Transport Tracker: Issue #1229, week ending May 13: BofA 33rd Industrials/Transport Conf Wrap-up

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Transport Tracker: Issue #1229, week ending May 13: BofA 33rd Industrials/Transport Conf Wrap-up

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Transport Tracker

Issue #1229, week ending May 13: BofA

33rd Industrials/Transport Conf Wrap-up

Industry Overview

Hoexter’s Thought of the Week: 14 May 2026

Transports in vogue – growth brings investors to table Equity

United StatesThis week, Monday night through Thursday, we hosted BofA’s 33rd Annual Industrial, Transport/Infrastructure

Transportation, & Airlines Key Leaders Conference (see our Conference Takeaways

note). We hosted nearly 90 companies and industry experts with 52 sessions and 89

firms hosting 1x1 meetings, with more than 450 registered investors. Our sessions

focused on the railroad, parcel delivery, less-than-truckload, intermodal, truckload,

brokerage, autonomous trucking, product tanker and barging sectors. We were also

joined by a port operator, and industry experts.

Demand steady - supply tight - price up - margins solid

This year’s key themes revolved around supply-led tightening, improved pricing

discipline, and end demand remaining stable to modestly improving. Across modes,

management teams emphasized pricing power returning, cost discipline sticking, and

structural margin expansion, though fuel and geopolitical volatility remain key swing

factors. Railroads are posting low- to mid-single-digit volume growth, LTL trends are KenResearchHoexterAnalyst

improving sequentially but remain choppy, and truckload demand is steady after a brief BofAS

+1 646 855 1498

uptick earlier in the year. Truckload (HSD-LDD), Brokerage (HSD-LDD) and LTL (MSD- ken.hoexter@bofa.com

HSD) contract renewals are accelerating upward (spot rates higher at 20%+). XPO, Adam Roszkowski, CFA