Ann: Aurizon secures major national freight contract, page-41

AZJ's restart in intermodal was criticised by at least one analyst who said margins were lower than in (say) coal haulage.

That may still be true - I lack data - but LAU has put out a trading update saying it expects a further improvement in a key metric of between 25 and 40.84 per cent due to the collapse of Scott's Refrigerated Transport. The latter exclusively used Pacific National for rail haulage of containers such as Scott's Rand brand.

Presumably this also benefits other players, including but not limited to Team Global Express whose volumes account for filling 70 per cent of AZJ's new interstate intermodal rail flat wagons capacity with containers.

My point is AZJ may find filling the remaining 30 per cent of container slots a bit easier than it thought when it put the business plan together, because some non-Scotts carriers may choose AZJ rather than key competitor Pacific National, especially given TGE CEO Christine Holgate's comment that 'PN was being run like a monopoly.'