Ann: LAU FY2022 Results Announcement, page-12

Yes, from observation, unlisted outfits like (USA owned?) Unit 45 (a crowd I'd never heard of) plus the privately owned Linfox and sometimes various shipping lines or their clients are big customers of Pacific National's numerous intermodal trains.

Some chemical companies like Orica are also big users, and PN plus another rail operator, competitor SCT, carry enormous amounts of groceries across the Nullarbor. WOW offshoot EDV (Dan Murphy's, BWS and 330 plus ALH group hotels) mentioned in its FY 22 results that the closure of the east-west rail line due to flooding northwest of Port Augusta, SA for four weeks in 2H 22 cost it lost sales. More manufacturing occurs in Melbourne than Sydney, so there's a great number Perth-bound freights trains from the former.

Listed QUB also uses intermodal trains operated by PN, as do other unlisted concerns, some of which hire out containers to individual companies.

The ongoing decline in foreign-flagged container ships' 'coastal shipping trade' has boosted rail container numbers, although obviously if there's a recession and consumer spending declines, in time it won't be immune from a drop.

Between Melbourne and Brisbane, 11 removalist companies put containers on rail, full of household effects. It's largely one way traffic, north, as Victorians escape from Daniel Andrews. Whether Queen Annastacia is much better is a moot point.

It's incredibly pleasing that LAU is doing well in both rail and road at the moment. Make hay while...