A vehicle holding method is proposed for mitigating the effect of service disruptions on coordinated intermodal freight operations. Existing studies are extended mainly by (1) modeling correlations among vehicle arrivals and (2) considering decision risks with a mean-standard deviation optimization model. It is shown that the expected value of the total cost in the proposed formulation is not affected by the correlations, while the variance can be miscomputed when arrival correlations are neglected. Some implications of delay propagation are also identified when optimizing vehicle holding decisions in real-time. General criteria are provided for determining the boundary of the affected region and length of the numerical search, based on the frequency of information updates. Theoretical analyses are supported by three numerical examples.