Track Work & Logistics Weekly

Research evidence excerpt

Track Work & Logistics Weekly

Global Research WEEKLY REPORT

May 15, 2026

■Air Freight Track Work & Logistics Weekly

■Airfreight & Surface Transportation: Air

Freight & Logistics

■Airfreight & Surface Transportation:

Trucking

■Airfreight & Surface Transportation: Rail

TD SECURITIES (USA) LLC THE TD COWEN INSIGHT

EQUITY RESEARCH

This week provided another jolt to the Supply Chain news cycle with SCOTUS releasing a

Jason H. Seidl landmark decision that increases brokers exposure to accident claims. We also hosted a

646 562 1404 dinner with CSX management in NYC where they struck a constructive tone on near-term

jason.seidl@tdsecurities.com

demand trends and internal cost execution. This week's chart shows the Cass Freight shipment

Elliot Alper index.

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elliot.alper@tdsecurities.com CSX Management Dinner Takeaways

Uday Khanapurkar, CFA We hosted a dinner with CSX management last night in NYC. Management struck a

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constructive tone on near-term demand trends and internal cost execution. CSX is taking a

uday.khanapurkar@tdsecurities.com

calculated and prudent response to the revised merger filing, and should continue to be an

TD SECURITIES INC. - CANADA active voice. Broad variety of structural productivity measures in engineering, maintenance

EQUITY RESEARCH and Quality Carriers underway. CSX has started double stacking intermodal service on the

Howard St. tunnel route as of last week.

Tim James, CFA^

416 308 9773 SCOTUS Expands Broker Liability: Assets and Scale Should Win (Note)

tim.james@tdsecurities.com

Landmark SCOTUS ruling will make brokers liable for safety claims. Well capacitized,

highcompliance asset players gain most and we reiterate KNX top pick. Large, compliant