Below is our research library, listed in reverse chronological order. Please use the search box to look for research on a specific company or topic, or use the Calendar, Archives, or Sector links at left to browse for research from a specific time period or sector. If you are a Wolfe Trahan client and can not access any of the links in our library, please contact ITSupport@WolfeResearch.com to request our PDF decryption plug-in.
On Track, Week 13 Ending March 31: Rail Vols Up 1% (but +3.8% ex-coal) for all of 1Q Decelerate in the Last Week as Western Coal Weakens Further
Total Week 13 Rail vols declined 0.8% y/y, similar to -0.7% and -1.3% the prior 2 weeks. Excluding weak coal vols, rail vols grew 4.3% y/y for the week, improved from +3.8% and +2.6% the prior 2 weeks. Total rail vols for all of 1Q averaged +1.0% (+3.8% ex-coal), decelerated from +4.4% in 4Q (+5.2% ex-coal). Vols for the Canadian rails are relatively strongest driven by easy weather comps and less coal exposure.
This weekly report presents the most recent views we are hearing from industry insiders and summarizes the research of Wolfe Trahan. Included are (1) key takeaways, selected shipper comments; (2) notices of upcoming industry events; (3) key takeaways from some of our notes from the past week; (4) recent stock performance for our transport universe; (5) updated comparison tables for the airfreight & logistics group, railroads, and trucking; and (6) fuel trends for West Texas Crude Oil, On-highway diesel, Rail diesel, and Jet fuel.
We hosted a lunch with Deutsche Post DHL’s (“DPW’s”) VP of IR, Robert Schneider. We present key takeaways below and the read-across for FDX, UPS, TNTE, UTIW, EXPD and AAWW. What strikes us most about DPW right now is how stable their businesses feel. For the first time we can remember in 15 years, they are currently not going through any major acquisition integrations or massive restructurings. They feel very stable and well positioned to take share as their competitors are already in or likely poised to enter restructuring and integration phases.
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