the average spot intermodal load saved $ 700 per container, with a contract load saving $ 925 per container.
The primary culprit for the record spot savings was a hot trucking market. Spot truckload rates jumped 20 cents to $ 2.15 per mile on indexed lanes between Sept. 30 and
Intermodal savings widen on surging truckload rates Average spot rates for US truckload and domestic intermodal rail, in USD per mile
USD per mile
$ 2.2
$ 2.0 $ 1.0 $ 1.8
$ 1.6.6
$ 1.4 L 2023
2024 2025
Truckload spot rates Intermodal spot rates
Jan, 2026
L
Dec. 31, while spot intermodal rates on the same lanes were unchanged. Contract truckload rates increased by a penny per mile during the quarter, while contract intermodal rates rose by a half-cent in the same period.
Waiting on truckload
Two of the top US domestic intermodal providers said the market did not turn around enough in the fourth quarter to give them pricing leverage, but it will once the truckload market rebounds. Based on past cycles, truckload spot markets tend to move first, followed by truckload contract rates, and then intermodal prices shift higher once shippers begin to feel capacity constraints or budget pressure.
“[ It’ ll take ] a little more time before we see intermodal prices catch up to what we expect in truckload,” said Mark Rourke, CEO of Schneider, on a Jan. 29 earnings call.
Jim Filter, executive vice president of Schneider, said the company will capitalize on intermodal opportunities when the truckload market improves and“ inventory levels are starting to be replenished.”
The top US intermodal provider, J. B. Hunt, also did not call for an immediate rise in intermodal prices.
“ We’ re a little bit hesitant to suggest that we think there’ s some big pricing opportunity, but we will be quick to identify when we see the market shift,” Darren Field, president of J. B. Hunt’ s intermodal division, said on a Jan. 15 earnings call.
Shippers have told the Journal of Commerce that there are some minor rate increases on west-to-east rail freight, particularly originating in Southern California, but pricing remains flattish in other origins such as the Pacific Northwest and Mexico.
The data behind the ISI is available to Journal of Commerce Gold subscribers.
Source: Journal of Commerce Intermodal Savings Index © 2026 S & P Global email: ari. ashe @ spglobal. com
56 Journal of Commerce | March 2, 2026 www. joc. com