Railway Age October 2024 by Railway Age

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The Great Boxcar Divide

This month we dive head-first again into boxcars. Financial Editor David Nahass, who (pardon the cliché) is rather adept at thinking outside the box, deftly managed to gather opinions from several industry stakeholders. At least one appears willing to drive a stake right through the heart of this “love it or loathe it” market. I’d be surprised if David’s deftness fell on deaf ears. Please pay attention!

Opinions on boxcars are deeply divided—not enough to cause an intermodal crane operator to “mistakenly” grab a boxcar off its trucks and fling it into a nearby scrap yard, thereby creating a windfall for the scrapper, based on the high price of steel, but divided nonetheless. The chasm has to do with—what else?—money!

Here are a few observations from this year’s Railroad Financial Desk Book (p. 13):

“The boxcar remains a more complicated railcar market. Why? It projects the possibility of growth: Let’s face it, a boxcar looks like a modified version of a 53-foot trailer. Boxcars haul multitudinous products including some bagged commodities found in a bulk railcar. It has survived and evolved several forecasted premature deaths due to the ‘end of paper’ and the ‘end of reading.’ It is a market that can generate growth and get more loads off trucks and the roads and onto the rails ... Why would something so seemingly straightforward become so controversial?”

“The boxcar offers a minimum 3-1 conversion rate for truckloads, underscoring its incredible efficiency.”

Here’s one bound to raise a few hackles:

“Railroads are artificially holding down car-hire rates provided to boxcar owners. Net result? Investment in boxcars is being dampened as investors have difficulty achieving a reasonable rate of return on an investment in new boxcar assets.”

How about this one:

“TTX’s car-hire rate is not subject to negotiation or to the code of car-hire rules. TTX is an entity owned by the Class I railroads, and it has an anti-trust exemption to set its own rates. As a result, that same boxcar whose default rate is $0.17 to a non-TTX owner will earn $1.12 per hour if that car carries a TTX reporting mark. That $300 difference in monthly market revenue balloons to about $775 using the default rate.”

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Industry Indicators

‘UNCERTAINTY, BUT REASON FOR CAUTIOUS OPTIMISM’

“The economic landscape remains fluid with a mix of relatively favorable and unfavorable readings, but there are reasons for cautious optimism,” the AAR reported last month. “Railroads thrive when the goods economy is strong. Key activities such as goods production, international trade, and consumer spending on physical products fill railcars. When businesses need to move raw materials, intermediate goods, or final products, demand for rail service typically surges. Conversely, when consumer demand for goods wanes or manufacturing slows, rail traffic declines. Consumer spending accounts for close to 70% of the U.S. economy and it has been driving the U.S. economy for the past few years. Rail volumes, especially intermodal, have benefited from consumer resiliency. These rail volume gains are reflected in the AAR’s Freight Rail Index (FRI), which is based on seasonally adjusted rail intermodal volume plus carloads excluding coal and grain. (In other words, the FRI tracks the most economically sensitive rail commodities.) The FRI for August 2024 was 112.2, up 2.0% over July’s 110.0 and up 9.8% over August 2023—reaffirming the gains in consumer spending and GDP growth. While there has been uncertainty in whether the economy is approaching a recession, the August FRI indicates these fears may be assuaged. In fact, rather than suggesting a downturn is near, the FRI is instead approaching its pre-pandemic levels.”

Railroad employment, Class I linehaul carriers, AUGUST 2024

(% change from AUGUST 2023)

TOTAL EMPLOYEES: 120,611

% CHANGE FROM AUGUST 2023: –1.78%

Transportation (train and engine)

51,845 (–0.49%)

Executives, Officials and Staff Assistants

7,902 (–4.01%)

Professional and Administrative 9,768 (–5.41%)

Maintenance-of-Way and Structures

28,985 (–0.03%)

Maintenance of Equipment and Stores

17,082 (–6.44%)

Transportation (other than train & engine)

5,029 (+3.07%)

Source: Surface Transportation Board

Industry Outlook

NYMTA Eyes $68.4B 2025-2029 Capital Plan

THE NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY (MTA) ON SEPT. 18 RELEASED ITS PROPOSED 2025-2029 CAPITAL PLAN THAT WOULD INVEST $68.4 BILLION IN REBUILDING, IMPROVING, AND EXPANDING ITS SYSTEM OF SUBWAYS, BUSES, COMMUTER RAILROADS, BRIDGES, AND TUNNELS.

The plan would put the agency “on a path to state of good repair, with investments in railcars, power and signals; improve the customer experience with investments in accessibility, stations, and modern fare gates; and take action on climate change, including resilience and sustainability initiatives,” MTA said. While covering the full cost of the plan is still in question, the MTA Board approved it Sept. 25. It has been submitted to the MTA Capital Program Review Board, which has 30 days to review and approve it.

“The proposed Capital Plan assumes a fully funded 2020-2024 Capital Plan and looks ahead to the next slate of vital improvement projects, informed by the most detailed system-wide evaluation the MTA has ever undertaken, the Twenty-Year Needs Assessment,” reported the agency, which noted that it “will work with partners in local, state, and federal government to ensure that the proposed capital plan is fully funded.”

MTA expects a potential $14 billion of federal funds, $10 billion from the sale of MTA bonds and possibly $4 billion each from the state and the city, according to CFO Kevin Willens. That leaves $33.4 billion that needs to be funded. The MTA has $47.4 billion of outstanding debt as of July 24. To

help cover the estimated deficit, New York State Comptroller Thomas DiNapoli said a potential 10% increase on some levies (payroll mobility tax, corporate franchise surcharge, sales tax, etc.) would free about $11.6 billion of bonding capacity.

Following is a partial breakdown of the proposed plan:

MTA NEW YORK CITY TRANSIT, SUBWAYS ($47.39 billion): The plan includes 1,500 new subway cars and replacement of mechanical signals with CBTC technology across more than 75 miles on the Broadway N, Q, R, W; Liberty Ave. A; Rockaways A, S; and Nassau St. J, Z. Subway lines with CBTC installed have seen on-time performance of more than 90%, the agency noted.

MTA plans to redesign and rebuild the Livonia Shop in Brooklyn and 240th St. Shop in the Bronx, which service trains that run on the 1 and 3 lines and 42nd St. Shuttle.

A full overhaul of substations or targeted component replacement at more than 60 locations is planned, according to MTA, along with rehabilitation of 30 circuit breaker houses. The plan calls for at least 60 more stations to be made ADA-accessible and 45 subway station elevators to be replaced. More than 150 stations will benefit from priority repairs, upgrades to customer communication, and enhanced security cameras. Ten stations will be fully renovated, and platform fencing will be installed at 100 stations. The fiber-optic cable network will also be upgraded at an accelerated pace.

At more than 150 subway stations, modern fare gates will be installed. These gates feature wide paneled doors and sensor

technology to prevent fare evasion while making it easy for people, including those with accessibility needs, to pass through.

The proposed plan will make the system more resilient against stormwater flooding by adding flood protection devices at streetlevel openings, elevating stairs and vents, and sealing tunnel leaks with grouting to reduce stormwater from entering into stations and tunnels.

MTA LONG ISLAND RAIL ROAD

($6.01 billion): The plan includes the purchase of new electric multiple-unit (EMU) railcars to replace the portion of the existing fleet that is past its useful life, including the retirement of the 1980s-era M3 cars. It also includes the purchase of new dual-mode locomotives and start of replacement of aging coaches. Most of the rolling stock support equipment in the Hillside Maintenance Facility has not been replaced since the facility opened in the late 1980s, so the plan proposes upgrades. Sixteen third-rail power substations will be replaced or renewed.

MTA METRO-NORTH RAILROAD

($6.01 billion): The plan includes rebuilding the Grand Central Artery, with major renovations to structural supports and facilities and continued replacement of the Train Shed roofs, along with investments to the Park Avenue Tunnel and Grand Central Terminal.

More than 50% of the 74-mile-long Hudson Line is vulnerable to coastal surge risk, and torrential rains exacerbate landslide risks in areas where tracks are adjacent to steep slopes. MTA will address erosion hot spots, stabilizing upland slopes and upgrading drainage in the most vulnerable and highest-ridership segments. Another focus is to address a backlog of station stateof good repair projects. The plan is slated to replace and rehabilitate deteriorating station platforms and other station components, especially on the Harlem Line.

Like the LIRR, Metro-North’s traction power system needs new substations. The plan also includes purchase of new EMUs, retirement of M3 cars, and purchase of new locomotives for West of Hudson service. EMUs are typically ordered for both commuter rail agencies under the same contract, to the same carbuilder.

Amsted Digital Solutions, ZTR Attain RailPulse™ Certified Vendor Status

Amsted Digital Solutions (ADS) and ZTR have been approved as certified telematics vendors for RailPulse™, the coalition established in late 2020 to “facilitate and accelerate the adoption of GPS and other telematics technology across the North American railcar network.” ADS’s IQ Series™ gateway with Bogie IQ® technology and ZTR’s Pivot system are now RailPulse-certified telematics platforms. The RailPulse coalition now includes Norfolk Southern, GATX, Genesee & Wyoming, TrinityRail, Watco, The Greenbrier Companies, Union Pacific, Railroad Development Corporation, CPKC, CSX and Bunge. Following two years of development and testing in collaboration with coalition members and telemetry suppliers, RailPulse early last month opened for enrollment and welcomed stakeholders from across the industry “to join the transformation.”

PROGRESS RAIL last month signed a fiveyear contract with NETWORK RAIL to supply switches and crossings and associated components in the U.K. According to Progress Rail, which has four manufacturing and product assembly sites in the U.K., including two foundries in South Queensferry and Nottingham, the company will “draw upon its extensive engineering and manufacturing capabilities in the U.K. to deliver on this contract.” The work, the company said, will provide Network Rail continued access to Progress Rail’s local, responsive manufacturing capabilities, as well as long-term supply chain resilience in the U.K. rail market. Over the five-year period, Progress Rail anticipates increased collaboration on switches and crossings design and supply, which the company said “will drive product and delivery improvements and provide additional benefits to Network Rail.”

ALSTOM last month delivered the first of three long-distance trainsets to MEXICO’S FEDERAL GOVERNMENT and the NATIONAL FUND FOR TOURISM DEVELOPMENT (FONATUR)/MINISTRY OF NATIONAL DEFENSE (SEDENA) for the Tren Maya (Mayan Train) project. An Alstom-led consortium was selected in 2021 to supply 42 X’trapolis trainsets (219 cars) and railway systems for the

1,525-kilometer (947-mile) Tren Maya project on the Yucatan peninsula. The $1.45 billion order includes not only a long-distance sleeper configuration (three P’atal trains), but also a flexible standard service set-up (31 Xiinbal trains) and an arrangement prioritizing restaurant cars (eight Janal trains). The P’atals offer reclining seats, as well as multi-functional cabins that “provide ideal spaces for working, relaxing, and eating” during the day and “comfortable single bunks” at night, according to Alstom, part of the consortium with BOMBARDIER TRANSPORTATION MÉXICO (since acquired by Alstom), GAMI INGENIERÍA E INSTALACIONES and CONSTRUCCIONES URALES PROCESOS INDUSTRIALES, which is responsible for the Tren Maya project’s full signaling system including the design, supply and installation of ETCS Level 1 onboard systems and trackside equipment including ETCS, interlockings, traffic management and telecommunications systems; and construction of maintenance workshops and depots and the after-sales service of the system’s equipment. The first trains in the order to be delivered were Xiinbals; they began arriving in 2023.

NEW YORK METROPOLITAN TRANSPORTATION AUTHORITY (MTA) CONSTRUCTION AND DEVELOPMENT (C&D) awarded NAIK-STV

ENGINEERING JOINT VENTURE (NAIK-STV), consisting of NAIK CONSULTING GROUP PC and STV, a Program Management Consultant contract for NEW YORK CITY TRANSIT (NYCT) station upgrades. The contract covers two designbuild projects: replacement of 21 escalators at six subway stations and replacement of 37 elevators at 17 stations. The projects are expected to take 30 to 36 months, with Phase 1 construction starting in Q3 2024. Naik-STV will provide program management services, overseeing both projects from inception to completion under a design-build approach that integrates design and construction phases under a single contract. “Naik Consulting Group PC and STV have a proven track record in this area, currently collaborating on Program Management for the Americans with Disabilities Act (ADA) Package 3 designbuild P3 for the MTA,” the companies said. The ongoing project involves 34 elevators at 13 stations, with Naik serving as a key subconsultant to STV. As part of a $6 billion program, MTA C&D is enhancing accessibility at 70 NYCT stations across New York City’s five boroughs by making them more compliant with the ADA (Americans with Disabilities Act) while also modernizing subway elevators. STV has previously designed improvements at 10 NYC Transit and Staten Island Railway stations.

Watching Washington

As a Senator in 1938, “Give ‘em Hell” Harry Truman proclaimed, “Rail management can only see straight down the right-of-way as it was laid out in 1890,” and needed was “young blood with imagination.”

A haberdasher by trade, Truman should have better understood what most in government never do—the concept of creative destruction by which innovative business practices incinerate the old order to usher in greater efficiency, higher productivity, improved quality and long-term economic growth.

The culprit never was rail management, but government’s preference for command-and-control over respect for market forces—a disastrous micromanaging of railroads by an over-zealous Interstate Commerce Commission (ICC)—that signaled to “young blood with imagination” that better career choices lay elsewhere.

We need not rehash the troubled history of railroads when regulated as if monopolies while surrounded, intimidated and savaged by every form of competitive freight and passenger transportation. Had it not been for long-delayed partial economic deregulation in 1980, most every railroad would have followed the entire Northeast rail network and large portions of the Midwest network into bankruptcy.

In partially deregulating railroads— more out of desperation they would become a government ward than an understanding of economics—Congress retained protections for those few shippers (primarily chemicals, coal and grain) lacking effective transportation alternatives. The captive-shipperprotective machinery adopted post-1980 by a less hidebound ICC and its Surface Transportation Board (STB) successor was not perfect, but the flaws were and are under constant review and improvement.

Partial economic deregulation better allowed railroads to adjust rapidly to fast-changing market forces and engineer

To Be or Not to Be in

the industry to be more fit, willing and able to provide service on demand while improving employee wages, benefits and working conditions. Remaining free of regulatory encumbrances is crucial to all stakeholders given the weighty decline in the industry’s most profitable traffic—coal.

Growing the rail business elsewhere, such as attracting more containers and trailers in a truck-saturated and priceceilinged market, requires railroads remain free to choose the technology and operating strategies that best meet competitive challenges, which include already deployed driverless trucks. If railroads cannot earn a return on intermodal that compensates for the loss of coal, capital essential for growth and renewal will flow elsewhere.

Where Art Thou, Consensus Building?

Yet the STB’s Democrats of late— now retired Chairperson Martin J. Oberman, Robert E. Primus and Karen J. Hedlund—have been wedded to the past delusion that regulatory intervention is superior to Adam Smith’s invisible hand. They seem not to comprehend or accept that attempts at marketmanipulating regulation motivate investors to demand higher returns or stock buybacks.

Oberman, once a consensus builder willing at times to compromise to gain the votes of the STB’s two Republicans—Patrick J. Fuchs and Michelle A. Schultz—transformed himself into a command-and-control regulator and fellow traveler with the Biden Administration’s pro-labor agenda, no matter that the STB is independent of the Executive Branch. Oberman thus lost the votes of Republican colleagues, such as in his rulemaking instituting Final Offer Rate Review that ultimately was struck down by a federal appellate court.

Since Primus was elevated by Biden in May to succeed the departed Oberman as chairperson, Primus has further divided Board members. This is quite

unlike pragmatic former Democratic Chairperson Democrat Linda J. Morgan (1995-2002), who recognized the limits of government intervention.

Nowhere in the Board’s statutory authority are instructions to act as a union hiring hall, yet Primus, in a speech to rail labor, said, “Thank you for letting me serve you.” Nor does STB’s statute provide cover for the Oberman-Primus pivot from protecting captive shippers’ competitive options to attempting micro-management of railroad marketing, capital budgeting, hiring and operating strategies.

Since his 2021 arrival at the STB, Primus has criticized railroads for their embrace of productivity-enhancing technology and more efficient operating plans, citing reduced employee headcounts. His demeanor reflects a pre-STB career in the partisan House of Representatives—a noisy hall with a nightly brawl where rudeness is an art form. In recent months, Primus has lectured rail CEOs at public hearings and in telephone calls, and dispatched over his lone signature razor-sharp rebukes, such as to BNSF’s Katie Farmer (accessible on the STB website).

So preoccupied is Primus in scolding railroad CEOs that under his chairpersonship the STB missed statutory deadlines. Among them is a decision on the joint application of CPKC and CSX to acquire short line Meridian & Bigbee to create more efficient routing to and from the Southeast that promises increased rail traffic.

Much Ado About 2025

This brings us to the November elections and what railroads and their investors might expect.

Should Kamala Harris be elected, she likely will retain Primus as STB chairperson. But until the Oberman vacancy is filled, the STB will retain a 2-2 vote split. Barring an unlikely recess appointment by Biden of a Democrat during the Senate’s year-end adjournment, Harris will nominate a Democrat to give Primus

Watching

the Next Administration

his 3-2 majority. There could be a lengthy wait, however, as Republican Senators— heeding the wishes of railroads—will likely stall a confirmation vote.

Should Donald Trump be elected, he will quickly name Republican Fuchs or Republican Schultz chairperson, followed by nomination—again, assuming no Biden recess appointment of a Democrat—of a Republican to fill Oberman’s vacant seat and create for the STB a 3-2 Republican majority.

But Trump’s Republican nominee also could be stalled in the Senate, and with the demoted Primus still a Board member, the 2-2 vote deadlock remains, placing a new Republican chairperson in the same position as is Primus now.

Railroads silently wish Primus gone in a Trump Administration—and there being two means by which that might occur ahead of his Dec. 31, 2027, secondterm expiration. His qualifications are not questioned. It is that zealots belong before decision-making bodies and not on them.

Upon demotion from chairperson to member, Primus might depart voluntarily and become a specialinterest lobbyist as have many previous rail regulators.

Primus also might be removed as an STB member by a President Trump under legal theories of conservative scholars. They assert that, contrary to prior Supreme Court decisions by a more liberal judiciary than today, the President possesses power to alter the makeup of independent agencies such as the STB. The Constitution, they say, vests Executive Power in the President, yet independent agencies such as the STB are not politically accountable to the President or Congress—and thus the public. Only if the President has removal authority is accountability to the electorate restored, they say.

No matter who chairs the STB in 2025, problems are overripe for solving but require a pragmatic chairperson pursuing consensus building over politics. Unless regulatory decisions respect

No

matter who chairs the STB in 2025, problems are overripe for solving but require a pragmatic chairperson pursuing consensus building over politics. Unless regulatory decisions respect market conditions, railroads will be returned to their pre-1980 infirmity—an outcome equally dismal for rail labor and shippers.”

market conditions, railroads will be returned to their pre-1980 infirmity—an outcome equally dismal for rail labor and shippers.

Among STB tasks in 2025 are freightrate reform, including an alternative to court-vacated Final Offer Rate Review; implementing rules on competitive access; and delivering solutions to a host of other shipper complaints.

Et Tu, FRA?

At the Executive Branch Federal Railroad Administration (FRA) Administrator Amit Bose has a high probability of being retained by Harris (if she wins the White House), but he might also be seeking a higher position within the Department of Transportation.

Bose has been a darling of the pro-labor Biden Administration for pursuing a rail labor agenda, such as blocking implementation of productivity-enhancing technology and ignoring his agency’s statute requiring rail safety rulemakings be based on benefit/cost analysis. Costs for FRA’s Dispatcher Certification rule exceed benefits by 7 to 1; and for Signal Maintainer Certification, costs exceed benefits by 3 to 1, meaning there is no safety case for either.

And with no objective evidence showing an improved safety outcome, Bose ordered preservation of twoperson train crews—a decision now under review by a federal appellate court. He has impeded technological innovation for train braking and track inspection (with the 5th Circuit Court of Appeals twice overturning and remanding a proposed rule) and has sidetracked FRA’s collaboration with railroad scientists on safety research.

Ah, to recall toasts of George Washington and railroader (Florida East Coast) Edward Ball: “Confusion to the enemy.”

Wilner’s new book, Railroads & Economic Regulation, is available from Simmons-Boardman Books at https:// www.railwayeducationalbureau.com/, 800-228-9670..

FRANK N. WILNER

Capitol Hill

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October 17 & 18, 2024

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SERVING THE RAILWAY INDUSTRY SINCE 1856

By David Nahass, Financial Editor

A BOXCAR? DOES GROWTH LOOK LIKE

BY DAVID NAHASS, FINANCIAL EDITOR

Welcome to Railway Age’s 2025 Railroad Financial Desk Book. If one is not concerned about the tawdrier aspects of certain bed (sorry) boardroom antics in the rail industry, summer has been fairly calm and uneventful. Uneventful is not always good, as tepid carloadings, the ongoing, unresolved strike in Canada, and the threat of a longshoremans’ strike on both the East and West Coasts do not suggest a year to remember.

In September 2024’s Railway Age (“Boxcar Requiem,” p. 44), Editor-in-Chief William C. Vantuono looked at the current state of the boxcar market. e boxcar remains a more complicated railcar market. Why? It projects the possibility of growth: Let’s face it, a boxcar looks like a modi ed version of a 53-foot trailer. Boxcars haul multitudinous

products including some bagged commodities found in a bulk railcar. It has survived and evolved several forecasted premature deaths due to the “end of paper” and the “end of reading.” It is a market that can generate growth and get more loads o trucks and the roads and onto the rails.

It is also a market of contention in recent years. Why would something so seemingly straightforward become so controversial? To bring the issues to the foreground and directly tackle them, I reached out to several industry veterans involved in the boxcar market to discuss challenges being faced by the boxcar eet and hurdles to investment, and to propose some solutions to the problems the rail industry is facing today.

For this boots-on-the-ground knowledge and market presence, Ross Corthell, Vice President Transportation, Packaging Corporation of America; Eric Monger,

Vice President, KBX Logistics; and Paul Titterton, Executive Vice President and President – Rail North America, GATX spoke about the boxcar market and their impressions of the current market and the market’s future needs.

Fleet Dynamics: As noted in the September 2024 article, there are approximately 108,000 boxcars in the North American railcar eet. Of that eet, 32,523 are scheduled for retirement by the end of 2035 (most of these by the end of 2031). ( ank you to Dr. David Humphrey of Railinc for the information.) at’s 30% of the eet. ere have been modi cations in the size of the boxcar over the past 25-30 years as the eet moved from a primarily Plate C sized eet (15-foot, 6-inch height above rail) to a Plate F sized eet (17-foot height) and from a traditionally 50-foot length car to a more prominent 60-foot length railcar.

Clark Sutphin

What is not surprising to those familiar with North American boxcars is that not all loading and unloading facilities are created equal. Facilities built to handle 50-foot Plate C cars frequently can’t handle 60-foot Plate F cars. Furthermore, certain products that t well in 50-foot Plate C boxcars (paper rolls for example) o en do not have the same e ciency in a 60-foot Plate F boxcar.

Quantity: e boxcar eet has fallen from a peak of more than 500,000 in 1980 to its now current level of just over 100,000—20% of the peak. e decline has recently been precipitous—300,000 cars le the eet from the 1980s to the Great Recession, but since the 2007-2008 time frame there has been a 50% reduction from 200,000 to today’s current levels.

Car-Hire Conundrum: Boxcars rely heavily on the car-hire rules to address how cars are leased by companies and railroads and how boxcar investors are compensated. e car-hire system is complex. e car-hire system directly impacts who owns boxcars and how they are compensated for their asset investment. While the car-hire system has evolved over a lengthy period of years, the current system has begun to feel antiquated and unbalanced. e rates provided to owners of boxcars are being arti cially held down by the railroads. Net result? Investment in boxcars is being dampened as investors have di culty achieving a reasonable rate of return on an investment in new boxcar assets.

ere’s Growth in Dem Dere Boxes: As a railcar type with great utility and exibility, boxcars represent an opportunity for growth urgently needed in North American rail. Pulling truckloads o the highways seems like a logical next step for freight loads that can almost seamlessly transition from road to rail. Titterton notes that “the boxcar o ers a minimum 3-1 conversion rate for truckloads, underscoring their incredible e ciency.”

However, the car-hire system tamps investor appetite for making new investments in modern day boxcars. A new boxcar (60-foot plate F) costs roughly $160,000 in today’s new railcar market. e largest owner of boxcars in North America is TTX. e largest non-railroad (and non-TTX) owner of boxcars is GATX. Recent Investment in boxcars has been heavily tilted in favor of TTX.

According to public data, negotiated car-hire rates for modern 60-foot boxcars average $0.80 per hour and $0.07 per mile. At full utilization in the North American Boxcar Pool (NABP), these rates earn a boxcar owner $730 per boxcar per month. Compare this to TTX’s published rate for supplying the same car to a railroad. TTX receives $1.12 per hour and $0.101 per mile. A TTX car in the NABP can earn $1,027 per car per month. e roughly $300 per car per month di erence is the incongruity that is, right now, limiting private investors from providing the resources needed to grow the boxcar eet and creating growth opportunities. (TTX does o er unpublished discounts to its owner railroads that can bring down these rates.)

Investors suggest that nonparticipation in the car-hire system would make them uncompetitive.

e Association of American Railroads (AAR), in a response to an Railway Supply Institute (RSI) ling with the Surface Transportation Board (STB)—more on that in a bit—notes the default rate is used for railroad reporting-marked cars built or rebuilt a er Dec. 31, 1992, as well as private cars changing to railroad reporting marks for the rst time. Private car owners can avoid using the default rate by using private instead of railroad reporting marks. Private car owners can avoid the car-hire system entirely if they choose to do so

Investors would suggest, however, that non-participation in the car-hire system would make them uncompetitive, since the boxcar leasing market is dominated by perdiem leases, and thus the practical e ect of such a choice by a lessor would be forego most boxcar investment opportunities.

Titterton notes in discussing the car-hire system that the inequities result from many

false assumptions about why the system should work—assumptions that are used in today’s market to prevent any changes to the current set of car-hire rules. Titterton notes that “the code erroneously presumes that a market-based negotiation can occur between car owners and railroads, despite the fact that there is no direct relationship between capacity provided (by the investor) and value received by the railroad using the car other than the originating carrier.”

Furthermore, Titterton notes that “the code formulaically sets a ‘default rate’ that applies in the absence of a negotiated rate between a given car owner and a given railroad for a given car, equal to the lowest negotiated rate in e ect in the calendar quarter before that car was rst registered.” For a 60-foot high-capacity car, the current default rate is $0.17 per hour, which can be thought of as the starting point for negotiation between a car owner and a railroad. With such a low starting point, it becomes clear why negotiated rates are so low relative to car costs and relative to TTX rates.

Conversely, the TTX rate is not subject to negotiation or to the code of car-hire rules. TTX is an entity owned by the Class I railroads, and it has an anti-trust exemption to set its own rates. As a result, that same boxcar whose default rate is $0.17 to a non-TTX owner will earn $1.12 per hour if that car carries a TTX reporting mark. at $300 di erence in monthly market revenue to a car owner mentioned earlier balloons to about $775 using the default rate.

AAR sees limited actual use of the default rate such as those circumstances where the owner of the railcar bearing railroad reporting marks and the using railroad cannot agree on a negotiated rate, or the proposed rate is not one that AAR automatically accepts. AAR feels there are several possible dispute resolution options prior to the “default rate” being assigned to a boxcar.

Private boxcar investors note that their concern stems less from cars earning at the default rate and more from negotiated rates being arti cially depressed due to the threat posed by ultra-low default rates.

Monger echoes a sentiment that when one party in a market has a tactical advantage, like an anti-trust exemption, there is little opportunity for free market forces to create market e ciency. He feels that “markets work best when there is no

subsidy or price restrictions on pricing in that market. e market needs to be able to be free and respond to supply and demand signals the way an unrestricted market should respond.” Failure to do so, he notes, can potentially disincentivize investments. TTX’s anti-trust exemption creates an inevitable incongruity in the way the boxcar market functions.

Sorry if you just had your mind blown.

While the car-hire system remains the biggest problem facing the boxcar market, other issues need to be addressed. In the September 2024 article, RSI President Patty Long highlighted the impending volume of aging boxcars, referring to what has become known as the “boxcar cli ,” the presence of which has become an interesting con ict in ideology.

From the investor side of the equation, the response has been aggressive. In March 2024, RSI led a petition with the STB demanding a review of the car-hire rules, citing the boxcar cli as an impending disaster for the industry. RSI projects a reduction in the eet of 22% by 2030 (without new builds of course). is lines up with the retirement statistics available.

e reporting on the cli doesn’t always re ect the direness of the matter. So many of the cars retiring over the next nine years are Plate C in height (or even Plate B), so the situation of how the boxcar can be used to more e ciently remove loads from truck to rail becomes even hazier. In addressing this issue, Titterton notes correctly and with great emphasis that the dialogue around the size of the boxcar eet o en re ects the mindset that the eet is “not shrinking.”

AAR feels that concerns about the boxcar cli are overblown and that the idea of a cli has been a premise oated around since the 1980s. While acknowledging the age of portions of the eet, AAR also notes that the eet has been expanding during the past two years.

at is re ective of the concept that at some point—again the math here is a little slippery and di cult to pin down—the boxcar eet has “stopped” shrinking and is being kept “level” by annual new builds. So again, the eet has shrunk by roughly 50% in the past 15 or so years, but at today’s levels the contraction has been “stopped.” at’s the premise being suggested. However, Titterton notes, “measuring any market by simply ‘not shrinking’ seems inadequate, especially when carload and modal share growth is supposed to be our collective goal.”

at’s an incredibly cogent and thoughtful point that cuts to the core issue of what the role is for the modern-day boxcar.

Some might say that the earlier largess of the boxcar eet had a direct correlation to the existence of more than 100 varieties of boxcars back in the 1980s. ere are still today roughly 20 di erent boxcar types, though the industry is narrowing to three core boxcar designs: the 60-foot high-capacity (“TBOX”), the 50-foot high-capacity (“FBOX”) and the 50-foot standard boxcar.

e TBOX represents most of the eet and is virtually the only boxcar being ordered new. While Titterton feels that more diversity of car type might provide more opportunities for growth, he feels that issue is secondary to car-hire reform. He argues that car-hire reform will result in “a robust, competitive,

multi-supplier boxcar market that will support carload growth for the future,” and that secondary issues such as car type diversity can easily be solved by the market if carhire reform is implemented.

In discussing car supply, Corthell continues to see a need for diversity in the boxcar fleet. He notes that the Forest Products commodity group represents the largest percentage of boxcar loadings, and that the additional length does not always result in more commodity getting into the car. Additionally, a TBOX cannot be loaded to maximum cubic capacity. This sentiment was echoed by Monger, who notes that, unlike other more bulk type railcars (think covered hoppers) the move from 263 to 286 GRL (gross rail load) in boxcars did not reflect (especially for Forest Product commodities) an improvement in utilization, reflecting a decrease in necessary car supply. Contrarily, the higher cube boxcar requires approval of the traffic route to ensure that its height does not impact its operation.

Corthell notes that railroad pricing is o en based on the boxcar’s cubic capacity. Packing Corporation of America (PCA) has o en found itself challenging railroad pricing that has PCA paying for empty space at the top of the car. While there have been recent improvements, it continues to be a challenge. In addition to the TBOX creating a scenario where shippers may be paying a higher price to move the same or (in some cases) less commodity, Monger notes, the height of the TBOX car still de nes it as an extra-dimensional car. He adds that although the railroads have made important updates to their system that have decreased the number of places a Plate F boxcar cannot go, “the railroads continue to use this exception to charge higher rates.” Monger would like to see a return to by-theton pricing or to have the TBOX car treated as an unrestricted interchange asset.

AAR suggests that the newer, larger high-cube boxcar does o er more e ciency and exibility, and that while older small boxcars were capable of carrying 83 tons per load, newer high-cube boxes are capable of carrying 103.2 tons per load. AAR notes, “ e replacement of lower GRL capacity boxcars with higher GRL boxcars has led to greater overall eet capacity.” AAR also notes that “historically, there were many TTX

2025 FINANCIAL DESK BOOK

specialty or boutique con gurations of boxcars (e.g., special load securement, grain doors, racks, etc.). However, as replacement boxcars move away from those customizations, it has become easier for cars in the eet to be repositioned e ciently for their next load rather than returned empty to the prior origin, which increases car utilization e ciency overall. is, again, reduces the number of boxcars necessary to serve the same number of customers.”

Furthermore, AAR notes that demand for boxcars is down and that despite their increased availability, a signi cant number are in storage. In May 2022, the number of boxcars in storage reached a low of approximately 7,000; however, that number grew to more than 19,000—or 18.4% of all boxcars— by April 2024. AAR further asserts that as demand increases, the market will add additional capacity. Some market participants have noted that many of the boxcars in storage are 40-or-more-year-old cars with low capacity or non-standard con gurations. Corthell feels that the best eet-wide e ciency will come from railroad service improvements. PCA does not see signi cant or consistent improvements in e ciency using NABP assets vs. dedicated PCA cars. at is a service letdown. While bullish on the potential for applied technology to improve service, he is looking for the railroads to continue to invest in their product if they want to move more loads from trucks to the rails in boxcars. Until then, Corthell sees the eet at close to right-sized for current demand levels and expects replacement of boxcars reaching retirement age. Expect dialogue around these core issues to continue.

AROUND THE MARKET

Lease rates continue to maintain stability but are o highs of six to ten months ago. Tepid loadings and a projected new car build of fewer than 40,000 railcars keeps lessees renewing existing cars. Replacement costs still favor the lessor. New car costs, although there have been some material-related reductions in price, remain historically high.

As some markets shi with decreases in demand, there is some frustration that rates are not retreating more quickly. Here’s

Maintenance is $200 per car per month for high-utilization unit train cars. For rapid discharge cars, rates are in the high $300s to low $400s FS .

Boxcars: 60-foot Plate F cars are leasing in the mid $700s FS. 50-foot Plate F are seeing some softness and are trading in the high $500s or low $600s. There might be a suggestion of oversupply here, but anyone hoping it would last should expect that this market will tighten in the next 10-12 months.

While the car-hire system remains the biggest problem facing the boxcar market, other issues need to be addressed.

what’s going on around the market.

Coal Cars: Coal loadings are 14.7% below 2023 levels. e impact is re ected in lease rates. For gondola railcars, lease rates are below $200 net and are in the high $200s to low $300s full service (FS) per car per month, with renewals potentially higher.

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Covered Hoppers: Used jumbo hoppers, 5,200cf (cubic foot) and 5,400cf, are in the low to mid $500s FS. Smaller cube (4,750s) rates are in the low $400s FS with limited availability. New cars are at higher levels. Cement or sand hopper rates are in the low to mid $200s FS. For plastics, the 6,200cf car market is has slid to the low $600s; 5,800cf (286 GRL) cars are holding rm in the mid to high $500s. For PD (pressure di erential) hoppers, 5,650cf cars are in the low $700s FS and 5,150cf are trading in the high $500s. Centerbeam Flat Cars: Some so ness here but look for rates in the low $400s with some stability.

Tank Cars: 29,000-gallon DOT-117Rs (rebuilt) are in the mid $700s FS. For new DOT-117Js, look for high $1,100s FS. For DOT-112J340 pressure cars, look for $1,200. Mill Gondolas: e 52-foot mill gon eet remains tight with rates holding rm in the high $500s to low $600s, age dependent. 66-foot gons are in the high $600s to low $700s. Newer cars re ect additional new car cost.

LEASING RESOURCE DIRECTORY FOLLOWS ON PP. 20-23

Michael E. Mahoney - President

2025 FINANCIAL DESK BOOK DIRECTORY

FINANCE COMPANIES

BUNDY GROUP

Bundy Group is a boutique investment bank that specializes in representing business owners and management teams in business sales, capital raises and acquisitions. e rm is a senior-driven organization with o ces in Charlotte, New York and Virginia. Bundy Group has been a recognized expert in the rail and transportation industry for more than a decade and has numerous successfully closed transactions in the segment. In representing a business and its shareholders in exploring a sale or recapitalization, Bundy Group is focused on managing a structured process and delivering premium value for its clients. For more information about Bundy Group’s work in the rail space, please contact Jim Mullens at jim@bundygroup. com or at 540-342-2151. For more information about Bundy Group visit www.bundygroup.com.

ARRANGERS

DJJ A NUCOR COMPANY

300 Pike Street, Cincinnati, Ohio 45202; Tel.: 513-419-6200; Fax: 513-419-6221; Trey W. Savage, Director Logistics; Luke Weatherhead, Manager, Private Fleet; Je Schmutte, Je Blake, and Eric Hausfeld, Regional Rail Sales; Steven R. Skeels, Mechanical Services Lead; and Ann Edwards, Retired Rail Assets (502-212-7365). DJJ’s Rail Group provides a broad range of transportation services throughout North America: single investor, leverage leases, freight cars, portfolio evaluation, remarketing eet management, purchases and sales of portfolios, and private eet management. Other services include freight car inspections and engineering services from design of new cars to complete ISL extended life, modi cations and analysis; in addition to railcar dismantling for scrapping and parts reclamation.

RAILROAD FINANCIAL CORPORATION

676 N. Michigan Avenue, Suite 2800, Chicago, IL 60611; Tel.: 312-222-1383; Fax: 312-222-1470; David G. Nahass, President, Email: dnahass@ rail n.com; William J. Geiger, Senior Vice President, Email: wgeiger@rail n.com. RFC represents domestic and international clients in the following areas: debt and lease nancing of all railcar types including coal cars, tank cars and covered hopper cars for sand and plastics; railcar and locomotive eet acquisitions and sales; lease brokerage; mergers and acquisitions; equity and debt nancing of rail property acquisitions, eet and lease restructurings and/ or re nancing. RFC also provides continuing education for the industry.

RR MERGERS & ACQUISITIONS

11 e Pines Court, Suite B, St. Louis, Missouri 63141; Tel: 314 878-1414; Fax: 314-878-1414; Robert Fowler, President, 314 878-1414 x227 Email: robert@rrmergers.com. Jack Sickles, Vice President, 314 878-1414x221 Email: jack@rrmergers. com. RR Mergers & Acquisitions has specialized in the sale of rail-focused companies for more than 15 years. Trusted professionals with long-standing relationships in the rail sector, RR Mergers interfaces with strategic and nancial buyers nding the right buyer for a Company, to make the best deal happen. While maintaining con dentiality at all times, RR Mergers manages the total process of selling railroad industry suppliers, rail services companies and Short Line Railroads. RR Mergers provides advisory services to prepare the company for acquisition, developing a con dential information memorandum, negotiating term sheets, letters of intent and coordinating the due diligence process.

STRATEGIC RAIL FINANCE

1700 Sansom St., Suite 500, Philadelphia, PA 19103; (215) 564-3122. Michael Sussman, President and CEO. SRF has served for 23 years as trusted advisor to Class I and short line railroads, rail shippers, public sector agencies, and industrial developers. e rm has brought capital, clarity, and velocity to infrastructure development projects in 45 states and Canadian provinces. SRF integrates capital from public programs and private sources with growth marketing strategies and management consulting to position executives toward shortterm objectives and long-term opportunities.

WINTRUST COMMERCIAL FINANCE

3201 Dallas Parkway, Suite 800, Frisco, TX 75034. Tom Forbes, Executive Vice President and Chief Sales O cer. (469) 777-5649 (o ce); (615) 290-3069 (mobile). Wintrust Commercial Finance (WCF) is Wintrust’s Texas-based, equipmentfocused nancing group o ering sophisticated loan and lease products to companies throughout the United States. Our team o ers exceptional customer service and expertise from years of experience providing customers in a variety of industries with innovative capital solutions. WCF funded in excess of $3 billion in equipmentsecured loans and leases since our founding in 2015 and has continued to grow into one of the largest equipment nancing companies in the country. WCF is led by an experienced management team with, on average, 25 years of experience. With the team’s extensive knowledge, we’re prepared to consider all structures, including

structured nancing and loans; nancing for new and used equipment acquisitions; re- nancings and estate planning; capital, operating, synthetic, and TRAC leases; sale/leaseback and lease discounting; capital expenditure nancing with xed and oating rates and acquisitions. For more information, visit http://www.wintrust.com/business-solutions/mid-market/lending/commercialnance.html.

LESSORS

AMERICAN INDUSTRIAL TRANSPORT INC. (AITX)

100 Clark Street, St. Charles, MO 633012075. Tel.: 636-940-6000; Fax: 636-940-6100. Contacts: Sean Hankinson, Chief Commercial O cer, 814-242-6141. shankinson@aitx.com.

American Industrial Transport, Inc. is a leading solutions-provider of railcar services, dedicated to growing our eet and providing customers a range of options across leasing, eet management, and repair services. AITX has access to one of the industry’s most diverse eets of nearly 60,000 railcars across car-types and commodities-served. Due to their customer service, exible nancing options, and extensive knowledge of taxation, government regulations and railroad requirements, AITX has satis ed leasing customers across freight industries. AITX and its subsidiaries operate world-class railcar repair services through its specialized network spanning across North America. O ering a range of programs from full to light repair, AITX’s maintenance capabilities include full-service repair facilities, tank car quali cations, a wide footprint of responsive mobile operations, and onsite customer dedicated partnerships. To learn more about AITX’s depth of services and customer commitment, visit aitx.com.

ATEL LEASING CORPORATION

e Transamerica Pyramid, 600 Montgomery Street, San Francisco, CA 94111; Tel.: 415-6163486; Ken Fosina, Executive Vice President, Email: kfosina@atel.com. Since 1977, ATEL has leased rail assets to America’s largest railroads and shippers. ATEL specializes in the leasing of all types of rail assets, including railcars, locomotives and maintenance-of-way equipment. ATEL targets railcars and locomotives built prior to 2005, but prefers new maintenance-of-way assets. Leases can be full service, but net leases are preferred. ATEL executes lease transactions directly and through its Capital Markets desk. Each year, ATEL’s Portfolio Management will sell rail assets from one of its Funds managing expiration.

CAI RAIL

Steuart Tower, One Market Plaza, 9th Floor, San Francisco, CA 94105. Tel: 415-788-0100; Fax: 415-788-3430. James H. Magee, President, email: jmagee@capps.com; Freddy Fernandez, Vice President-Operations, email: ernandez@capps.com. CAI Rail is an operating lessor in the new and used railcar space. CAI performs full service, net, per diem and nance leases on all railcar types. We have complete maintenance, engineering, operations and eld marketing sta . In addition, CAI o ers a comprehensive rail car customization and refurbishing program to meet our clients’ specications. Our parent company, CAI International (NYSE: CAI) specializes in container leasing and sales as well as domestic and international intermodal logistics. So, let’s get moving!

CARMATH, INC.

25965 482nd Ave., Brandon, SD 57005; Walker Carmon, Vice President, Tel.: 605-582-8340; Email: wcarmon@mwrail.com; Website: www. carmathinc.com. At CarMath, we believe every business should have the opportunity to lease quality railcars at a reasonable price. We have the ability to lease both large and small groups of cars with a wide variety of leasing options and will customize a leasing program to best t your needs.

CIT RAIL

30 South Wacker Drive, Suite 2900, Chicago, IL 60606; Tel.: 312-906-5701. CIT’s Rail division o ers a full suite of railcar leasing and equipment nancing solutions to rail shippers and carriers across North America. It manages one of the youngest and most diversi ed railcar and locomotive eets in the industry and leverages its deep experience to empower customers. Contact us to learn how our transportation solutions can power your business. Visit cit.com/rail, call 312-906-5701 or follow @CITgroup.

SEE OUR AD ON PAGE 12

C.K. INDUSTRIES, INC.

P.O. Box 1029, Lake Zurich, IL 60047-1029; Tel: 847-550-1853; Fax: 847-550-1854; email sales@ ckrail.net. Brian M. Harris. C.K. INDUSTRIES, a privately held corporation, began its U.S. leasing operations in 1980, and o ers its services to shippers, short line, regional and Class I railroads in North America. New investment opportunities up to $10MM of both new and used types of freight cars will be considered. Our existing lease eet o ers a wide variety of car types to meet your lease requirements. We o er mid to long terms, either on a full service or triple net basis.

2025 FINANCIAL DESK BOOK DIRECTORY

DJJ A NUCOR COMPANY

FREIGHTCAR AMERICA

125 South Wacker Drive, Suite 1500, Chicago IL. 60606. Phone 312-928-0850, Fax 312-9280890. Email Fcasales@freightcar.net. Website: www.freightcaramerica.com. Matthew Tonn, Chief Commercial O cer. Since 1907, FreightCar America has been transforming metal into innovative solutions and lasting relationships. We are an industry leader in freight car design and manufacturing utilizing steel, stainless steel, aluminum, and hybrid steel-aluminum materials in freight cars that transport a wide variety of bulk commodities, containerized freight and other products shipped by rail. Our manufacturing facility, engineering expertise and experienced production team is purpose built, focused on delivering operation excellent while closely working with customers to create customized railcar solutions for all your needs.

GATX CORPORATION

omas A. Ellman, President, Rail North America, GATX Corporation, 222 W. Adams Street, Chicago, IL 60606; Tel: 312-621-6200 Fax: 312-621-6546 GATX is a leader in the rail leasing industry with more than a century of experience, preeminent expertise in specialized railcars, and a growing international presence. GATX meets shipper and railroad needs with one of the largest lease eets of tank and freight cars and locomotives in the world. We provide our customers with a unique mix of nancial (global nancing, valuation, structuring, leasebacks, joint ventures, partnerships) and mechanical (regulatory, maintenance, engineering, cleaning, inspection) services in North America. Contact via www.gatx. com or 1-800-428-8161.

THE GREENBRIER COMPANIES

One Centerpointe Drive, Suite 400, Lake Oswego, OR 97035; 800-343-7188; Fax: 503-968-4383; Email: Marketing.Info@GBRX.com; Website: www.GBRX.com. Tom Jackson, V.P., Marketing. Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. rough its wholly owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars and marine barges in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, repair, refurbishment and retro tting services in North America through our wheels, repair and parts business unit. Greenbrier manages 445,000 railcars and o ers railcar management, regulatory compliance services and leasing services to railroads and other railcars owners in North America. GBX Leasing (GBXL) is a special purpose subsidiary that owns and manages a portfolio of leased railcars that originate primarily from Greenbrier’s manufacturing operations. Together, GBXL and Greenbrier own a lease eet of 8,700 railcars. Learn more about Greenbrier at www.gbrx.com.

INFINITY TRANSPORTATION

201 17th St., Suite 410, Atlanta, GA 30363; Website: www.in nitytransport.com. Brian Ottinger, Chief Commercial O cer: Tel: 312-731-2763; brian. ottinger@in nitytransport.com. Lee Martini, Sr. VP Sales & Marketing: Tel: 678-904-6315: lee.martini@ in nitytransport.com; Ken Johnson, VP Sales & Marketing: Tel: 859-640-0362: ken.johnson@ in nitytransport.com; James Weaver, VP Sales & Marketing: Tel.: 251-654-2166: james.weaver@ in nitytransport.com. In nity Transportation is a private lessor with a eet of more than 40,000 railcars of varying types. Lease options include net, fullservice and per diem with term variances ranging from short-term operating to long-term nance leases. In nity prides itself on exceptional customer service and exibility with regard to lease structures and railcar modi cations to nd the transaction and equipment to best serve our customers.

THE INSTAR GROUP, LLC

2001 Route 46, Ste. 506, Parsippany, NJ 07054. (636), 778-0611; (973) 355-6484. Umesh Choksi, CEO. UChoksi@instargrp.com. e InStar Group LLC is a full-service railcar leasing company established in 2016. We are owner operators and/or investors in the railcar business in North America and provide the highest quality railcars on either a full service or net

2025 FINANCIAL DESK BOOK DIRECTORY

lease to North American shippers and railroads. We invest and o er all railcar types across all industries we deem to be most e cient for the commodities carried with proven track record of consistent cash ow. We are exible in our approach to investing in railcars and have the ability to own outright, participate in lease in/lease out arrangements, sale-leasebacks, joint ventures or provide structured nancial products for our customers. e InStar Group management team is composed of seasoned industry professionals with manufacturing, leasing, railcar portfolio management, and nancing expertise. We maintain relationships with all major railcar manufacturers, other operating lessors, shippers, railroads, repair and maintenance facilities and nancial institutions within the industry. e InStar Group, LLC is now part of J.P. Morgan Global Alternatives’ Global Transportation Group, the alternative investment arm of J.P. Morgan Asset Management. More information: https://instargrp.com.

MITSUI RAIL CAPITAL, LLC

One South Wacker Drive, Suite 3110, Chicago IL 60606 - Phone: 312-803-8851: Dan Penovich, President; Chris Gerber, Vice President Sales and Marketing. Mitsui Rail Capital is a railcar operating lessor that o ers some of the youngest railcars in our industry. From tank cars to covered hoppers to a wide variety of other car types, we deploy assets in every industry, including oil, gas, plastics, agriculture and steel. Our proactive approach enables us to know your unique needs and railcar requirements, getting well-structured deals done, faster. MRC has been in business for 20 years and is a joint venture between Mitsui & Co. Ltd. and JA Mitsui Leasing of Tokyo.

PNW RAILCARS INC.

121 SW Morrison St., Suite 1525, Portland, OR 97204. 503-208-9295. sales@pnwrailcars.com. www.pnwrailcars.com. PNW Railcars, Inc. (formerly MUL Railcars) o ers a complete railcar leasing solution set with asset management, regulatory support, and specialized services designed to provide customers with the options they need. PNW Railcars has one of the newest and most comprehensive tank car and freight car eets in rail leasing, serving several industries including automotive, chemical, steel, agriculture, aggregates, construction, infrastructure and intermodal.

PROGRESS RAIL, A CATERPILLAR COMPANY

Mike MacMahon, Director of Railcar Leasing,

mmacmahon@progressrail.com; Jay Hat eld, Director of Business Development, jhhat eld@ progressrail.com; Gary Lawrence, Manager, Locomotive Sales & Leasing, glawrence@progressrail. com. Jacob Creech, Manager, Locomotive Leasing, jcreech@progressrail.com. Progress Rail, a Caterpillar Company, o ers through its Freight Car Leasing Division o er a wide variety of freight cars and leasing options to meet our customers’ speci c transportation requirements: Full-Service, Net and Per-Diem leases, and Purchase-Leasebacks. Understanding your needs and supplying an optimal solution is what we do best. e Locomotive Leasing Division o ers Full-Service Leases: Net, Seasonal, Sell-Lease Back, Trade-Ins. All locomotives sold or leased go through an extensive inspection to ensure you are receiving equipment that is ready for service. Refurbishment or upgrades are available to ensure the locomotive ts your operation, with work completed in our own shops under our supervision, ensuring the highest level of quality. rough the acquisition of Electro-Motive Diesel, Progress Rail has access to locomotive information other providers cannot supply. Our locomotive inventory is constantly changing, as we strive to be your top supplier of quality and dependable used locomotives.

SEE OUR AD ON PAGE C2

RELAM (RAILWAY EQUIPMENT

LEASING AND MAINTENANCE) INC.

7695 Bond Street, Glenwillow, OH 44139; (440) 439-7088. John Roberts, CEO, Email: jroberts@ relaminc.com. As a full-service leasing company, we o er complete MOW equipment leasing services. Each of our team members is knowledgeable, professional, prompt and courteous, one reason why our clients stay with us. We understand the importance of making every business transaction easy on the customer. We handle all the paperwork and logistics for every lease, so you can spend your time on more important things. We are committed to providing our clients with the highest level of service while remaining competitive in today’s market. RELAM knows railroad operations and the equipment involved.

SEE OUR AD ON PAGE 17

RALTRAC, LLC

200 S. Wacker Drive, Suite 3100, Chicago, IL 60606; tel: 312-674-4742; fax: 312-421-2742; www. raltrac.com. RALTRAC (formerly RALCO) is a privately held, Illinois Limited Liability Company in the business of acquiring, managing and leasing railroad rolling stock on net or full services leases. e Company has the intellectual and nancial

resources necessary to compete in the small cap lease market where its size and structure provide it with a competitive advantage. RALCO also provides consulting and advisory services to its clients. Contact: Peter Urban, Principal, purban@ raltrac.com, 847-975-3568 (mobile); Richard Johannes, Principal; Jason Urban, Principal.

RELCO LOCOMOTIVES, INC.

One Relco Ave, Albia, Iowa 52531. Tel.: 641-9323030; Website: www.relcolocomotives.com.

RELCO, as one of North America’s leading locomotive rebuild, remanufacturing and leasing companies, can provide a full range of locomotive leasing and maintenance services. Since 1961, RELCO has developed a reputation for providing the nest motive power and custom maintenance packages to t any need: Full line of both switching and road power available. Speci cations ranging from quali ed to completely custom remanufactured. A ermarket systems upgrades available, including radio remote controls, microprocessor control systems, fuel management systems, etc. Nationwide full-maintenance programs available. Net, full-service, nancial and sale/leaseback programs.

SMBC RAIL SERVICES LLC

300 South Riverside Plaza, Suite 1925, Chicago, IL 60606; Mike McCarthy, President & CEO (312) 559-4803; Tina Beckberger, Senior Vice President Leasing, (312) 559-4818. SMBC Rail Services is a full-service operating lessor, invested in all tank and freight car types, o ering a broad selection of equipment leasing and nancing products for the North American rail market. SMBC Rail can structure a solution for all your rail equipment needs, short and long term, full-service or net leases, sale/leasebacks, or portfolio acquisitions. Contact us via www.smbcrail.com or sales@ smbcrail.com.

TEALINC, LTD.

1606 Rosebud Creek Road, Forsyth, MT 59327; Tel.: 406-347-5237; Fax: 406-347-5239; www. tealinc.com; webmail@tealinc.com; Julie Mink, President, 720-733-9922; julie@tealinc.com; Kristen Kempson, Director-Railcar Leasing & Sales; Tel. (708) 854-6307; kristen@tealinc.com; Shannon Rodgers, Director-Operations; Tel.: (814) 631-9277; shannon@tealinc.com. Tealinc, Ltd. is a boutique private freight railcar lessor, railcar eet manager and rail transportation consultant. Guided by our Customer-Centric philosophies, we partner with our customers by leasing, buying, and selling railcars nationally and internationally.

Our private railcar eet includes covered hoppers, atcars, gondolas, open top hoppers, etc. Customtailored railcar lease support packages include options such as daily tracing, cycle time reports, preventative maintenance planning, etc. Our rail transportation consulting services enable our customers to have a successful freight-by-rail experience. With a combined 80 years providing service and expertise in the freight rail industry, the Tealinc team is dedicated to being a rail partner to novice, intermediate, and expert freight railcar shippers.

TRINITYRAIL®

14221 North Dallas Parkway, Ste. 1100, Dallas, TX 75254. 1-800-631-4420. TrintyRail® provides access to the rail transportation businesses of Trinity Industries, Inc. With an owned and managed eet of approximately 131,000 railcars, Trinity Industries Leasing Company (TILC) provides one of the largest railcar eets in North America. In addxition to comprehensive leasing and management services, our customers have access to extensive manufacturing and engineering resources, railcar maintenance, parts, asset management and advisory services, and on-site eld support for operational assistance and training. An overview of our platform of integrated rail products and services is available at www.trinityrail.com.

SEE OUR AD ON PAGE C4

UNION TANK CAR COMPANY

175 W. Jackson Blvd., Suite 2100, Chicago, Illinois 60604; 312-431-3111; leasinginquiry@utlx.com; https://www.utlx.com. Union Tank Car Company (UTLX) supplies general purpose and pressure tank cars, in addition to plastics covered hopper cars, for bulk shippers. Along with Canadian a liate Procor Limited (PROX), our combined companies own the largest and most diverse tank car eet in North America, specializing in full-service tank car leasing. We also operate the largest railcar repair network on the continent, and with the acquisition of Transco Railway Products Inc. in 2019, our repair network now includes 26 full-service shops and more than 100 mini shop and mobile unit installations. UTLX is capable of servicing all eet management and maintenance needs for all car types. Our manufacturing operation, located in Alexandria, Louisiana, specializes in the fabrication of tank cars. Leveraging an integrated leasing-repair-manufacturing model with experience cultivated throughout our 130-year history, our talented team provides superior customer service and shapes the future of the

2025 FINANCIAL DESK BOOK DIRECTORY

highly regulated North American tank car industry. Union Tank Car Company is a Marmon/Berkshire Hathaway Company.

SEE OUR AD ON PAGE 19

VTG RAIL INC.

103 West Vandalia, Suite 200, Edwardsville, IL 62025. Bryan Vaughan, Regional Vice President Sales, 630-361-6745, Bryan.Vaughan@vtg.com. Lynn Hayungs, Regional Vice President, Sales, 956-630-2723 ext. 206, Lynn.Hayungs@vtg.com. VTG is a freight and tank railcar lessor o ering operating leases and customer structured solutions. VTG also provides eet management services for its customers and for other private railcar owners and operators. VTG is a customer service oriented leasing company that provides a best in class mix of service, operational and mechanical expertise at competitive lease terms. VTG invests in all freight car types.

WELLS FARGO RAIL

Wells Fargo Rail, 9377 W. Higgins Road, Suite 600, Rosemont, IL 60018; Telephone: 844-4599664; Fax: 847-318-7588; Web: www.wellsfargo. com/rail. Email: RailAccountServices@wellsfargo.com. Wells Fargo Rail is the largest, most diverse rail equipment operating lessor in North America. Whatever you’re transporting, we’ve got you covered with more than 175,000 railcars and 1,800 locomotives. Our team of experienced rail industry professionals is ready to listen to your needs and structure creative solutions to add value to your business.

PROFESSIONAL SERVICES

RAILROAD APPRAISAL ASSOCIATES

Division of e Occor Company; Management Consultants providing a variety of consulting services to the railroad and urban transportation industries and the nancial institutions and leasing companies that serve them: Railcar and Locomotive Appraisal & Inspection Services for New and Used Equipment, Rail Equipment Portfolio Reviews and Valuation, Market Studies, General Consulting. We have more than 20 years of market experience and data. Patrick J. Mazzanti, President; Ronda Lemons, Assistant. Headquarters: 1914 Springdale Drive, Spring Grove, IL 60081, (815) 675-3300; E-mail: pat@railroadappraisals.com.

RAILSOLUTIONS, LLC

1401 Walnut Street, Suite 500, Boulder, CO 80302; (646) 258-5812. 2593 Wexford-Bayne Road, Suite 205, Sewickley, PA 15143; (724) 766-6699; Email:

mmahoney@railsolutions-llc.com, rblankemeyer@railsolutions-llc.com; Website: www. railsolutions-llc.com; Michael E Mahoney, President; Robert Blankemeyer, Senior Vice President. RailSolutions LLC provides a broad variety of railroad equipment-related consulting, technical and advisory services to nancial institutions, railroads, shippers and eet owners with a primary focus on equipment valuation and appraisal services. RailSolutions LLC o ers two publications on a subscription basis, e Investors’ Guide to Railroad Freight Cars and Locomotives and the RailSolutions Railroad Equipment Historical Database. Our rm draws on close to 50 years of railroad industry experience in railcar and locomotive equipment valuations supported by both a sound base of market data and advanced analytical techniques.

SEE OUR AD ON PAGE 18

RR MERGERS & ACQUISITIONS

STRATEGIC RAIL FINANCE

1700 Sansom St., Suite 500, Philadelphia, PA 19103; (215)564-3122. Michael Sussman, President and CEO. SRF has served for 23 years as trusted advisor to Class I and short line railroads, rail shippers, public sector agencies, and industrial developers. e rm has brought capital, clarity, and velocity to infrastructure development projects in 38 states and Canadian provinces. SRF integrates capital from public programs and private sources with growth marketing strategies and management consulting to position executives toward short-term objectives and long-term opportunities.

AILWAY GE

W OMEN IN RAIL

Nov. 5 & 6, 2024 Chicago, IL

CONNECT. INSPIRE. INNOVATE.

We’re returning to Chicago with an expanded event!

Railway Age and RT&S are proud to recognize the growth in leadership roles for women in the railway industry. Our second annual Women in Rail Conference is now a two-day event, filled with instructive panels, an awards luncheon, and a local transit tour.

Join a diverse group of railroaders with a shared commitment to our industry’s future.

PROGRAM HIGHLIGHTS:

•Furthering industry inclusivity and showing allyship

• Advancing your career—from asking for a raise to developing new skills

•Understanding the latest regulatory and legislative happenings

•New tech innovations and the latest applications

SUPPORTING ORGANIZATIONS

•How mentorship can change your journey

•Building a safety culture

•Railway Age’s Women in Rail / RT&S’ Women in Railroad Engineering awards luncheon

•Tour of Metra’s rebuild shop and training center

CLAMP IT

Progress Rail, a Caterpillar company, supplies a full line of fastening systems for heavy haul and transit railways.

There’s more than one way to secure rail to crossties, from traditional spikes to a wide variety of clips, to suit any application.

BY CAROLINA WORRELL, SENIOR EDITOR

Gauge-holding capability, resiliency, noise reduction, ease of installation and maintenance, low life-cycle cost, safety: Railroads rely on fasteners with these qualities from such suppliers as J.Lanfranco, Progress Rail, and Lewis Bolt & Nut Company to perform reliably and safely under heavy traffic ranging

from heavy-haul freight to high-speed passenger rail to transit. Railway Age contacted fastening system suppliers to find out about their latest technologies, which are evaluated at facilities like MxV Rail. Following is a roundup of offerings from those which responded to our inquiries.

MXV RAIL

The fastener test zones at MxV Rail’s new Facility for Accelerated Service Testing (FAST®) Loop include various designs and configurations of tie plates, fasteners, spikes, and anchors, according to Principal Investigator Yin Gao. To evaluate performance in a challenging environment, Gao says the fastener test zones have been installed on a six-degree curve with a five-inch superelevation and experience tonnage accumulation from a train of loaded 315,000-pound GRL cars operating at 40 mph. The test zones see more than 140 MGT from the 18,000-ton train annually.

Elastic fasteners are often used on track located on grades with a high degree of curvature since they provide greater resistance to rail rollover and gauge widening, Gao says.

Curve blocks also provide rail rollover resistance while allowing rail more freedom to expand and contract longitudinally.

According to Gao, newly designed anchors and screw spikes are being tested to evaluate their service life and performance in comparison to traditional components. “The railroad industry will benefit from improved understanding of the longevity and potential failure modes of these fasteners,” Gao adds.

J.LANFRANCO

J.Lanfranco locknuts are used extensively in rail applications throughout the world. According to the company, current field reports from many track installations show clear and measurable results, including vastly improved

performance and durability, less maintenance and fewer service interruptions.

J.Lanfranco’s THU/THS lines of locknut are an all-metal, dual-slotted locking nut designed to be installed with standard bolts and tools.

Nuts thread on by hand to 90% of the total height for easy staging and then can be run down using impact guns. The nuts can be backed off to aid in adjustment and alignment, and re-torqued without issue.

The company’s locknuts, which are stocked throughout the U.S. and Canada in all standard sizes and dimensions, are approved for use on jointed rail, specialty trackwork, structures and rolling stock.

PROGRESS RAIL

Progress Rail, a Caterpillar company, supplies a full line of fastening systems for heavy haul and transit railways, offering one of the “broadest fastening product portfolios in the world,” the company tells Railway Age. By delivering innovative options, such as the e-clip, the resilient Loadmaster DF for timber ties, and the ADFF55 high attenuation direct fixation fastener, Progress Rail says it supports its customers’ efforts to “improve efficiency, service quality, and cost control.”

For example, the DF Block System “dramatically improves” the quality of direct fixation fastener installations for both standard and high attenuation units, according to Progress Rail. The product eliminates the risk of irregular support surface conditions, honeycombs in the concrete, and improper elevation setting of concrete embedded insert.

On the Los Angeles Westside Purple Line Section 1, Progress Rail’s DF Block system has reduced installation time with less material handling and fewer personnel required for the same work, according to the company. The DF Block System, Progress Rail adds, “improves life expectancy of DF units, reduces maintenance, and provides a significant initial installation savings as compared to the 30-plus-year-old top-down construction technique.”

With state-of-the-art manufacturing facilities located strategically around

Fastener test zones at MxV Rail’s new FAST® Loop include various designs and configurations of tie plates, fasteners, spikes, and anchors.

J.Lanfranco’s THU/THS lines of locknut are an all-metal, dualslotted locking nut designed to be installed with standard bolts and tools.

TECH FOCUS —

the globe, Progress Rail says it produces fastener and trackwork solutions to the highest standards. From rail anchors and all styles of clips to DF and ballast mats, to turnouts, lift frogs and crossovers for transit, commuter and HAL applications, the company provides a full range of fastening and special trackwork solutions. Whether at-grade, elevated structures, or tunnels, Progress Rail is “here to keep our customers rolling,” the company said.

LEWIS BOLT & NUT COMPANY

Lewis Bolt & Nut Company’s most recent product launch is the Viper-1® drive-on anchor, says Senior Assistant Vice President of Sales George Apostolou, who adds that the Viper-1® “exceeds American Railway Engineering and Maintenance-of-Way Association (AREMA) Chapter 5, Section 7.1.4 requirements and has a minimum holding power of 9,000 pounds vs. 6,000 pounds (AREMA 7.1.4, Part B).”

In addition, the Viper-1® “has a much higher re-application rate than any current anchors on the market,” Apostolou says. “The anchor can be removed and reapplied multiple times because of improved stiffness in the design of the anchor jaw.” Another key benefit is “the larger bearing surface against the tie. The Viper-1® boasts 75% more bearing

the Los Angeles

Purple Line Section

Progress Rail’s DF Block system has reduced installation time with less material handling and fewer personnel required.

surface than standard drive-on anchors. This results in increased tie life preventing movement and damage to the tie surface. In addition, Viper-1® offers an increased life cycle that is designed to last the life of the rail.”

“Market conditions in 2024 were relatively flat possibly due to

macroeconomics and uncertainty in an election year. We did not really see the CRISI grant projects we expected,” notes Apostolou, adding that the company’s overall business outlook for 2025 “is positive as we continue to roll out the Viper-1® and remain the largest domestic manufacturer of fasteners.”

Lewis Bolt & Nut Company’s most recent product launch is the Viper-1® drive-on anchor.

Westside

PTC: BEST PRACTICES, LESSONS LEARNED

BY WILLIAM C. VANTUONO, EDITOR-IN-CHIEF

This report focuses on CSX’s track record with Positive Train Control, some four years after it was fully deployed. How has PTC impacted safety at CSX? What effect has

it had on operations? What’s next for this technology? Railway Age asked CSX Vice President Engineering, C&S/PTC & Dispatch Systems Carl Walker to describe his railroad’s experiences. Walker, one of our 2023 Influential

Leaders nominated by subscribers, plays a vital role in ensuring the efficient operation and safety of the CSX rail network. Since joining the CSX Engineering Department in 1999, he has ascended through leadership roles in the C&S department, including Assistant Chief Engineer of Signal Construction, Assistant Chief Engineer of Communications, and Chief Engineer of C&S. He was promoted to AVP C&S/PTC & Dispatch Systems in May 2022, and soon after rose to VP. Walker’s leadership responsibilities extend beyond CSX. He is a member of the AREMA Board of Directors, as well as a Board Member at rail communications technology company Meteorcomm. He is the first African American to serve in either of those roles.

RAILWAY AGE: How has PTC affected safety at CSX?

CARL WALKER: Since fully implementing PTC in 2020, CSX has seen a significant decrease in events such as signal violations, trains entering limits without permission, and trains operating at speeds in excess of authorized limits. PTC is just one of the many technologies that CSX is using to create a safer railroad. As a safety overlay system, PTC is designed to warn the engineer of the need for action. If the engineer fails to act, such as by not slowing down or stopping a train where required, the PTC system will first warn the crew and then will ultimately engage the locomotive brakes and bring the train to a full stop to avoid an accident. Beyond safety, PTC has the potential to drive further efficiencies and innovation and provide additional operating benefits to CSX such as by leveraging the system to utilize other locomotive technologies to help reduce fuel use and emissions.

RA: What effect has PTC had on operating practices and functions like service design, dispatching and locomotive utilization?

CARL WALKER: The implementation of PTC required CSX to update its operating rules to support PTC operations, including interoperability. PTC has also had an impact on other functions. By federal regulation, TIH and PIH commodities can only move over lines

that are equipped with PTC with certain limited exceptions. PTC is one of the factors that Service Design must consider when identifying the safest route to move TIH and PIH commodities.

RA: How has PTC changed the work that field signal maintainers perform?

CARL WALKER: One of the benefits of the implementation of PTC is the increase in the reliability of CSX’s wayside infrastructure. With the implementation of PTC, the work of signal maintainers has simplified and become more efficient on PTC territory as microprocessors and IP-based equipment remotely monitor the health of wayside assets and provide automated alerts.

RA: What was CSX’s investment in PTC (equipment, installation, testing and commissioning, people/training, etc.) leading up to the statutory federal deadline?

CARL WALKER: CSX’s total PTC investment through 2020 was $2.4 billion. This included training thousands of employees on the installation, testing and use of the system.

RA: How many CSX track- and route-miles are PTC-equipped?

CARL WALKER: CSX equipped approximately 13,326 track-miles and 10,048 route-miles with PTC, which represents approximately 64% of CSX’s rail network. CSX continues to review its footprint annually and has expanded its footprint since successfully completing PTC installation and activation in 2020.

RA: Are C&S maintenance costs higher or lower in PTC territory than traditional technology?

CARL WALKER: CSX continues to heavily invest in its rail infrastructure including PTC, and Communications and Signals each year. Annual maintenance costs are higher due to maintaining a more robust communications network on PTC territory.

RA: Are annual maintenance costs for PTC onboard locomotive platforms higher than for nonequipped locomotives?

CARL WALKER: CSX continues to heavily invest in its rail infrastructure, including its locomotive fleet. The annual maintenance costs are higher with more electronics and technology to maintain on PTC-equipped locomotives. For example, CSX is focused on upgrading its PTC onboard computers to accommodate future versions of PTC software and help increase the reliability of its PTC system.

RA: Have there been any interoperability issues with locomotives from other carriers operating on CSX territory?

CARL WALKER: As required by federal regulation, PTC must be interoperable. erefore, CSX must continue to work with the rest of the industry on any changes or enhancements to PTC to ensure PTC works seamlessly across a very complicated network of freight, passenger and commuter railroads. rough the AAR, the industry has been able to work together to maintain interoperability by adopting PTC standards and other industry processes.

RA: What’s next for this technology, beyond a safety overlay? What is CSX’s plan to evolve to “PTC 2.0” and leverage the available datacomms bandwidth?

CARL WALKER: CSX remains focused on enhancing its PTC system to improve safety and reliability of railroad operations such as upgrading its PTC onboard hardware, updating PTC software, and investing in the latest GPS technology on its locomotive fleet. For onboard software and hardware upgrades, CSX is upgrading its PTC onboard computers to accommodate future versions of PTC software and help increase the reliability of the PTC system. Upgrading the GPS units on locomotives will help enhance the location accuracy of PTC with new precision navigation module GPS units and the implementation of auto track selection functionality. This will help increase the reliability of PTC and minimize GPS-related operational disruptions.

For data infrastructure in rural areas, CSX will continue to look at opportunities to leverage bandwidth as it becomes available.

PTC is just one of the many technologies that CSX is using to create a safer railroad. It is exciting to think about how we can leverage PTC, along with other technologies, to continue to increase safety for our employees and for the communities in which we operate.

The Rail Growth Imperative:

The landmark Surface Transportation Board (STB) hearing on U.S. freight rail industry growth, at which I was privileged to be one of the speakers, was a unique opportunity to listen to a diverse set of stakeholders in the rail industry, as they shared their views on whether tra c growth is important and how the industry could achieve this elusive goal.

Chairman Robert Primus opened the proceedings with a quote from Dickens: “It was the best of times, it was the worst of times,” and almost presciently invoked the fact that there is not a consistent story across stakeholders about where the industry is in terms of being able to manifest more freight on rail and take more freight o our highways.

ere did seem to be general agreement by stakeholders that moving more freight on rail was a worthwhile goal for many reasons, including saving lives and taxpayer dollars, promoting fuel e ciency and sustainability, reducing transport costs, increasing rail jobs and alleviating highway congestion.

A er that, things devolved. While the same themes were raised by many speakers, their positions could not be more di erent. I’ve summarized what I heard here across the prevalent themes:

Growth Opportunity: Over and over, the shippers’ representatives (primarily trade associations) who testi ed talked about their constituents’ desire to do more business with rail. is is completely consistent with what Oliver Wyman heard in our broad shipper survey a few years back. It was absolutely evident that railroads can have more freight if they want it—and if they can deliver a service and customer experience that earns it. When asked if the railroads were prepared to handle the growth that was available, there was a healthy level of skepticism.

ere also were complaints about the inability of railroads to ex up with locomotives and crews when there are demand surges. In fairness to the railroads: Holding excess resources in reserve for “possible” demand surges due to unknowable and uncontrollable market forces (such as a jump in natural gas prices

creating a run on coal) would not be a reasonable request for any business. But with a meeting of the minds between shippers and railroads—customers o ering sustained and predictable volumes (and good forecasting around demand peaks) on the one hand, and railroads committing to reliable, customer-focused service on the other—more freight would move on rail.

Competition: e shippers’ representatives were consistent in calling on the STB to create a more competitive environment. ey asked almost unanimously for the STB to clarify the common carrier obligation and to facilitate reciprocal switching. At the same time, these speakers repeatedly noted that their companies/members are moving more freight on trucks because the rail service o ering is not compelling, and the truck option is more attractive. Certainly, there are captive shippers and commodities that are not able to move o rail to truck, but the lion’s share of freight on rail is “ exible freight”—that is, freight with a choice between truck and rail. While shippers nearly always have a competitive option, they are frustrated with railroads consistently raising rates for the past several years with no commensurate improvement in service. And they are unhappy with what they perceive as a “take it or leave it” attitude on the part of the railroads. Speci c examples included recent moves by the railroads to push more liability and higher insurance requirements onto shippers, even though shippers have little control over the factors that cause many rail incidents and result in claims.

Technology, Safety, Efficiency, Innovation: Perhaps one of the most contentious topics of the hearings revolved around technology, where there appears to be a fundamental divergence of interests. CSX CEO Joe Hinrichs mentioned the quote: “Technology always wins”—alluding to the fact that ghting technology as a form of job preservation is futile. Labor leaders accused the railroads of shutting them out of design and implementation planning for new technology that would ultimately impact their members. Railroads criticized the regulators for

delaying approval for new and proven technology that could improve safety and e ciency and forcing them to take legal action to move forward. Suppliers accused the Association of American Railroads (AAR) of being “more bureaucratic than the STB” in terms of rules and administrative hoops required to bring new products to the industry.

ere is clearly room for the industry to create a more productive and fact-based environment to speed deployment of technology that could further rail’s advantage as a safe and e cient mode of freight transportation. From a policy and practical perspective, all stakeholders should be looking to break this logjam and bring people together to productively work out how to move forward. Digging in and ghting progress is a distraction from the real goal of growing rail tra c—and the host of public bene ts that could be realized from doing so.

Investment and Growth Capacity: All the railroads talked about the massive capital injections that they make annually, both to maintain existing infrastructure and as growth-focused investments. Creating new intermodal facilities, attracting new industrial development, investing in transload and other adjacent services (such as bulk trucking) were all cited as proactive investments. In contrast, shippers talked about frustrations with getting their tra c switched with adequate frequency or maintaining a su cient level of communication and interaction—whether with sales, customer service or operations at the local level—to ensure e ciency and resolve problems. Shippers also are not convinced that railroads are resourced adequately to handle cyclical demand changes.

Customer-Centricity: It was not lost on the room that in each of the shipper-oriented panels there were stories of challenges in dealing with railroad marketing and sales departments, such as failure to engage, a propensity to lean toward “no” if anything required outsidethe-norm capabilities, and customers losing business because they could not get firm commitments from their rail partners in time or with sufficient

A Tale of Two Days

conditions—causing that business to ultimately go to a competitor. As a result, some customers said they had opted to not install or to repurpose existing rail access, cutting themselves off from any future option to use rail.

Railroads talked about investments to make themselves easier to do business with but were light on details and specifics and offered very little in terms of customer testimonials as to the efficacy of their new initiatives. Talk of “technology” solving the problem of being closer to the customer rang somewhat hollow. In a B2B business, there is little appetite for a conversation with a “chatbot” when your railcar has not moved for 72 hours, and you have no information about when it will move or when it will arrive at your facility.

Service Reliability: ere was unanimous agreement among advisors and the customer base that service reliability is a fundamental must-have from the railroads—and it must be sustained across multiple quarters/years before shippers are going to fully trust the railroads to not devolve into another service meltdown. Interestingly, only CN leaned hard into describing an operating strategy designed at its core to deliver service reliability. CN Executive Vice President and Chief Field Operations O cer Derek Taylor gave a credible and committed description of a railroad recognizing that there is currently only one operating strategy that has a hope of delivering consistent dock-to-dock transit times for customers: Run a well-designed operating plan with the eld discipline to stick to the plan, run your trains on time, and deliver a high degree of local operating plan compliance. Investor Pressure: It is clear that investors have a say in what companies prioritize, and there was a consistent question of whether short-term investment pressures have caused railroads to over-index on the “quick-win” levers of increasing price and cutting costs, to the detriment of service and long-term growth. e cost, distraction and scorched earth that activist investors have burdened the rail industry with in the past few years has been stunning with four major

activist interventions (CSX, CN, Union Paci c, Norfolk Southern) in an industry with only ve real targets. Each of these battles required millions of dollars and entailed massive distraction for railroad leadership.

Railroad executives at the hearing acknowledged the need to educate and convince investors of the long-term benets associated with investing for growth and proving that the railroads can actually get service and customer experience to levels that will sustain growth. Scott Group of Wolfe Research shared his view that the “age of price taking above in ation is largely over,” and that investors are looking for credible signs the railroads can attract more freight and turn that into sustainable earnings growth. Ed Elkins, EVP and Chief Marketing O cer for Norfolk Southern, reiterated the railroad’s commitment to its “industry-leading customer-centric, operations-driven strategy” announced at the company’s investor day in December 2022 by con rming that “the core tenets of our strategy remain unchanged—service, productivity and growth, with safety at the foundation.”

Role of the STB: The Board was consistent in asking all the presenters/constituents, “How can the STB be more productive and more influential in advancing the ability to grow freight on rail?” As discussed above, shippers’ representatives consistently requested more intervention to “create a more competitive environment,” to clarify the common carrier obligation, and to increase reciprocal switching. Railroads said they could use help in preventing a patchwork of state-by-state regulations that would cripple their ability to operate seamlessly across state boundaries and seriously burden them with senseless complexity.

ere also were repeated calls for a more mode-neutral, coordinated federal approach to policy, funding, and regulation. is was even echoed by Board members, who I believe can be relied upon to advance this idea within the Washington, D.C. community.

While there are those who question the

STB’s jurisdiction in calling this hearing, I want to o er my congratulations to Chairman Primus and the STB Board Members for creating a forum where all sides of the story could be heard, and we could look for opportunities to make real progress.

Joe Hinrichs o ered the observation that when he arrived on the job he was “very shocked to see the level of vitriol from customers and employees.” Hinrichs’ people- rst strategy and his experience as a long-time rail customer appear to have given him a more objective view of the industry and CSX, and he has demonstrated his willingness to call out where he sees failings. His strategy is grounded in the belief that service begets growth. To deliver service, employees have to engage and believe and be valued and listened to—so treat people right. Treat customers right, deliver service and you can grow the business. Two years into his tenure, he freely admits that he’s turning the corner on the honeymoon, and that showing results is what matters.

Vice Chair Karen Hedlund repeatedly asked the question about the role of railroads in the U.S. economy. Ultimately, freight moving on truck is more expensive than freight moving on rail. is means that a failure to shi market share back to rail will essentially levy a tax on American businesses and consumers—not only in the form of higher transportation costs but also indirectly in the form of much higher accident rates and increased spending on energy and infrastructure.

It is up to this generation of railroads, shippers, labor, regulators, investors, policymakers and (yes) consulting leaders and in uencers to address this problem and help the railroads return to growth. Failing will be a legacy that we hand down to the generations to come—and one that we won’t be proud of

ADRIENE BAILEY Partner and Head of Rail, Americas, Oliver Wyman Transportation Practice

LIGHT RAIL 2024

PRESENTED BY RAILWAY AGE AND RT&S

PLANNING, ENGINEERING AND OPERATIONS

Join Railway Age and RT&S at a premier event: Light Rail 2024, our annual conference on light rail transit.

NOVEMBER

13 & 14

The Westgate Hotel San Diego, CA

LRT, North America’s fastest-growing passenger rail mode, employs a full range of technologies and operating practices. Light Rail 2024, developed for transportation professionals in planning, operations, civil engineering, signaling and vehicle engineering—as well as students at the undergraduate and graduate level—will o er a comprehensive review of the specialized technical, operational, environmental and socio-economic issues associated with LRT in an urban environment.

The conference concludes with a special tour of the San Diego Trolley, the ﬁrst modern LRT system in the United States.

Key Sessions

•Engineering for Operations

•Capital Program Management

•Dealing with Extreme Weather Events

•Project Updates on Major New-Builds and Expansions

•Alternative Propulsion Technologies

•Customer Interfaces – Fare Collection, Communications, Security

•Funding Challenges

Speakers Include

Sharon Cooney CEO

San Diego Metropolitan Transit System

John Mardente Civil Engineer, Passenger Rail Div. FRA

Alfred E. Fazio, P.E. BRT Rail Services

Brian Riley COO – Rail

San Diego Metropolitan Transit System

Rachel J. Burckardt, P.E. SVP / Sr. Project Mgr. WSP USA

Wayne Terry Retired COO – Rail

San Diego Metropolitan Transit System

Sr. Project Dir., Purple Line MDOT MTA

Ken Luebeck, P.E. Project Mgr., Systems Engineering Benesch

Stephen Cusick, P.E. Cabinet Chief of Sta –Capital Delivery Sound Transit

ELECTRIFIED RAIL VEHICLE TESTING AT THE TTC

BY MATTHEW DICK, P.E., VP STRATEGY & BUSINESS DEVELOPMENT, ENSCO, INC.; AND RON LANG, PROGRAM MANAGER, TTC ENSCO, INC.

Electrification has been a long-standing method for propulsion energy for the rail industry. The first electrified line in the U.S. opened 129 years ago on the Baltimore & Ohio Railroad’s Baltimore Belt Line, which is now part of the CSX network.[1]

Today, electrification is one of many technologies to aid railways to meet greenhouse gas reduction emissions goals. The Transportation Technology Center (TTC) is focused to aid government agencies, railways and suppliers in their continued journey into the sustainable future. This article discusses how the TTC is utilized for these types of vehicles and the outlook for freight and passenger railway electrification.

TTC ELECTRIFIED TEST TRACKS

A unique aspect of the TTC is that it is the only railway testing facility in the world that has both overhead wire catenary and thirdrail electri ed test tracks.

e rst is the Rail Transit Track Loop (RTT), which is 13.5 miles (21.7 kilometers) with a maximum operating speed of 165 mph (265 km/h). e RTT is fully equipped with AC overhead wire catenary. A key functionality of the RTT is that its catenary has adjustable voltage to match the operating railway that the vehicles are being tested to. e 15-megawatt substation that feeds the RTT catenary can be adjusted between 12.5 kV to 50 kV AC. Having the RTT catenary allows for testing of various electric rail vehicles commonly used for high-speed and commuter rail.

e Transit Test Track (TTT) is a second electri ed test loop at the TTC that is equipped with DC third rail and overhead wire catenary. e TTC is fully equipped with DC third rail around its 9.1-mile (14.6 km) circumference. Having a test track with third rail is important for subway and commuter railways. Additionally, the TTC has a 2-mile (3.2-km) section of DC overhead wire catenary that replicates streetcar and light rail operations. Similar to the RTT, the TTT has two DC substations that can vary voltage to match the operating railway’s parameters.

e entirety of the TTC has a peak power capability of 55 megawatts supplied through ve substations. e electri cation infrastructure is not only important for the RTT and TTT test tracks, but also supporting the

TTC Operated by ENSCO

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growing testing needs of Battery Electric Storage System (BESS) railway vehicles.

FREIGHT RAILROAD APPLICABILITY

Current freight rail operations that utilize electri cation fall into two groups. First are shared-corridor lines that have both

passenger and freight tra c utilizing the same catenary, which is common in Europe. e second group are freight railways in countries where it is cost e ective to build and maintain long-distance catenary line infrastructure. Examples include South Africa, China and India. e Dedicated Freight Corridor (DFC) located in India is

HowDiesel&Electric LocomotivesWork

ByJeffWilson

Thecombinationofthedieselengineandelectrictraction motorrevolutionizedrailroading.Inthepastcentury,the dieselanditscompanionelectriclocomotivehave advancedfromnewtechnologytosomeofthemosthightechvehiclesonsteelwheels.Finding outwhatgoesonunderthehood,inthe electricalcabinet,andbehindthecontrolstandtomaketheseunitsworkisjust asfascinatingaswatchingone(orseveral)haulfreightormovepassengers. Wilson’snewbooktracesthehistoryanddevelopmentofthedieseland examineseachmajor systemthatispartofalocomotive.Thebookiswrittenin easy-to-understandlanguageprovidingjusttherightamountoftechnicaldetail withoutburdeningthereader.

a recent example of a newly constructed, long-distance electri ed freight line. To date, the DFC has two routes totaling 2,030 miles (3,260 km), with the most recent line completed in February 2024.[2] e DFC is part of India’s overall goal of 100% electrication of its railway lines to become a netzero carbon emitter.

However, as it is with many instances, a good solution for one country’s railways is not a good solution for another’s. For North American freight rail, the cost of catenary infrastructure implementation is much higher than it is for India. erefore, di erent innovative solutions are required.

DUAL-MODE TRAINS

A trend emerging in North America are Dual-Mode locomotives that utilize diesel and electric as propulsion methods. Dualmode locomotives o er several key bene ts that make them a versatile and environmentally friendly solution for modern rail systems. One of the primary advantages is their ability to seamlessly switch between

A Caltrain Stadler KISS EMU undergoing testing at the TTC.

electric and diesel power, allowing them to run efficiently on both electrified and nonelectrified tracks. This flexibility reduces the need for multiple types of locomotives and improves operational efficiency, particularly on routes that include sections with varying power infrastructure. Additionally, dual-mode locomotives help reduce fuel consumption and greenhouse gas emissions when operating in electric mode, contributing to environmental sustainability. They also reduce noise pollution, especially in urban areas where electric power can be utilized. The combination of these benefits makes dual-mode locomotives a practical choice for rail operators looking to improve efficiency, reduce costs and minimize their environmental impact.

One example is the Siemens Dual-Mode Charger locomotives scheduled for delivery to MTA Metro-North Railroad (MNR) in 2025 and currently being tested at the TTC’s TTT. The locomotives operate on diesel and third-rail electricity. Once delivered, they will replace MNR’s DM30

TTC OPERATED BY ENSCO

locomotive fleet that operates East of the Hudson River. They will provide added operational flexibility and lower MNR’s fleet emissions. The ability to test the locomotive’s third-rail capability at the TTC is key to ensure all modes are operating as intended prior to delivery to MNR.

It is easy to see that in the near future, the diesel of dual-mode locomotives could be replaced with other green energy sources such as Battery Electric Storage Systems (BESS) to enable an optimum sustainable solution that effectively broadens the environmental benefits of electrified territory without adding more infrastructure. Additional benefits of battery-electric vehicles are that they can take opportunities to recharge the batteries while in electrified territory and during regenerative braking.

CONCLUSIONS

Electric rail vehicles and their extended dualmode variants are demonstrating that they are part of the railway sustainability solution. The TTC with its catenary and third-rail test

tracks are staged to support the industry’s future for these applications. Attendees of the 2024 TTC Conference and Tour, occurring Oct. 22-23, will have the opportunity to see an expanded display of how the facility is being utilized to meet the railway community’s goals. More information can be found at www.ttc-conference.com.

REFERENCES:

1. https://en.wikipedia.org/wiki/ Baltimore_Belt_Line

2. https://en.wikipedia.org/wiki/ Dedicated_freight_corridors_in_India

Railroads & Economic Regulation (An Insider’s Account)

By Frank N. Wilner

Railroads & Economic Regulation traces the development, failures and successes of railroad economic regulation by an insider who was a White House appointed chief of staff at the Surface Transportation Board and a senior officer at the Association of American Railroads.

“Frank Wilner has written an exhaustive history of our nation’s railroads and the complicated, intriguing and often confusing federal regulation and lawmaking.”

Nick Rahall Member of Congress (West Virginia, 1977-2015)

“As a new member of the Surface Transportation Board, the book would have been indispensable to me. It places today’s regulatory issues into context based on their history and paints a picture of the characters who have made the railroad world what it is today.”

Debra L. Miller Member, Surface Transportation Board, 2014-2018

MARK R. GEORGE

JASON A. ZAMPI

JASON M. MORRIS

Norfolk Southern

HIGH PROFILE: Following the dismissal of Alan H. Shaw and Nabanita C. Nag, Norfolk Southern named Mark R. George (top) President and CEO and a Board Member; Jason A. Zampi (center) Executive Vice President, Chief Financial O cer and Treasurer; and Jason M. Morris (bottom) Senior Vice President, Chief Legal O cer and Corporate Secretary.

George has more than 35 years of professional experience spanning multiple global industries. He most recently served NS as EVP and CFO since 2019. Prior to joining NS, he held successive roles of responsibility across multiple commercial and business segments of United Technologies Corporation and its subsidiaries. George is also on the Board of Directors of Trane Technologies PLC and Junior Achievement of Georgia. He holds a Bachelor of Science in nance from Connecticut State University and a Master of Business Administration from Rensselaer Polytechnic Institute.

Zampi is overseeing Finance and Strategic Planning. He has more than 28 years of nance and accounting experience, including 13 years at NS, where he has held key roles in forecasting, budgeting and corporate accounting. Prior to joining NS, Zampi was a senior manager with KPMG LLP. He is a certi ed public accountant and holds a Bachelor of Science in accounting from Pennsylvania State University.

Morris is overseeing Legal, Government Relations and Compliance. He joined NS in 2010, taking on roles of increasing responsibility in Legal before serving in the Operations and Transformation divisions. He was appointed Vice President Law in 2022. In addition to his career as a lawyer, he has served as a legislative director in the U.S. House of Representatives and as a logistics readiness ocer in the Virginia Air National Guard. Morris is a graduate of the U.S. Air Force Academy, University of Virginia School of Law, and the Executive Development Program at Northwestern University Kellogg School of Management.

TheAssociation of American Railroads named Michael Wiley General Manager of the AAR Mechanical Inspection Department. He succeeds Stephen Berkshire, who retired in 2023. Wiley is a professional railroader with more than 28 years of extensive leadership experience directing all facets of mechanical processes, rules compliance, efficiency and reliability regarding freight car inspection and repair. He served on several industry committees over the years, including the Railroad Safety Advisory Committee (RSAC), ARB (Arbitration & Rules) and CRB (Car Repair Building). Some of Wiley’s long-term responsibilities included development of reliability strategies and efficiencies via data collection and analytics, as well as collaborating with technology department for system applications development and implementation. He is a Certified Instructor with Instructional Design Certification from University of North Florida. Wiley also has more than 10 years of experience developing training and instructing mechanical forces in rules safety, departmental policies, regulatory standards and industry rules.

Arturo Gutiérrez Hernández will join the Canadian Pacific Kansas City Board of Directors, effective Nov. 1. He is CEO of Arca Continental, the second largest Coca-Cola bottler in Latin America with operations in Mexico, the United States, Peru, Ecuador, and Argentina. Gutiérrez started working for Arca Continental in 2001, holding several executive positions, including Deputy Chief Executive Officer, Chief Operating Officer, Head of the Mexico Beverages Division, Executive Vice President of Human Resources, Director of Corporate Planning, and General Counsel. In these roles, he oversaw the merger of Embotelladoras Arca and Grupo Continental and led the U.S. integration of Coca-Cola Southwest Beverages, making Arca Continental the first Latin American bottler to operate in the U.S. He became CEO of the company in January 2019. Gutiérrez also serves on the Boards of Jugos del Valle, Grupo Piasa, KKR & Co. and The Coca-Cola Foundation Mexico. He earned a law degree from the Escuela Libre de Derecho and a master’s degree in law from Harvard University as a Fulbright/García Robles Scholar.

45G: A Powerful Public Policy in Need of Update

The Short Line Railroad Rehabilitation Tax Credit known as 45G was originally enacted as a three-year provision in 2004. The tax credit was extended six times and finally made permanent in 2020

Each Congress, legislation to extend the credit secured a huge bipartisan majority of House and Senate co-sponsors. It attracted overwhelming Congressional support for the best of all reasons: because it worked exactly as intended to maximize capital investment required to preserve railroad service in small town and rural America.

45G allows a credit of 40 cents for each dollar the railroad invests in track and bridge improvements, up to a cap of $3,500 per track-mile. The credit allowed an industry that operates 50,000 miles of track, nearly 30% of the national freight rail network, to bring back to life previously under-maintained branch lines headed for abandonment. A success story to be sure, but a story that needs a new chapter.

Many short lines must still invest north of 25% of their revenues to maintain and improve track and bridges required to handle modern freight cars, increase capacity and improve safety. It is estimated that there is a backlog of more than $12 billion of improvements still to be completed, a heavy lift for an industry that earns just 6% of the revenue of the total U.S. freight railroad industry. The tax credit remains a powerful tool to address that backlog, but inflation and restrictions on eligible track are eroding its potency.

Costs to maintain and upgrade railroad track are significantly higher today than 20 years ago—$3,500 just doesn’t buy what it used to, whether it’s wood ties, steel track, ballast, track machines, or the skilled labor necessary to install and maintain any of it. Based on the STBpublished Rail Cost Adjustment Factor, the credit cap per mile would need to increase from $3,500 to $6,100-$6,900 to maintain its original purchasing power. Additionally, expenditures on track that became a short line after Jan. 1, 2015, are ineligible for earning the credit.

The good news? The solution is straightforward and embodied in legislation recently introduced by Reps. Mike Kelly (R-Pa.) and Earl Blumenauer (D-Ore.) in the House (H.R. 9522) and Sens. Ron Wyden (D-Ore.) and Mike Crapo (R-Idaho) in the Senate (S. 5008). The legislation increases the credit cap to $6,100 per mile, indexes the cap to inflation going forward, and allows eligibility for all current short line track.

On Sept. 19, short line representatives from across the country came to Washington, D.C., to promote the legislation and seek co-sponsors. While we do not expect this tax legislation to be brought up in these last few weeks of the 118th Congress, there will very likely be a tax bill in the 119th Congress to address a large group of expiring 2017 tax provisions. Our goal is to get a jump on this issue so we can start strong with a new Congress in 2025.

That new Congress will have close to 200 Members who were not in office when 45G was last considered in 2020, and most will know little about the workings of the credit and its benefits. For those Members who were in office back then, a refresher course cannot hurt. Our Sept. 19 participants came armed with the following top five reasons to support this legislation.

1. Maximizing private infrastructure investment: The credit requires a dollar of private investment to earn 40 cents of tax credit. The government is not giving us a dollar, but rather letting short lines invest more of what they earn in maintenance and improvements. The additional spending power allows short lines to speed up projects that are in the works and take on new projects that would otherwise be unaffordable. Since 2005 short lines have invested tens of billions into their infrastructure and a very meaningful portion of that was made possible by the tax credit.

2. Creating jobs: Railroad rehabilitation is labor intensive. As small businesses, most short lines do not have the in-house labor force or specialized equipment needed so must hire contractors for most of this work. The FRA estimates

that 50% of every rehabilitation dollar goes to labor.

3. Benefitting shippers: Railroad customers are the ultimate beneficiaries of the credit. Short lines operate in areas no longer served by the Class I railroads. Efficient and reliable short line connections to the national network are absolutely essential for shippers to serve their customers, receive their raw materials, and compete for business. And shippers receive substantial competitive benefits by using rail. Take for example Farmrail, a typical agriculture-area short line. Farmrail’s cost of moving the 95 miles from Clinton to Enid, Okla., is $6.10 per mile versus $8.25 per mile for comparable truck service. That cost advantage is duplicated on virtually every short line in the country.

4. Buying American goods and services: Railroads are an all-American proposition. They can’t take their operations or jobs overseas and virtually everything they buy to improve their infrastructure—the ties, the rail, the ballast, the signal systems—are made in America. The American railroad supply industry is the most vibrant in the world, employing tens of thousands of Americans and it is railroad spending that keeps it that way.

5. Improving Safety: Every dollar invested in improving railroad track and bridges is an investment in a safer railroad. For short lines, the leading cause of derailments is simply bad worn-out track, which the credit helps us address. According to FRA data, short line derailments have been reduced by 50% since the credit was enacted.

We believe it is a compelling case, and we intend to aggressively pursue that case as soon as the new Congress begins its work.

Mechanical Department Regulations

FRA News:

There are no new proposals or final rules to report for this issue. Be sure to check back next month to see if there are any changes to FRA regulations.

Part 232: Brake System Safety Standards

49 CFR 232. Regulations and general requirements for all train brake systems, inspection and testing, periodic maintenance and training requirements, and end-of-train devices for Class I, II, and III railroads. Plus the introduction of new brake system technology. Softcover. 155 pages Updated 12-11-20

BKBSS Brake System Safety Standards $19.50

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Part 215: Freight Car Safety Standards

49 CFR 215. Prescribes the minimum safety standards for freight cars allowed by the FRA. Includes safety standards for freight car components, car bodies, draft system, restricted equipment and stenciling. Softcover, spiral. Updated 12-28-23

Order 50 or more and pay only $9.90 each

Part 231: Railroad Safety Appliance Standards

49 CFR 231. General requirements for safety appliances including: handbrakes, brake step, running boards, sill steps, ladders, end ladder clearance, roof handholds, side handholds, horizontal end handholds, vertical end handholds, and uncoupling levers. 106 pages. Softcover. Updated 12-28-23

BKSAS Railroad Safety Appliance $13.00

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Railroad Operating Rules & Practices

49 CFR 217 to 218. Part 217: Purpose, Application, Definitions, Penalty, Operating Rules, Program of Operation Tests and Inspections; Program of Instruction on Operating Rules, Information Collection. Part 218: General Blue Signal Collection of Workers Protection of Trains and Locomotives, Prohibition against tampering with safety services, Protection of occupied camp cars. Softcover. Spiral bound. Part 217 updated 12-28-23, Part 218 updated 6-10-24.

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Railway Age October 2024

Fastener Innovations–Right On Track

The Great Boxcar Divide

AILWAY GE

PERFORMANCE ON TRACK®

Innovative Fixation Solutions for Future-Proof Networks

Industry Indicators

‘UNCERTAINTY, BUT REASON FOR CAUTIOUS OPTIMISM’

Industry Outlook

NYMTA Eyes $68.4B 2025-2029 Capital Plan

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Where Art Thou, Consensus Building?

Much Ado About 2025

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LEWIS BOLT & NUT COMPANY

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The Rail Growth Imperative:

A Tale of Two Days

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NOVEMBER

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