“It’s the worst market I’ve seen in my 30-plus years in the industry,” railcar appraiser Patrick Mazzanti told the Journal. David Nahass, president of Railroad Financial Corp., which provides advisory services to railroad firms, told The Wall Street Journal that “the industry is suffering, there are no two ways about it. Lease rates are down, and there’s not a source of hope about when it will start to improve.”
The Journal, citing the Association of American Railroads (AAR), said about 400,000 railcars currently sit in storage with no use at all, and many are bank-owned.
