Transportation & Logistics Riding the Rails: April Intermodal Market Update

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Transportation & Logistics Riding the Rails: April Intermodal Market Update

J P M O R G A N North America Equity Research

21 May 2026

Transportation & Logistics

Riding the Rails: April Intermodal Market Update

The Intermodal Association of North America (IANA) released April volume data Airfreight & Surface Transportation /

that shows Domestic activity continuing to set records, which is consistent with Shipping

J.B. Hunt setting a new high watermark for 1Q volume. Domestic Private Brian P. Ossenbeck, CFA AC

Intermodal activity also remained solid in April despite a resurgence in Domestic (1-212) 622-1023

Rail box volume typically handled by non-asset IMCs. International volume brian.p.ossenbeck@jpmorgan.com

remains challenged by tough comps and we plan on closely watching Chinese Grady Carr

imports after a broad-based decline has taken place over the past 3 months. (1-212) 622-1251

Unsurprisingly, the rate dynamic for Intermodal has remained consistent as grady.carr@jpmchase.com

truckload spot rate expansion from capacity exits that has widened the spread and Brandon Wexler

(1-212) 622-1956

created a larger discount to set new records in each of the past 5 months. Overall, brandon.wexler@jpmchase.com

we view the monthly update as a modest positive as Domestic intermodal activity J.P. Morgan Securities LLC

remains near record levels and we expect rates will follow volumes and the

truckload market higher.

• Domestic stays strong while International faces tough comps. The clear

outperformers were Domestic Private Intermodal, up +6.9% YoY to set a new

April record, and Domestic Rail which reached a four-year high after climbing

+13.3% YoY. The primary area of softness was International Intermodal,

which declined -6.6% YoY and brought down the overall trend to +0.4%. On