Not an awful lot of freight comes out of the Swan Hill area, apart from grain which is well served by SSR and PacNat (loading from Woorinen, Piangil, Mitiamo, and I think Nyah West). Ultima to Swan Hill is about half an hour by road, so why would you try to gain new traffic when you have a decent loading site that close? One semi-trailer alone could move 20 TEU's per shift between those places. And if you wanted to construct a new container facility at Swan Hill, there are all the issues of heavy trucks working in a residential area, lack of suitable sidings (bearing in mind most sidings are blocked in by the disused silos and caravan park), and awkward road access.
Many of those issues (including proximity to Ultima) apply also at Kerang.
Ultima really is so much easier for everyone, and as well you can run a train almost whenever you want.
Containerised loadings can easily be done at Merbein, Ultima and Donald these days, probably not much need for more in that region.
Now for the rumours; I hear that a leased S class sustained damage recently when used as a buffer stop. Anyone heard more?