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This week’s FTR Rail and Intermodal Update with Joseph Towers covered a mix of leadership changes, regulatory developments, and market performance data shaping the rail industry.
CSX Leadership Transition
Joe Hinrichs departs: Hinrichs, who emphasized employee culture and constructive labor relations, has departed CSX unexpectedly.- Steve Angel steps in: The former Linde CEO, known for driving shareholder returns, often times through mergers, has taken the helm. Like Joe, Steve comes from a background outside of rail. His appointment raises questions about CSX’s future direction, especially in light of the proposed UP-NS merger.
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Rail Market Update Podcast
This article was created from an excerpt from FTR's biweekly rail podcast with Joseph Towers.
STB Lawsuit and Shutdown Impacts
- Robert Primus lawsuit: The former STB board member has filed legal action against President Trump and the Board, citing wrongful termination. The case highlights concerns about STB independence and governance.
- Government shutdown effects: STB operations—including service data updates—are paused, limiting access to weekly metrics like those found in the EP724 docket.
Weekly Rail Traffic Snapshot 
- Total rail traffic: +0.8%
- Carloads: -0.6%
- Agriculture up 7.5%
- Nonmetallic minerals up 7.0%
- Chemicals up 0.6%
- Metals (-5.7%), forest products (-5.1%), and coal (-3.4%) posted this week's most significant declines
- Intermodal: +2.2%
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- Growth driven by CSX and Norfolk Southern recovery from 2024 disruptions
- Union Pacific down 12.6%, BNSF modestly up 1.7%
- Canadian National strong at +9.0%, CPKC flat
- GMXT (Mexico) surged +21.2%, marking its best week in two years
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Why It Matters
These developments underscore the dual nature of rail industry dynamics right now:
- Leadership and legal shifts at CSX and the STB could reshape future strategy and oversight.
- Traffic data continues to show uneven momentum, with agriculture and nonmetallic minerals holding up while core groups like metals and coal remain under pressure.
- Intermodal growth is patchy—fueled by comparisons more than true demand recovery.
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