“Starting with Bulk, we expect coal volumes to significantly exceed last year's levels, driven by current forecast for natural gas prices through the remainder of 2025 and the new volume with LCRA.”

In context

“iven by a strong customer demand and favorable weather conditions compared to last year. And increased shipments of industrial chemicals were partially offset by continued softness in our forest products market. Premium revenue for the quarter was down 4% on a 1% increase in volume and a 4% decrease in average revenue per car, reflecting the mix impact of increased international intermodal shipments and lower fuel surcharges. Intermodal volumes continued to show year-over-year growth as our business development efforts offset market uncertainty and slower consumer spending. Automotive volumes were down based on reduced OEM production. Turning to Slide 10. Despite the challenging market outlook, our hustle mindset and continued focus on business development gives us the edge to outperform. Starting with Bulk, we expect coal volumes to significantly exceed last year's levels, driven by current forecast for natural gas prices through the remainder of 2025 and the new volume with LCRA. Grain had a strong first half of the year. And while we are still a couple of months from fall harvest, the 2025 crop looks favorable, and we are working to finalize customer demand. We're evaluating competitive risk to the fourth quarter exports. As it relates to grain products, our intense business development focus will offset policy-related uncertainty in renewable fuels and associated feedstocks. Moving to Industrial. Our strong investments in our Gulf Coast franchise continue to help us win in the petrochemical market. For example, we are proud to serve out new expansions in Freeport, Texas, which began operations last month. We anticipate stable performance in the metals and minerals markets. Tariff activity continues to impact metals shipments, but this is balanced by continued st”