Track Work & Logistics Weekly

Research evidence excerpt

Track Work & Logistics Weekly

Global Research WEEKLY REPORT

May 22, 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

Montgomery/SCOTUS call with KOLs this week corroborated gains for asset-players.

Jason H. Seidl Infrastructure bill laid out transportation investments. This week's chart shows dry van spot

646 562 1404 rates, which took a double-digit step up w/w through road check week.

jason.seidl@tdsecurities.com

Elliot Alper Montgomery/SCOTUS: KOL Call Corroborates Gains for Asset-Truckers (Note)

646 562 1403

elliot.alper@tdsecurities.com We hosted a call on implications of the Montgomery SCOTUS ruling with an insurance

executive and transportation lawyer. Insurance pricing gap should narrow significantly over

Uday Khanapurkar, CFA the coming years between asset-based carriers and brokers. MSD-HSD capacity could be

646 562 1362

removed from the market due to low safety ratings. Asset-based truckers remain the clear

uday.khanapurkar@tdsecurities.com

beneficiaries to us.

TD SECURITIES INC. - CANADA IIJA/BUILD Legislation Promises Transport Investment

The transportation bill allocates $240 billion over five years to freight-related infrastructure.

Tim James, CFA^ Total surface transportation funding is $674 billion. Roads and bridges receive about

416 308 9773

$110 billion, including $40 billion for bridge repair and $16 billion for major congestion projects.tim.james@tdsecurities.com

Rail funding totals roughly $102 billion, spanning freight and passenger networks. Airports

receive $25 billion, while ports and maritime projects receive about $17 billion.