The Indiana Rail Road Company

What The Indiana Rail Road Company does

The Indiana Rail Road Company (INRD) is a privately held regional freight railroad founded in 1986 by Thomas Hoback through the purchase of 110 miles of track from the Illinois Central Gulf. Today INRD operates a 500-mile network spanning southwest Indiana and eastern Illinois, anchored by major operating terminals in Indianapolis, Jasonville, Terre Haute, and Palestine, Illinois, and connecting to the entire North American rail system via strategic Class I interchanges in Chicago, Indianapolis, and Newton, Illinois.

INRD generates revenue through three primary, transaction-fee revenue streams. First, Carload Freight moves traditional railcar traffic — agricultural commodities (corn, soybeans, wheat), energy products (coal, crude oil, ethanol), and industrial materials — on its owned and operated trackage. Second, the Intermodal service handles international container traffic through the state-of-the-art Senate Avenue Terminal in Indianapolis, which post-expansion operates at 120,000 FEU capacity with a six-acre container yard supporting 1,000+ empty containers and chassis, and provides direct all-rail service to Asian markets via CN's Canadian west coast ports and to east coast gateways. Third, INRD runs dedicated Transloading (Indianapolis, Merom, Odon) and Warehousing lines plus an Industrial Development function that recruits rail-served industrial sites along its right-of-way.

Customers are primarily enterprise industrial, agricultural, and warehouse/distribution businesses in the Midwest, served through a B2B field sales motion and quote-based pricing. INRD partners strategically with all six major Class I railroads — CN, CSX, BNSF, Union Pacific, Norfolk Southern, and CPKC — for nationwide and international reach. The company has been twice named Railway Age 'Regional Railroad of the Year' (2012, 2016) and twice received the ASLRRA Business Development Award (2020, 2024).

Name

The Indiana Rail Road Company

Legal name

The Indiana Rail Road Company

Website

https://inrd.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

51–100 employees

Short description

The Indiana Rail Road Company is a privately held, 500-mile regional freight railroad founded in 1986, serving southwest Indiana and eastern Illinois with carload, intermodal, transloading, warehousing, and industrial development services for enterprise industrial, agricultural, and logistics customers.

Ownership category

akta.pro rank

Product category

Freight Rail Transportation

NAICS

Short Line Railroads (482112)

SIC

Railroads, Line-Haul Operating (4011), Railroad Switching & Terminal Establishments (4013)

akta.pro primary industry

Intermodal Rail Operators (Container/Trailer-on-Flatcar) (TLADACAB)

akta.pro secondary industries

Domestic Intermodal Rail-Truck (COFC/TOFC) (TLADAFAA), Rail Freight Yard Operations (Classification, Hump & Flat Yards) (TLAJAFAB), Inland Container Depots (ICD) / Inland Ports (TLALAJAB)

Keywords

• Freight rail transportation
• Intermodal container services
• Transloading and warehousing
• Rail-served industrial development
• Regional short line railroad

Headquarters

HQ city

Indianapolis

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Supply Chain

Revenue model

1. Freight Transportation Services: Carload freight transportation of consumer goods, energy products, and industrial materials. Revenue generated through rail freight charges based on commodity type, distance, and volume.
2. Intermodal Services: International container service connecting Indianapolis to global markets via west coast and east coast ports. Revenue from container handling, storage, and rail transportation.
3. Transloading and Warehousing: Rail-truck transloading services and warehouse facilities providing economic advantages of shipping by rail with truck flexibility.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

The Indiana Rail Road Company (INRD) operates a privately held 500-mile regional freight railroad serving southwest Indiana and eastern Illinois. It offers carload freight, intermodal container service, warehousing, transloading, and industrial development site services, connecting shippers to the entire North American rail network through interchanges with multiple Class I railroads.

Product overview

The Indiana Rail Road Company operates as a privately held, 500-mile regional freight railroad serving southwest Indiana and eastern Illinois. The company offers an integrated portfolio of rail-based logistics services including Carload Freight (traditional railcar transport for bulk, energy, and general cargo), Intermodal (international container service connecting to global ports via west and east coast gateways), Warehousing (rail-served distribution facilities), Transloading (rail-to-truck transfer services for various commodities), and Industrial Development (site development and economic growth initiatives). Major operating terminals are located in Indianapolis, Jasonville, Terre Haute, and Palestine, Illinois. The railroad connects to the entire North American rail network via strategic gateways at Chicago, Newton, and Indianapolis.

Differentiator

Problem solved

Functional benefit

Products and services

• Carload Freight Traditional railcar freight services transporting bulk products (agricultural commodities, paper, plastics), energy products (crude oil, coal, ethanol), building materials, and general cargo including refrigerated products, steel, and machinery for industrial, agricultural, and manufacturing customers.
• Intermodal International container service connecting Indianapolis to global markets via ports including Vancouver BC, Prince Rupert BC, Elizabeth Marine Terminal NJ, Bayonne NJ, Halifax NS, and Montreal ON. Features a state-of-the-art facility with a 12-acre storage lot and dual-serviced capabilities for both west and east coast ports.
• Warehousing Rail-served warehouse and distribution services providing reduced carbon footprint, lower transportation costs, operational flexibility, and sustainability benefits for logistics and distribution companies.
• Transloading Transfer services handling bulk materials (scrubber stone, limestone, sand, salt), plastics, food products, chemicals, waste products, and energy products (biodiesel, ethanol). Rail handles long-haul while trucks perform local delivery, combining economic rail advantages with truck flexibility.
• Industrial Development Economic development services attracting industries to build or expand operations along the railroad's network, developing rail-served industrial sites in Indianapolis, Linton, Terre Haute, Newton IL, Palestine IL, and Robinson IL.
• Tariffs and Accessorial Charges Public tariff documentation including Switching & Accessorial Charges Tariff and Demurrage & Storage Tariff, plus HDF Mileage Fuel Surcharge information updated monthly based on DOE-EIA diesel price data.

Quantifiable outcome

• 80% increase in annual volumes in 2023 following intermodal expansion
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Venture LogisticscoreStrategic or Co-development Partner · 1 January 2020Partnership with Venture Logistics to build a 406,000-square-foot, state-of-the-art, rail-served distribution center in Indianapolis. This partnership earned INRD the 2020 Business Development Award from ASLRRA.
• Canadian National (CN)coreStrategic or Co-development Partner · 1 January 2013Intermodal business partnership with CN began in 2013, granting direct access into Asian markets via Canadian west coast ports. This partnership established INRD's 'all-rail' option for trans-Pacific import and export freight moving to and from Indiana via west coast ports.
• CSX TransportationcoreTechnology or IntegrationIntermodal Solutions partnership and Indianapolis/Terre Haute interchange for east coast port access.
• Norfolk Southern RailwaycoreTechnology or IntegrationInterchange partners in Indianapolis and Louisville for eastern connections.
• Integrated IndustriesminorImplementation/ SI/ Consulting PartnerIntermodal contractor providing MNR services for INRD's intermodal operations.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Canadian Pacific Kansas City (CPKC): Class I railroad connecting at INRD's Newton, Illinois interchange for Canadian connections; comparable as a major Class I partner with significant transcontinental intermodal capacity that INRD leverages for international service.
• CSX Transportation: One of two eastern Class I railroads and an INRD core interchange partner for east coast port access and Intermodal Solutions partnership; comparable broadly as a Class I counterpart that depends on short lines like INRD for first/last-mile connectivity.
• Canadian National (CN): Class I railroad and INRD's 2013 strategic partner for international intermodal service via west coast ports; comparable as a Class I partner whose trans-Pacific gateway access underpins INRD's Asia service offering.
• Norfolk Southern Railway: Eastern Class I railroad with key interchange points at Indianapolis and Louisville — both used by INRD for east coast connectivity; comparable as a Class I partner whose network reach INRD effectively extends into Indiana and Illinois industrial corridors.

Direct peers

• OmniTRAX: Privately held short line holding company operating 20+ railroads across North America with integrated industrial development and transload operations; highly comparable mid-sized short line operator competing for similar industrial development opportunities.
• Watco Companies: Privately held operator of 50+ short line railroads plus transloading, industrial development, and rail-served real estate in North America — the closest privately held peer to INRD on business model and service mix (carload, transload, industrial sites).
• Pioneer Railcorp: Historically operated Class I interchange-based short line railroads across the Midwest and Southeast (since acquired by BRX Transportation); remains a relevant precedent for short-line interchange economics and industrial development strategy.
• Patriot Rail Company: Operates a portfolio of 14 short line and regional freight railroads with terminal, transload, and industrial development services across the eastern half of the US; comparable as a mid-sized short line platform with a similar Class I partnership structure.
• Anacostia Rail Holdings: Private equity-backed short line holding company with multiple Class I interchange relationships and Midwest rail operations including Louisville & Indiana Railroad; directly comparable as a regional short line with interchange-driven business model serving the same Indiana/Illinois market.
• Genesee & Wyoming Railroad Services (GWI): Operates a global portfolio of short line and regional freight railroads; directly comparable as the industry benchmark for short line economics, interchange-driven networks, and industrial development playbooks. Notably, INRD's incoming CEO Derrick Wright led operations across 15 GWI short line railroads.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IndianaRailRoad
• Facebookfacebook.com/IndianaRailRoad
• LinkedInlinkedin.com/company/the-indiana-rail-road-company
• Instagraminstagram.com/indianarailroad

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Indiana Rail Road Company