Track Work & Logistics Weekly

Research evidence excerpt

Track Work & Logistics Weekly

Global Research WEEKLY REPORT

June 18, 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

BNSF moved forward on the $4bn Barstow intermodal project in California. Cass Freight Index

Jason H. Seidl for May points to early signs of a demand recovery in freight. QTD rail volumes are +3.4% Y/Y.

646 562 1404 This week's chart shows the Cass Freight Shipment Index clocking its lowest Y/Y decline in 18

jason.seidl@tdsecurities.com

months.

Elliot Alper

646 562 1403 BNSF Moves Forward on $4bn Barstow Intermodal Project

elliot.alper@tdsecurities.com

BNSF secured local approval for its $4bn Barstow International Gateway project in California,

Uday Khanapurkar, CFA advancing plans for a major inland intermodal hub that will connect West Coast ports with

646 562 1362

inland distribution networks. The facility is designed to shift a meaningful share of container

uday.khanapurkar@tdsecurities.com

volumes from trucks to rail, improving network efficiency and reducing congestion on

TD SECURITIES INC. - CANADA highways. Local officials emphasize expected benefits including job creation, economic

EQUITY RESEARCH growth, and improved supply chain fluidity. The project is sizable and strategically positioned

to strengthen freight connectivity across Southern California and the broader U.S. logistics

Tim James, CFA^

system. Despite approval, it continues to face opposition and environmental scrutiny from

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some community stakeholders.

tim.james@tdsecurities.com

Rail Carloads +5.1% Y/Y

NA Carloads in Week 23 were +5.1% Y/Y. Total U.S.