November intermodal volumes see annual gains, reports IANA
Intermodal volumes, for the month of November, largely saw annual gains, while posting declines on a year-to-date basis through the first 11 months of 2023, according to data provided to LM by the Intermodal Association of North America (IANA).
Total November volume, at 1,442,394 units, were up 3.8% annually, snapping a stretch of slimming sequential, annual declines, with October down 0.4% and 4.0%, 7.5% and 9.8% annual declines, in September, August and July, respectively.
Domestic containers, at 702,910, saw a 7.0% annual gain, topping October’s 6.4% annual increase. Trailers were the lone segment to see an annual decline, down 17.7%, to 56,397. All domestic equipment, which is comprised of trailers and domestic containers, was up 4.7%, to 759,307. ISO, or international, containers, at 683,087, increased 2.8% annually.
On a year-to-date basis through November, total intermodal units, at 15,259,635 units, were off 6.9% annually. Domestic containers were down 1.7% annually, to 7,388,548, and trailers fell 23.6% annually, to 646,167. All domestic equipment totaled 8,034,715, for a 3.9% decline. ISO containers were off 10.0%, to 7,224,920.
In its “Intermodal Quarterly” report released in October, IANA explained that the intermodal sector faces a number of headwinds, in the form of import levels and inventory rebuilding remaining sluggish amid the overall strong performance of the economy. And it added that key sectors like housing and manufacturing continue to “show muted activity.”
What’s more, it added that truckers have reduced rates in an effort to attract shippers and gain a larger share of a shrinking freight market—in turn having a negative impact on intermodal. IANA also pointed to how inflation-adjusted inventories, not including automotive, are around 13% higher than pre-pandemic peaks. Which it said plays a key role in the decreased demand for freight, as retailers and warehouses sit on out-of-season product, as well as overbought, pandemic-related items.
