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Upswing in domestic demand gives railfreight operators a revenue boost

Union Pacific led the way on the North American containerised rail freight front over the three months to October, amid all the noise surrounding its pending acquisition of Norfolk Southern - but it was not alone in enjoying a bountiful summer. In general, North American intermodal operators benefited from an upswing in domestic freight demand and a continuing tightening in the trucking market, with revenues up for all four of the major carriers. Boasting a 27% year-on-year revenue increase, Union Pacific took home some $1.52bn over the quarter, with volumes up 11%, to 956,000 carloads, and pointing specifically to reduced trucking capacity as behind the gains. EVP marketing and sales Kenny Rocker said: "Domestic delivered its fifth consecutive record quarter in volume and revenue. Our foundation of service, combined with strong business development and deployment of buffer resources enabled volume growth. "International intermodal volumes improved 8%, driven by west coast import volumes and business wins. In automotive, business wins offset continued market softness. We saw strength in auto parts driven by growth with our current OEMs." EVP operations Eric Gehringer added that its intermodal service performance index finished the quarter at 92%, despite volumes increasing 11%, noting it responded to the improving freight market by "unstacking containers and utilising our buffer of resources". Sharing the positivity, CSX also boasted a strong third quarter, with intermodal revenue increasing 20%, to $634m, while volumes climbed 7%, to 820,000 units, attributing gains to landing key customers, new service offerings, and the tighter trucking environment. Chief commercial officer Maryclare Kenney said: "Conversions from the highway remain strong, and the new service offerings through Birmingham, Myrtlewood, Baltimore, and other areas are performing well and attracting new business." She noted that international volumes had been relatively flat, particularly during the latest quarter, but pointed to the completion of full double-stack clearances through the Howard Street Tunnel in Baltimore as another opportunity to attract traffic. "We're very optimistic about the opportunities as we close this year and go into next on the domestic intermodal side," she told investors, adding that the tightening in trucking could prove a boost when yields come up for renewal. Not one to miss out, Canadian Pacific Kansas City (CPKC) also reported double-digit revenue growth in intermodal, up 22% year on year to $583m, as volumes rose 9%, to 489,800 carloads. Together with the increased traffic, stronger pricing likely played its part in driving the improvement for the Canadian operator that saw its revenue per carload increase 12% year on year, to $1,190. There was another CPKC performance in the build-up to those results being released, namely its latest effort to derail Union Pacific's proposed purchase of Norfolk Southern, an intervention described by Premium as "extraordinary". In a 30 October submission to the US Surface Transportation Board, the carrier urged the regulator to terminate its review of the deal, alleging UP's campaign for approval "had intimidated shippers and compromised the integrity of the proceeding". The argument is not whether a coast-to-coast network would raise rates or eliminate competitive routes, but "whether the STB can reach a trustworthy decision if the people who depend on the applicants for rail service are reluctant to testify against them". Meanwhile, Canadian National was the only one of the big four railroads to record a decline in box volumes, as they fell 6% on the same period last year, to 542,000 teu, despite recording a 9% year on year revenue bounce, to $765m. Explaining the drop-off, CN pointing to the decline in international shipments through the ports of Halifax and Prince Rupert, with the upturn in Vancouver traffic insufficient to offset those losses. As to why this did not eat into revenues, it seems the higher income per RTM - 12% up on 2025 to a little over $6 - likely offset the reduction in volumes - although not doing enough to see a clean sweep of revenue and volume growth across all big four operators.

Vessel operators need to prepare for compliance as UK ETS looms

Shipping operators face a new compliance burden under the UK Emissions Trading Scheme (UK ETS) - a £100 ($133) penalty for every missing allowance, adding financial pressure to a regime that will bring offshore vessels into scope from January. The requirements were outlined in a webinar hosted by Normec, which detailed the monitoring, reporting and allowance-surrender obligations facing vessel operators under the scheme. Operators of ships above 5,000 gross tonnes must monitor emissions of carbon dioxide, methane, and nitrous oxide, submit verified annual emissions reports, and surrender allowances to cover their liabilities. A key early hurdle is obtaining regulatory approval for an emissions-monitoring plan. Operators must apply within 42 days of their first maritime activity or port call in the UK, according to the webinar. Without an approved plan, operators risk complications with the verification process, with site visits and risk assessments among the requirements that must be addressed ahead of key deadlines. The first reporting period covers H2 26, before full calendar-year reporting begins in 2027. Annual emissions reports must be verified by 31 March 2027, while allowances covering the relevant reporting periods must be surrendered by 30 April 2028. Normec noted that the penalty for failing to surrender sufficient allowances was £100 per allowance, in addition to the outstanding obligation to surrender them. The scheme covers emissions generated while ships are at berth, as well as those produced during voyages, putting port activities firmly within operators' reporting calculations. Voyages between UK ports are covered in full, while different rules apply to international voyages, and services between Great Britain and Northern Ireland. For international voyages arriving at UK gateways, emissions from inbound port activities must be accounted for, even where the voyage itself is excluded from the scheme, according to the presentation. Offshore vessels are expected to join the regime in 1 January without a phase-in period, adding another segment of the maritime industry into the compliance framework. And the scheme's scope could widen further, with a proposal to include 50% of emissions from international voyages, although no outcome had been announced following a consultation at the time of the presentation. A registered shipowner is the default maritime operator responsible for compliance. An international safety management (ISM) company can assume that responsibility only if specified conditions are met, including a formal delegation. Delegations must be recorded for each ship, cannot be backdated, and changes in responsibility must be communicated through the reporting platform within 14 days. Operators must also keep fleet records current, and update monitoring plans when ships enter or leave their fleets. The webinar noted that, unlike the EU maritime emissions monitoring, reporting, and verification system, the UK scheme requires monitoring plans to be approved by the regulator rather than the verifier, creating an additional step for operators preparing for implementation.

SmartKargo launches AI apps

Air cargo tech firm SmartKargo expanded in the world of AI with the release of four new apps that aim to drive revenues, reduce costs and reduce risks. The four apps launched by the company cover revenue and capacity management (AIRCAM); control tower services (AIRNOC), ULD and asset management (AIULD), and messaging and interoperability (AICTX). AIRCAM forecasts capacity, predicts demand, and recommends dynamic spot rates in real time, while AINOC provides a single view across the network, finding exceptions before they become delays. Meanwhile, AIULD tracks and forecasts ULD location, condition, and availability and AICTX connects cargo systems through a standards-based messaging layer. SmartKargo said that each app runs on top of an airline's existing cargo management system so there is no need for a system migration. Meanwhile, the apps are modular and "go live in weeks, not years", letting airlines start with a single use case and expand. "Artificial intelligence is everywhere in air cargo conversations right now. Every vendor has a roadmap, every conference has a panel, and every airline is being told AI will change everything," said Olivier Houri, chief revenue officer of SmartKargo. "At SmartKargo, we start with something far more useful than hype: a business question." SmartKargo claimed its apps are designed to drive revenue, reduce costs or reduce risk. "Every app that ships delivers on one, two, or all three -- and operates responsibly and securely, because airlines trust SmartKargo with their operations, their data, and their customers," the company said in a press release. "These apps aren't a research project or a roadmap slide," Houri continued. "They're built to plug into whatever cargo system an airline already runs, start delivering value in weeks, and grow with the airline from there. That's what flexible, responsibly built AI should look like." SmartKargo added that it would look to extend its portfolio of AI products in the future, as well as building on the capability of existing services.