What can we expect from the rail freight industry in 2020?

Rail freight is expected to be flat and possibly down some in 2020, though not to the extent of 2019. Demand-side recovery is not anticipated. Deliveries will continue to outpace retirements, providing no supply-side relief. Pricing pressure will likely continue as the surplus is expected to decrease. Long term, there is optimism beginning in 2021. Tariff issues will likely be resolved, and PSR will continue to improve.