Investment Rating - The report does not explicitly state an investment rating for the transportation industry or specific companies within it. Core Insights - The report indicates a potential surge in freight volumes from China to the US, driven by expected increases in imports at the Port of Los Angeles, with vessel traffic projected to rise by 6% and TEUs by 39% in the coming weeks [3][4][5] - Trade uncertainty remains high due to recent court involvement over tariffs, which could impact inflation, consumer spending, and global freight flows [2][7] - The report outlines three potential scenarios for trade dynamics in 2025, with a focus on the implications of a 90-day tariff pause with China [10][11][12] Summary by Sections Tariff Impact and Freight Trends - The report tracks high-frequency data to assess the ongoing impact of tariffs on global supply chains, noting that while there has been a recent decline in freight volumes from China, a rebound is anticipated [5][6][14] - Container rates have shown volatility, with a recent uptick followed by flattening, indicating potential shifts in demand and supply dynamics [15][38] Trade Volume Analysis - Year-over-year (YoY) comparisons show a significant drop in laden container vessels from China to the US, with a decrease of 37% YoY and TEUs down by 34% YoY [22][14] - The report estimates that April saw an increase of approximately $4 billion in imports compared to the previous year, while May experienced a decline of about $3 billion [4][61] Future Scenarios and Economic Implications - The report presents two broad scenarios for 2025: a pull-forward surge in activity or a continued slowdown due to uncertainty, impacting inventory levels and freight demand [7][11] - Potential outcomes include a strong second half of 2025 if consumer demand rebounds or a bear case scenario if economic conditions worsen [12][15] Company-Specific Insights - Companies such as FedEx, UPS, and freight forwarders like Expeditors International and C.H. Robinson are highlighted as potential beneficiaries of increased freight activity during periods of volatility [15][85] - The report notes that intermodal traffic has declined by 5% YoY, reflecting ongoing challenges in the transportation sector [47][15]

New chair to be elected at the next scheduled meeting of the Board of DirectorsATLANTA, June 3, 2025 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) today announced Chairman Claude Mongeau has resigned from the Board of Directors this week for personal reasons. The board will elect a new chair at its next scheduled meeting later this month. "We are deeply grateful for Claude's leadership over the past six years," said Norfolk Southern President and CEO Mark R. George. "He has put outsized time and ...

MONTREAL, June 02, 2025 (GLOBE NEWSWIRE) -- Ghislain Houle, Executive Vice-President and Chief Financial Officer of CN (TSX: CNR) (NYSE: CNI), will address the Wells Fargo 2025 Industrials and Materials Conference on June 11, 2025, at 9:00 a.m. Eastern Time (ET). CN will provide a live webcast via the Investors section of its website at www.cn.ca/investors. A replay of the webcast will be available following the event. About CNCN powers the economy by safely transporting more than 300 million tons of natura ...

Core Points - Canadian Pacific Kansas City (CPKC) has received an arbitrator's ruling establishing new collective bargaining agreements with the Teamsters Canada Rail Conference (TCRC) for Train and Engine (T&E) and Rail Canada Traffic Controllers (RCTC) divisions [1][2] - The arbitrator's ruling results in new four-year contracts effective from January 1, 2024, to December 31, 2027, which include annual wage increases of 3% [3][4] - The agreements aim to bring labor stability to CPKC operations in Canada, ensuring efficient and dependable rail service [5] Summary by Sections Collective Bargaining Agreements - The new contracts cover approximately 3,200 locomotive engineers, conductors, train, and yard workers, as well as about 80 rail traffic controllers in Canada [2] - The agreements do not require ratification, streamlining the implementation process [3] Labor Stability - These agreements follow the earlier ratification of three new collective agreements for thousands of mechanical, engineering, clerical, and intermodal employees in Canada [4] - The establishment of these multi-year agreements is expected to enhance operational efficiency and service reliability for CPKC [5] Company Overview - CPKC is the first and only single-line transnational railway linking Canada, the United States, and Mexico, with a network of approximately 20,000 route miles [10] - The company employs around 20,000 railroaders and provides extensive freight transportation services and logistics solutions across North America [10]

Company Participation - FreightCar America, Inc. will participate in the Noble Capital Markets Virtual Equity Conference on June 4, 2025 [1] - The company's President and CEO, Nick Randall, along with CFO Mike Riordan, will host one-on-one meetings with investors throughout the day [1] Company Overview - FreightCar America is a diversified manufacturer and supplier of railroad freight cars, railcar parts, and components [3] - The company specializes in railcar repairs, complete railcar rebody services, and railcar conversions to repurpose idled rail assets back into revenue service [3] - Established in 1901, FreightCar America has been trusted by customers to build quality railcars that are critical to economic growth and the North American supply chain [3]

Continuing to buy the Mag Seven Pershing already owns shares of Alphabet, but the reason the fund sold Canadian Pacific was so it could make room to buy Amazon (AMZN 2.38%) at a "uniquely attractive time," according to Israel. Although these recent stock moves by Pershing likely won't show up in filings until August, Ackman, along with Pershing's management team, discussed them on a recent quarterly earnings call. The first big move Pershing disclosed was the decision to sell Canadian Pacific Kansas City (C ...

Maturities extended into 2030Facilities maintain favorable pricing and termsLAKE OSWEGO, Ore., May 27, 2025 /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), a leading international supplier of equipment and services to global freight transportation markets, today announced the renewal and extension of two bank facilities totaling $850 million completed on May 21, 2025. Greenbrier renewed its $600 million domestic revolving facility and $250 million term loan, with favorable pricing ...

Company Overview - Canadian Pacific Kansas City (CPKC) is the first and only single-line transnational railway linking Canada, the United States, and Mexico, providing access to major ports from Vancouver to Atlantic Canada to the Gulf Coast to Lázaro Cárdenas, Mexico [2] - CPKC operates approximately 20,000 route miles and employs 20,000 railroaders, offering unparalleled rail service and network reach to key markets across North America [2] - The company is focused on growth alongside its customers, providing a suite of freight transportation services, logistics solutions, and supply chain expertise [2] Upcoming Event - CPKC's Executive Vice-President and Chief Financial Officer Nadeem Velani, along with Executive Vice-President and Chief Operating Officer Mark Redd, will address the 2025 Wells Fargo Industrials & Materials Securities Conference on June 10, 2025, at 8:00 a.m. CT [1] - The event will be accessible via a live audio webcast, with a replay available after the conclusion of the event [1]

Investment Rating - The report does not explicitly provide an investment rating for the North American freight rail industry Core Insights - Revenue growth in Q1 2025 was primarily driven by Canadian and Mexican railroads, with US railroads lagging behind due to declining coal traffic and insufficient growth in other areas [6][9] - The average freight revenue per unit increased for Canadian and Mexican railroads, while US carriers experienced significant revenue yield declines [15][16] - Intermodal traffic saw growth across most railroads, particularly for Union Pacific, while carload volumes generally decreased [12][18] - Operating ratios for most US carriers remained in the mid-60s, with Union Pacific being the only carrier around 60% [32][36] - Employment across the industry generally declined, with significant reductions noted in Eastern carriers [45][46] Revenue Analysis - Total revenue for Q1 2025 compared to Q1 2024 showed varied performance among the major railroads, with Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) achieving peak revenue quarters [7][9] - The total revenue units for Q1 2025 compared to Q1 2024 indicated a mixed performance, with some railroads experiencing growth while others saw declines [13][18] Operating Performance - The adjusted operating ratio for Q1 2025 compared to Q1 2024 showed a range of performance, with CPKC and CN maintaining lower ratios compared to their peers [33][36] - Operating income for CPKC and Norfolk Southern (NS) reached their highest levels in four years, largely influenced by specific operational recoveries [56][59] Capital Expenditures - Capital expenditures varied significantly, with CPKC, CSX, and Union Pacific increasing their investments, while others reduced spending [62][63] Cash Flow and Financial Metrics - Year-to-date free cash flow showed mixed results, with BNSF, NS, and CPKC reporting double-digit increases [65][66] - Return on invested capital (ROIC) improvements were noted only for NS and Union Pacific over the past 12 months [69][70] Stock Performance - Railroad stock performance has lagged behind the S&P 500, with a declining trend observed since Q2 2024 [72][73] Operational Efficiency - Employee productivity generally increased across the industry, with only CSX and Ferromex (FXE) experiencing slight declines [53][54] - Significant reductions in injuries and incidents were reported across most carriers, indicating improvements in safety metrics [79][80]

MONTREAL, May 26, 2025 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $290 million CAD in Saskatchewan, as part of its 2025 capital investment program. This investment will support track maintenance and strategic infrastructure initiatives in the province. This includes major projects to support customer initiatives and our agriculture industry partners to improve the movement of grain and fertilizers. These investments will help ensure the safe movement of goods ...