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RailTrends 2010, which was held Sept. 28-29 in New York City, was our best ever. Here are a few highlights, which continue to support the “rail renaissance” thesis, albeit not without some risk:

• A full, comprehensive series of discussions on the three major federal government issues of the day — re-reg, positive train control (PTC) and the passenger rail interface — showed one win, one loss and a tie. I believe we have passed the high-water mark of the rail re-reg movement, despite the noise (hearings etc.) in Washington, and discussions at RailTrends seemed to confirm that — the odds of S. 2889 passing are very low in 2010 and will drop significantly next year. This alone is a significant takeaway. Meanwhile, PTC is still the $10 billion “unfunded mandate” with as yet unproven technology with no positive news — so far, anyway — on government funding despite the obvious case for it. And the emerging high-speed rail movement may be threatened by the political tide, and provides some capacity risk offset by funding opportunities.

• Presenters offered a general sense that the economy is growing steadily but not yet spectacularly. Representatives from several carriers in the audience were more upbeat than the presenters.

• Intermodal opportunities have moved from the “possible” category to “probable” and we heard excellent presentations on the subject from Florida East Coast Railway President and CEO Jim Hertwig, TRAC Intermodal (Fortress) VP of Business Development Adam Bridges, HUB Group Inc. Chief Intermodal Officer Chris Kravas and, as part of his sterling keynote address, BNSF Railway Co. Chairman, President and CEO Matt Rose.

• Mega-utility Southern Cos. (courtesy of Coal Services Director Rob Hardman) took us through its fuel sourcing strategic options, given the upcoming changes in emissions legislation and/or regulations. Although the changes provide real risk for the long-time backbone of the rail commodity base, we heard the declaration “Don’t count out coal!” loudly and clearly.

• Genesee & Wyoming Inc.’s (GWI) case for its patient yet still aggressive strategy — presented by President and CEO Jack Hellmann — was the best I have ever heard. Australia looks like another big winner (again) for GWI.

• A great case-study example of a win-win-win among CSX Transportation, short-line holding company Watco Cos. Inc. and a major chemical customer, Solutia — with opportunities to use this model elsewhere.

I'll issue a more detailed report next week.

Tony Hatch is an independent transportation industry analyst and consultant, and program consultant for Progressive Railroading's annual RailTrends conference. He can be reached via email at abh18@mindspring.com.