Ongoing tariff-driven uncertainty, coupled with cautious consumer spending looked to be drivers for declines in May intermodal volumes. That was the takeaway in numbers for May volumes provided to LM by the Intermodal Association of North America (IANA).
Total May volume, at 1,550,333 units, eked out a 0.5% annual gain, following a 7.1% increase in April. Trailers fell 25.8% annually, to 36,933, and domestic containers, at 721,310, posted a 1.7% annual gain. All domestic equipment, which is comprised of trailers and domestic containers, at 758,243, fell 0.1% annually. ISO, or international containers, at 792,090, rose 1.0% annually.
Through the first five months of 2025, IANA reported that total volume, at 7,664,776, increased 5.2% compared to the same period a year ago. Trailers were down 20.6%, to 192,382, and domestic containers, at 3,534,077, increased 4.9% annually. All domestic equipment posted a 3.2% annual gain, to 3,726,459. ISO containers, at 3,938,317, posted a 5.2% annual increase.
In its recently-released “Intermodal Quarterly,” IANA reported that total first quarter volume, at 4,554,850 units, increased 6.3% annually, representing the sixth consecutive quarter of annual growth, following eight straight quarters of annual declines.
IANA noted that this growth came amid what it called a “unique period of uncertainty and volatility” in the quarter, as import growth continued at a rapid clip to avoid tariffs, coupled with signs pointing to a potential slowdown in consumer activity. And on a more encouraging note, it observed that first quarter job growth was strong, topping the previous four quarters, as well as the unemployment rate remaining historically low, and the core components of the economy remaining solid.
IANA President & CEO Anne Reinke told LM in an interview that while the first quarter’s tariff-driven front-loading of volumes were solid and have been a key driver of volume gains going back to late last year after the election.
“People were anticipating this would happen, and things absolutely ramped up when the tariff noise go so loud,” she said. “March was a visible manifestation of that. I think we thought we were going to get incremental gains, with this being the sixth straight quarter of annual gains.
Addressing intermodal service levels, Reinke said that given the feeling of a freight trough, at the moment, there is excess capacity in the marketplace, typically leading to solid service levels.
In terms of the ongoing shifts in tariff directives and related trade policy, Reinke said it is key for intermodal shippers to have constant communication, in addition to what she called a level-setting of expectations as well.
“Having an Intermodal Marketing Company (IMC) as part of that transaction is enormously beneficial,” she said. “That company will have visibility into exactly what is going on in different aspect of the supply chain. Having a knowledgeable center-point focusing all of their energies on devising the best solution and crafting the most up-to-date information is critical.”
When asked about intermodal’s prospects for the 2025 Peak Season, Reinke said that given the ongoing decline in imports, there is likely to be contraction this year, with the caveat of to what degree of contraction being unknown.
“Things could get worse or the White House could strike trade deals and they then get better and there ends up being a strong Peak Season,” she said. “At the moment, we are seeing a contraction, and that is not solely due to front-loading. We already have the needed inventories, but people are curbing consumer spending and are concerned.”
