09:36 AM EDT, 06/13/2025 (MT Newswires) -- National Bank of Canada on Friday provided its monthly Canadian freight update highlighting key industry data points and trends impacting its freight company coverage.

The bank's freight company coverage includes Canadian National Railway Company ( CNI ) , Canadian Pacific Kansas City ( CP ) , Cargojet ( CGJTF ) , Andlauer Healthcare Group ( ANDHF ) , Mullen Group ( MLLGF ) and TFI International ( TFII ) .

With respect to general freight trends, the bank noted that, the Cass Transportation Shipments Index, which tracks overall freight demand in North America, was down 3.6% year-over-year(y/y) in April, while the Expenditures Index was up 1.2% year-over-year, marking the first year-over-year increase in over two years.

On rail performance, the bank stated that combined Canadian rail volumes, as measured by revenue ton miles (RTMs), are up 3.4% year-over-year so far in the second quarter, with RTMs for CN Rail up 0.6% and Canadian Pacific Kansas City ( CP ) up 6.7%. It further noted that combined intermodal RTMs so far in the second quarter are up 5.0% year-over-year with CN Rail down 2.9% and CPKC up 18.3%.

Regarding trucking performance, the bank noted that, truck tonnage in the U.S. was up 0.9% year-over-year in April, marking the fourth straight year-over-year increase, and was up 0.5% sequentially. It added that U.S. dry van spot prices decreased 1.5% year-over-year in May, while U.S. reefer spot rates declined 1.7% year-over-year.

According to the bank, less-than-truckload pricing in the U.S. "continues to be strong," increasing 4.9% year-over-year in April, representing the sixth consecutive year-over-year increase.

"Global air cargo tonne-kilometers (CTKs) were up 5.8% y/y in April, the 20th y/y increase in the last 21 months, while available capacity was up 6.3% y/y," the bank added on air freight performance.

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