Short-line railroads are a critical and sometimes underappreciated part of local, national and global supply chains. They provide first-mile and last-mile services to connect shippers and extend the reach of Class I rails. In this Talking Transports podcast, Michael Miller, the CEO of Genesee & Wyoming, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about the evolution of the company from a consolidator to one focused on organic growth and how it benefits from being private and investing through the cycle. Miller also talks railroad demand, consolidation, regulations, technology, pricing, free cash flow, tariffs and how his wife got him into railroading.

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Geopolitical risks like the crisis in the Red Sea or more protectionist trade policies are increasing inefficiencies in global shipping, which will require more ships to move the same amount of freight. In this Talking Transports podcast, Jan Rindbo, CEO of D/S Norden, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share insights about how its dry-bulk and product-tanker fleets are navigating the uncertainty. A more favorable order book is making the dry-bulk outlook brighter relative to the product tankers. Rindbo also talks about Norden’s focus on biofuels to reduce emissions, entrance into the break-bulk market, returning capital to shareholders and how his desire to see the world led him to a long career in shipping.

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Earnings growth for transportation and logistics providers will be driven by when the freight cycle will finally turn. The uncertain economic backdrop has made calling the cycle increasingly difficult for market participants. In this Talking Transports podcast, Ravi Shanker, managing director and lead North American freight transportation and airlines analyst at Morgan Stanley, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about what could be in store for 2Q earnings and the rest of the year. They touch upon the truckload, less-than-truckload, railroad, intermodal parcel, forwarding and freight brokerage subsegments. Shanker remains optimistic about truckload rates this year, which is driving his overweight rating on most carriers in the space. He also discusses rail consolidation, airlines, autonomous trucking, technology and which stocks he prefers heading into earnings.

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