Rail/Intermodal
As expected, intermodal and rail carload traffic fell week over week during the final week of 2023, but they outperformed the same 2022 week modestly. Intermodal volume was up 3.8% y/y. Container loads were up about 6% y/y while trailer volume was down about 36% y/y.
Rail carload volume was up 5%. Chemicals traffic, second only to coal in total volume during the latest week, was up more than 24% y/y, leading all rail carload commodity groups. However, the main issue is how weak chemical loadings were in late 2022 rather than how strong they were during the final week of 2023.
Other carload groups posting y/y gains in the double-digit percentages included grain mill products, food products, primary forest products, pulp and paper, non-metallic minerals, metals and metal products, and metal scrap.
The only commodity groups posting double-digit declines y/y were motor vehicles, equipment, and other commodities. Several other categories saw smaller decreases y/y, including crushed stone, sand, and gravel; lumber and wood products; metallic ores; and grain.
