Fourth-quarter earnings could provide some signs that 2025 will be a brighter year for freight-transportation companies. In this Talking Transports podcast, Ravi Shanker, Morgan Stanley’s managing director and lead North American freight transportation and airlines analyst, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about what could be in store this earnings season and how freight demand could shape up in 2025. Restocking inventories ahead of any potential tariffs might be a tailwind for 1H demand and then become a challenge into next year if inventories remain elevated. Shanker also discusses where he sees the freight cycle, “premiumization” of the airline industry, Canadian vs. US railroads and what he loves most about being a research analyst on Wall Street.

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