Rail and Intermodal Update: CSX Leadership Changes, STB Legal Challenges, and Traffic Trends

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.

Don't miss an episode!

Rail Market Update Podcast

This article was created from an excerpt from FTR's biweekly rail podcast with Joseph Towers.

Listen now

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%
  • • 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

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.

Join industry leaders on November 4, 2025, in Houston for the FTR State of Freight: Chemicals & Petroleum Symposium—a one-day, deep-dive into how shifting trade, equipment markets, and economic forces are reshaping freight. Designed for shippers, carriers, and procurement professionals, this small-group forum blends expert forecasts with candid discussion to help you make smarter investment decisions.

Want to learn more about Joseph and how he can help your business?  Click on the image to learn more!

Uncertainty around tank and covered hopper demand makes it harder than ever to plan equipment investments with confidence. The 2025 RFC & FTR Chemical Cars & Capital Forum cuts through the noise, giving you the forecasts and financial insights you need to reduce risk and seize opportunity.