Track Work & Logistics Weekly

Research evidence excerpt

Track Work & Logistics Weekly

Global Research WEEKLY REPORT

July 10, 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

Private trucking panelists we hosted have seen rate increases ramp to high-teens levels.

Jason H. Seidl Panelists hosted this week see demand firming up driven by industrial volumes. UNP

646 562 1404 adequately addressed some gateway concerns in a filing this week with another key filing

jason.seidl@tdsecurities.com

expected by the 7/27 deadline. This week's figure shows our 2Q proprietary survey's rail price

Elliot Alper increase expectations.

646 562 1403

elliot.alper@tdsecurities.com Trucking & Logistics Roundtable: TL Contract Rates Now Trending +20%-30% (Note)

Uday Khanapurkar, CFA Private trucking and logistics panelists were incrementally bullish ahead of Q2 earnings. New

646 562 1362

TL contracts are trending as high as +20-30%, with a noteworthy pickup in demand over

uday.khanapurkar@tdsecurities.com

the last few months. Driver availability is leading to pay increases in 2H. LTL trends suggest

TD SECURITIES INC. - CANADA improved demand and stable to modestly improving pricing trends.

EQUITY RESEARCH Railroad Roundtable; Industrial Strength Gains Steam In Q2, Confident on 2H (Note)

Tim James, CFA^

Panelists spoke to broad based industrial strength that picked up through Q2 with bullish

416 308 9773

trends now expected in 2H. Most panelists were pessimistic coming into '26 and are now

tim.james@tdsecurities.com

bullish on demand trends for the back half of the year. Industrial development is here to stay,