Commentary

• June 16, 2023
• Regulatory

Oberman: STB Remains Actively Involved in Rail Reg Mods

We hosted a June 15 call with Marty Oberman, Chairman of the Surface Transportation Board, on Thursday. We see a reciprocal switching ruling well before year-end, and a bottleneck ruling potentially in 2024. Rail service continues to be at the forefront of the STB’s agenda. The CPKC merger has increased competition through new north-south lanes, though further Class I consolidation is increasingly unlikely.

Commentary

• June 01, 2023
• News

‘Railroad Happy Hour’ Report: Volumes Falling Short, Service Improving

At TD Cowen’s latest “Railroad Happy Hour,” leaders in the rail and logistics market said they continue to face a soft volume environment, though service improvements are a step in the right

Commentary

• April 18, 2023
• Freight

TD Cowen: NEARS Conference Key Takeaways

We attended the NEARS (Northeast Association of Rail Shippers) Conference, where shippers discussed the current state of the rail industry. Rail service and safety was center stage, with panelist consensus embracing a challenged rail network to start 2023. In our view, decelerating rail volumes and excess capacity over the road may lead the rails to revise outlook during Q123 earnings.

Commentary

• April 10, 2023
• Finance/Leasing

TD Cowen Insight: Freight Traffic, Railcars, Trade Tensions

Carloadings fell short of our expectations as a slow start to ‘23 volumes took hold in Q1 despite easy comps. Intermodal continues to pressure the group, given loose capacity and a lull

Commentary

• January 12, 2023
• Finance/Leasing

Cowen Insight: 4Q22 Shipper Surveys Say …

According to Cowen and Company’s recently conducted fourth-quarter 2022 Rail Equipment and Rail Shipper surveys, the demand for railcars remains strong, and rail-shipping pricing expectations ticked up sequentially. Details follow, plus insights on the Class I railroads, ahead of earnings.