Data issued today by the Intermodal Association of North America (IANA) showed that third quarter intermodal volumes turned in its best over all performance, for any quarter, in more than three years.
The third quarter marked the fourth consecutive quarter in volume gains, with these increase preceded by annual declines during the second and third quarters of 2016 and 25 consecutive quarters of growth prior to that.
Total third quarter volume movements––at 4,624,165––were up 6.3% annually, topping the second quarter’s 4,462,604 (for a 4.5% annual increase), which, prior to the third quarter, was the strongest annual growth rate in close to three years and far outpaced the first quarter’s 1% annual growth rate.
International, or ISO, containers led the individual intermodal categories tracked by IANA again paced intermodal growth, with an 8.2% annual increase to 2,364,110. Domestic containers, long a growth engine for intermodal volume, was up 3.8% at 1,939,125, and trailers saw an 8.4% increase to 320,930.
"This quarter's results show a continued recovery for all three intermodal segments, marking three consecutive quarters of growth, a first in six years," said Joni Casey, IANA president and CEO, in a statement.
Casey also told LM that the third quarter gains were mostly expected based on trends from previous quarters, as well as economic indicators likeGDP, industrial production and consumer spending.
"Weak comparisons from 2016 were definitely a factor," she said. "However, increases in fuel costs and over-the-road trucking capacity also played a role as well as service improvements following disruptions caused by floods/hurricanes and continued e-commerce increases (probable driver in intermodal trailer numbers)."
Other third quarter highlights cited by IANA included:
As for the remainder of 2017, Casey noted that things should continue at current growth rates, with domestic up 3 - 4% and international up 6 - 7%. Overall growth for 2017 projected at 6 - 6.5%.