The Road Ahead: Navigating an Uncertain Distribution Landscape. Atlanta, Georgia November 7, 2017

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Transcription:

The Road Ahead: Navigating an Uncertain Distribution Landscape. Atlanta, Georgia November 7, 2017 Lee Klaskow Senior Freight Transportation and Logistics Analyst Bloomberg Intelligence lklaskow1@bloomberg.net

The data included in these materials are for illustrative purposes only. The BLOOMBERG TERMINAL and Bloomberg data products (the Services ) are owned and distributed by Bloomberg Finance L.P. ( BFLP ) except that Bloomberg L.P. and its subsidiaries ( BLP ) distribute these products in Argentina, Bermuda, China, India, Japan and Korea. BLP provides BFLP with global marketing and operational support. Certain features, functions, products and services are available only to sophisticated investors and only where permitted. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or other information in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether or not to buy, sell or hold an investment. Information available via the Services should not be considered as information sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG TERMINAL, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS, BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG RADIO and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited partnership, or its subsidiaries. 2017 Bloomberg. All rights reserved. This document and its contents may not be forwarded or redistributed without the prior consent of Bloomberg. Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence shall not constitute, nor be construed as, investment advice or investment recommendations (i.e., recommendations as to whether or not to buy, sell, hold, or to enter or not to enter into any other transaction involving any specific interest) or a recommendation as to an investment or other strategy. No aspect of the Bloomberg Intelligence function is based on the consideration of a customer's individual circumstances. Bloomberg Intelligence should not be considered as information sufficient upon which to base an investment decision. You should determine on your own whether you agree with Bloomberg Intelligence. Bloomberg Intelligence is offered where the necessary legal clearances have been obtained. Bloomberg Intelligence should not be construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence subscriber's compliance with its tax, accounting, or other legal obligations. Employees involved in Bloomberg Intelligence may hold positions in the securities analyzed or discussed on Bloomberg Intelligence.

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About Bloomberg Intelligence BI is a dynamic research platform incorporating industry, company, credit, economic, regulatory and litigation research. Company primers are updated regularly in three geographic locations: U.S., Europe and Asia. This research is paid for as part of the terminal subscription unlike sell side research. Bloomberg Intelligence differentiates its research platform through: BROAD COVERAGE We cover more than 130 industries and 1,700 companies across the globe, including 10 major sectors and 21 economies. Our focused and dynamic approach to research allows users to swiftly get an overview or a deep dive into an industry, company, credit or market and its drivers and competitors. EXPERIENCED ANALYSTS We have a team of 200 experienced analysts and economists, averaging 20 years of buy- and sell-side experience, who provide independent and fundamental views on the key drivers of a given industry or company. DATA-DRIVEN RESEARCH Each company and industry BI follows is backed by transparent data, sourced from industry, company and 300+ third-party contributed and proprietary data sets updating in real-time. Users can interact with the data, unlike static, paper-based research. OBJECTIVE EVALUATION OF RISKS AND OPPORTUNITIES Bloomberg Intelligence analysts focus on company fundamentals and industry implications of trends and critical themes. The research is independent, objective, evaluates risks and opportunities. BI does not make investment recommendations.

Source: Bloomberg L.P.

Source: Bloomberg L.P.

Source: U.S. Census Bureau, Bloomberg L.P.

Source: Institute of Supply Management, Bloomberg L.P.

Source: FTR, Bloomberg L.P.

Source: Truckstop.com, Bloomberg L.P.

Source: Truckloadrate.com, Bloomberg L.P.

Source: Port of Los Angeles, Port of Long Beach, Port of NY/NJ, Bloomberg L.P.

Source: Association of American Railroads, Bloomberg L.P.

Source: Consensus Estimates, Bloomberg Intelligence

Source: Bloomberg L.P.

Lee A. Klaskow, Senior Analyst based in U.S. Contact: lklaskow1@bloomberg.net, +1-609-279-4619 Rahul Kapoor, Analyst based in Singapore Contact: rkapoor53@bloomberg.net, +65-6311-2484 Talon Custer, Analyst based in London Contact: tcuster1@bloomberg.net, +44-20-3525-0982