Talk Track by Telegraph

STB Greenlights UPNS Merger Application…With Conditions

Mon, 01 Jun 2026 23:00:00 -0500

The Surface Transportation Board hit the industry with a surprise May 28th when it suddenly came in with a ruling on the UPNS merger application. In our latest Talk Track episode, Harris + David start unpacking what the filing actually says + how the STB is currently looking like the winner in all this.

They cover the Board’s pretty pointed request for more competitive data, what the further hearings might mean, + how the industry as a whole is starting to position itself - from capital being closely held to contingency plans being made. Alongside all of this, they also turn the conversation towards the Build America 250 surface transportation bill - CRISI grants, telematics investment, + the two-person crew mandate, in particular. Freight railroads are truly a hot topic right now + we expect more headlines to come!

Talk Track, hosted by Harris Ligon + David Correll of Telegraph™, is a spin-off series dedicated to timely rail industry news. From service shakeups to technology breakthroughs, each episode delivers a behind-the-scenes perspective on all the happenings shaping the future of freight rail.

Harris + David will bring their decades of rail experience to help them parse through the latest industry headlines, evolving regulations, + the long-term forecasts for how railroads move freight across North America. Find us at telegraph.io/insights, Apple Podcasts, Spotify, or wherever you listen to your favorite podcasts.

About Our Hosts

Harris Ligon is the co-founder + CEO of Telegraph. Prior to launching Telegraph, he spent nearly 15 years in surface transportation at Uber Freight, Norfolk Southern, + BNSF Railway. During this time, he led teams in operations, strategy, business development, + product development.

David Correll is the Director of Freight Market Intelligence at Telegraph. He has spent two decades in transportation and logistics with the US Department of Transportation, the US Department of Energy, the Massachusetts Institute of Technology, and Clark University.

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

Union Pacific + Norfolk Southern Merger Filing: What the Revised Submission Really Means for Rail

Tue, 12 May 2026 19:00:00 -0500

The revised merger filing between Union Pacific + Norfolk Southern has landed on + it grew from roughly 6,800 pages to over 7,000. But do more words on paper actually mean more clarity? On this episode of Talk Track, Harris + David dig into what's really in the updated submission, what's noticeably absent, + whether any of it changes the fundamental calculus around approval.

From regulatory history that shaped today’s STB standards to whether or not this merger is enhancing competition or merely consolidating power, the duo breaks down every angle. The operational logic is sound. End-to-end service, fewer handoffs, better value for shippers - on paper, it all makes sense. But whether those efficiency gains flow to shippers or straight to shareholders is a very different conversation. The politics of this particular moment matter too. This is a deeply political merger in a deeply political environment. Watch closely for the STB’s response in the coming weeks - this merger for the ages story is far from over!

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

Cloudy with a Chance of Carloads

Mon, 06 Apr 2026 13:00:00 -0500

The forecast is calling for grain, grain, grain…with a slight chance of geopolitical disruption + a 40% probability that everything changes again before next week.

In Cloudy with a Chance of Carloads, Harris + David return with Telegraph’s Q2 2026 Market Consist. As we head into summer, they break down what they are seeing in data - mostly that grain carloads are looking really strong, chemical moves are definitely facing headwinds, + that shipper-friendly market we’ve all enjoyed this last year? It might just be closing up shop.

With the USMA renegotiation up in the air - which could easily impact cross-border freight volumes - the fact that 2026 is basically tracking on par with 2025 is actually something close to good news.

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

Crude Intentions

Tue, 24 Mar 2026 13:00:00 -0500

When conflict half a world away closes the Strait of Hormuz + sends West Texas Intermediate (WTI) crude past $100 a barrel, the ripple effects don't just stay in the Middle East, they also show up on American railroads. In "Crude Intentions," Harris + David connect the dots between the escalating energy crisis + what it actually means for shippers, equipment owners, + Class I operating expenses.

David, a former US Department of Energy economist who once had to explain anything above $28 per barrel crude to the Secretary's office, puts the current numbers in sharp relief. The pair then digs into the mechanics of fuel surcharges, as well as railroad earning call expectations.

The episode spans everything from tanker cars to corn + soybeans. They also pull back the curtain to examine the US-China trade relationship + what a newly complicated energy dynamic could mean for intermodal volumes. The bottom line? When energy markets get this volatile, nothing on the freight rail network is insulated.

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

The Intermodal Ultimatum

Mon, 02 Mar 2026 13:00:00 -0600

In this episode of “Talk Track”, David sits down with Larry Gross - a 46-year rail industry veteran, award-winning “intermodalist,” + long-time market analyst - to tackle the tough question: does US intermodal have a long-term growth problem? Larry breaks down the data behind his viewpoint - comparing intermodal’s 10-year performance to GDP, import TEUs, + long-haul truckload. He also explains why intermodal share has stagnated despite nearly constant claims that it is actually the industry’s growth engine.

David + Larry break down the intermodal math that really matters to shippers: rail doesn’t have to beat truck on speed, but it does have to beat it on cost. Larry argues that years of simplification + interline avoidance may have optimized the railroads…perhaps at the expense of leaving growth on the table.

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

A Series of Uncertain Events

Mon, 02 Feb 2026 13:00:00 -0600

In “A Series of Uncertain Events”, Harris + David break down the “Telegraph Market Consist” for 1H 2026 + what the next three to six months may hold for freight rail. The outlook is…murky, with carload volumes projected to dip 3–5% + intermodal 5–6%. The bright side? This all potentially ripens the conditions for what looks like a shipper’s market.

They unpack the forces behind those lower volumes - from international trade headwinds + tariff turbulence to weaker domestic indicators. They also dive into lanes where intermodal is gaining ground versus truckload. For rail shippers the message is pretty simple: in a cycle like this, leverage matters + this may be just the moment to use it.

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

The STB Strikes Back

Tue, 27 Jan 2026 13:00:00 -0600

The merger saga just took a dramatic turn. In “The STB Strikes Back”, Harris + David are breaking down the STB’s decision to reject the UP-NS application, as well as what that could signal for the future of the potential transcontinental railroad.

After months of speculation by everyone from competitors to customers, we have finally seen some actual regulator input + that alone has brought a bit of surprise +, quite possibly, even more questions. Stay tuned - this epic is just getting underway + there is plenty more drama to come!

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

The Importance of Being Competitive

Wed, 19 Nov 2025 13:00:00 -0600

The proposed Union Pacific + Norfolk Southern merger has been framed as a means of establishing more competition among railroads, but is this message supported by the math? In “The Importance of Being Competitive”, David is joined by guest host Dr. Jason Miller, a professor of Supply Chain Management at the Broad College of Business at Michigan State University, to help break down the logic behind this proposed deal. Jason argues that the rail industry’s volume challenges will not be solved through consolidation.

David + Jason examine whether a merged UP + NS truly creates value for shippers, unlocks new rail conversion opportunities (spoiler alert: Jason doubts it), + what it means for one carrier to control over 40% of many commodities tracked by the STB. Is this merger really about competition or just the appearance of it?

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

Gone With The Freight

Thu, 02 Oct 2025 13:00:00 -0500

Telegraph’s first-ever Market Consist is here and Harris + David are pulling back the curtain on what the data really tells us about the state of freight rail.

From intermodal’s potential slowdown and Chicago hub velocity to the role of USMCA in protecting critical cross-border flows, they dig into where the industry stands and where it’s headed. Is the growth runway for intermodal as wide as many assume, or are capacity constraints closer than expected?

This inaugural report isn’t about saying “up a little here, down a little there.” It’s about actionable insights: what shippers can do, how to navigate tariff turbulence, and why even in a turbulent market, opportunities remain.

📈 Want to read the full Market Consist? Visit telegraph.io/insights.

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

Pride + Intermodal

Tue, 02 Sep 2025 13:00:00 -0500

BNSF + CSX made waves by announcing a new coast-to-coast intermodal service designed to strengthen east to west connectivity - a timely counterpoint to the proposed UP + NS merger. In “Pride + Intermodal”, Harris + David discuss whether this is the start of a second mega-merger conversation (spoiler alert: Uncle Warren has indicated it’s not), and if this move could complicate things for UP + NS with the STB.

By dissecting the competitive angles, service implications, + bigger strategic game at play, Harris + David look at how the Class I’s are positioning themselves for the future. Is this a true thorn in the side of UP + NS? A response to a mandate? Or just an opportunistic play? Harris + David are digging into the details to help figure it out!

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...

A Tale of Two Railroads

Mon, 11 Aug 2025 13:00:00 -0500

It’s the story currently dominating industry news: the pending merger between Union Pacific + Norfolk Southern. Beyond the headlines, this merger raises big questions about operational integration, cultural fit, + what it means for rail competition.

In this first episode of Talk Track, Harris + David draw on their respective railroad experience to unpack what this merger could mean for shippers, employees, competition, + the general future of freight rail in North America. With keen insights, they explore all the stakes that come into play in the face of the first modern transcontinental railroad.

About Our Hosts

About Telegraph

Telegraph is a leader in delivering digital solutions to railroads, shippers, logistics service providers, terminals, + railcar leasing companies. With an integrated platform that prov...