We attended the NEARS (Northeast Association of Rail Shippers) City Series event in New York City and hosted a call with a Farrukh Bezar, Chair of STG Logistics. Following are…

We hosted an investor dinner with CSX in New York City. Near-term risks to costs remain, pricing outlook appears competitive while end markets remain mixed for the near term. Regulatory…

We hosted a call with industry executives on the rail equipment outlook, as a strong start to 2025 is overlooked due to pull-forward and causing shippers to delay large asset…

We adjust our models ahead of a first quarter that came with severe weather, pull forward, and growing macro uncertainties that could limit upside over the near term. We broadly…

Rate hike expectations fell 20bps sequentially, trending below the survey’s LT average. Business growth fell sharply to levels not seen since COVID. Economic confidence fell back to pre-election levels as…

We attended the Southwest Association of Rail Shippers 2025 Annual Meeting in Dallas, March 18-19. Macro uncertainty was a clear theme across multiple presentations. Class I’s and short lines attested…

Equipment industry panelists expect muted 2025 railcar demand amid elevated interest rates and trade uncertainty affecting carloads as well as input prices. Disruptions are likely to benefit secondary market valuations.…

Rate hike expectations +30bps sequentially, though still below survey average. Biz growth & confidence stepped up significantly in first survey post-election. 26% of shippers have pulled freight in anticipation of…

At its Nov. 6-7, 2024 Investor Day, CSX outlined a long-term vision for growth. Management, led by President and CEO and Railway Age 2025 Railroader of the Year Joe Hinrichs,…

We hosted a call with Farrukh Bezar, Chairman of the Board at STG Logistics, the fourth-largest asset-based intermodal marketing company (IMC), on the state of the rail network, intermodal into…

At the latest “Railroad Happy Hour” event at TD Cowen, leaders in the railroad market pointed to noteworthy signs of optimism looking into next year as industrial projects take stronger footing.…

We adjust our third-quarter 2024 estimates for the U.S. railroads to reflect volumes quarter-to-date (QTD), mix headwinds and diesel tailwinds. Our TD Cowen rail survey offers a slightly negative read…

At the NEARS (North East Association of Rail Shippers) Fall 2024 Conference in Pittsburgh, a leading IMC (intermodal marketing company) panelist sees a 99% chance of a week-long East Coast…

Shippers expect 3.4% rate increases over the next 6-12 months, up 30bps sequentially and roughly in line with our survey average. Business growth expectations improved while economic confidence stepped down.…

Our survey is comprehensive and covers a broad range of industrial and consumer industries, among others. Chemicals, Transportation, and Manufacturing comprised the largest percentages of participants. Shippers completing this survey…

We adjust our models as we head into Q124 earnings–a slow start to the year due to harsh weather was followed with a rebound and U.S. carloadings turning positive YTD,…

Industry leaders were more bullish on rail and intermodal at the latest “Suds with Seidl” event at TD Cowen, as they see strong February trends after some weather-related weakness in January.…

According to an unsubstantiated late-Jan. 31 Wall Street Journal article, an investor group led by activist Ancora Holdings Group, LLC intends to run a proxy fight and replace Norfolk Southern…

We modestly lower our fourth-quarter 2023 estimates on mix pressures that are likely to be somewhat mitigated by fuel tailwinds. Intermodal recovery comes at the price of yield given the…

Leaders in the railroad and logistics market continue to see a challenged intermodal market and holiday peak season. Service has been materially improved on both coasts and the Class Is…