SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                                (RULE 13d - 102)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(b), (c) AND (d)
                  AND AMENDMENTS THERETO FILED PURSUANT TO 13d

                               (Amendment No. 3)*

         Freightcar America Inc.
--------------------------------
(Name of Issuer)

         Common Stock
--------------------------------
(Title of Class of Securities)

         357023100
--------------------------------
(CUSIP Number)

         July 31, 2006
--------------------------------
(Date of Event which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

[ ]      Rule 13d-1(b)
[x]      Rule 13d-1(c)
[ ]      Rule 13d-1(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for  any  subsequent   amendment   containing   information  which  would  alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).

                       (Continued on the Following Pages)
                              (Page 1 of 11 Pages)



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Amaranth LLC

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

         (a) [x]
         (b) [ ]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

         Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.  SOLE VOTING POWER

         0

6.  SHARED VOTING POWER

         610,637

7.  SOLE DISPOSITIVE POWER

         0

8.  SHARED DISPOSITIVE POWER

         610,637

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* []

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         4.8%

12. TYPE OF REPORTING PERSON*

         CO



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Amaranth Global Equities Master Fund Limited

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

         (a) [x]
         (b) [ ]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

         Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.  SOLE VOTING POWER

         0

6.  SHARED VOTING POWER

         100,663

7.  SOLE DISPOSITIVE POWER

         0

8.  SHARED DISPOSITIVE POWER

         100,663

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* []

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         0.8%

12. TYPE OF REPORTING PERSON*

         CO



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Amaranth Advisors L.L.C.

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

         (a) [x]
         (b) [ ]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

         Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.  SOLE VOTING POWER

         0

6.  SHARED VOTING POWER

         711,300

7.  SOLE DISPOSITIVE POWER

         0

8.  SHARED DISPOSITIVE POWER

         711,300

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* []

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.6%

12. TYPE OF REPORTING PERSON*

         IA



1.  NAMES OF REPORTING PERSONS
    I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

         Nicholas M. Maounis

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

         (a) [x]
         (b) [ ]

3.  SEC USE ONLY

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

         United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

5.  SOLE VOTING POWER

         0

6.  SHARED VOTING POWER

         711,300

7.  SOLE DISPOSITIVE POWER

         0

8.  SHARED DISPOSITIVE POWER

         711,300

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

         See 6 and 8 above.

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
    EXCLUDES CERTAIN SHARES* []

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

         5.6%

12. TYPE OF REPORTING PERSON*

         IN, HC



ITEM 1(a).  Name of Issuer:

     Freightcar America Inc.

Item 1(b).  Address of Issuer's Principal Executive Offices:

     2 North Riverside Plaza
     Suite 1250
     Chicago, IL 60606


Item 2(a).  Name of Persons Filing:
Item 2(b).  Address of Principal Business Office or, if None, Residence:
Item 2(c).  Citizenship:

     Amaranth LLC
     c/o Dundee Leeds Management Services (Cayman) Ltd.
     2nd Floor, Waterfront Center
     28 N. Church Street
     Georgetown, Grand Cayman
     British West Indies
     A Cayman Islands company

     Amaranth Global Equities Master Fund Limited
     c/o Dundee Leeds Management Services (Cayman) Ltd.
     2nd Floor, Waterfront Center
     28 N. Church Street
     Georgetown, Grand Cayman
     British West Indies
     A Cayman Islands company

     Amaranth Advisors L.L.C.
     One American Lane
     Greenwich, Connecticut 06831
     Delaware limited liability company

     Nicholas M. Maounis
     c/o Amaranth Advisors L.L.C.
     One American Lane
     Greenwich, Connecticut 06831
     U.S. Citizen

Amaranth  Advisors  L.L.C.  is the  trading  advisor  for each of  Amaranth  LLC
("Amaranth") and Amaranth Global Equities Master Fund Limited ("Global") and has
been granted  investment  discretion over portfolio  investments,  including the
Common Stock (as defined below),  held by each of them.  Maounis is the managing
member of  Amaranth  Advisors  L.L.C.  and may,  by virtue  of his  position  as
managing  member,  be deemed to have power to direct the vote and disposition of
the Common Stock held for each of Amaranth and Global.



Item 2(d).  Title of Class of Securities

     Common Stock, $0.01 Par Value ("Common Stock")

Item 2(e).  CUSIP Number:     357023100
                              ------------------------------

Item 3.     If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

     (a) [ ] Broker or dealer registered under Section 15 of the Exchange Act.

     (b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act.

     (c) [ ] Insurance company defined in Section 3(a)(19) of the Exchange Act.

     (d) [ ] Investment  company  registered  under Section 8 of the  Investment
             Company Act.

     (e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E).

     (f) [ ] An employee  benefit plan or endowment fund in accordance with Rule
             13d-1(b)(1)(ii)(F).

     (g) [ ] A parent holding  company or control person in accordance with Rule
             13d-1(b)(1)(ii)(G).

     (h) [ ] A savings  association  as defined in Section  3(b) of the  Federal
             Deposit Insurance Act.

     (i) [ ] A church plan that is excluded from the definition of an investment
             company under Section 3(c)(14) of the Investment Company Act;

     (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

     If this statement is filed pursuant to Rule 13d-1(c), check this box [x]

Item 4.     Ownership.

     Provide  the  following  information  regarding  the  aggregate  number and
percentage of the class of securities of the issuer identified in Item 1.

     (a)  Amaranth beneficially owns 610,637 shares of the issuer's Common
          Stock.

          Global beneficially owns 100,663 shares of the issuer's Common stock.

          Amaranth  Advisors L.L.C may be deemed to beneficially  own the shares
          of Common  Stock held by Amaranth  and Global as a result of being the
          Trading Advisor of Amaranth and Global.



          Mr.  Maounis  may be deemed to  beneficially  own the shares of Common
          Stock held by  Amaranth  and Global as a result of being the  managing
          member of Amaranth Advisors L.L.C.

     (b)  Amaranth's  beneficial  ownership  of 610,637  shares of the  Issuer's
          Common Stock represents 4.8% of the total common stock outstanding.

          Global's beneficial ownership of 100,663 shares of the Issuer's Common
          Stock represents 0.8% of the total common stock outstanding.

          Collectively, the Reporting Persons beneficially own 711,300 shares of
          Common Stock which represent 5.6% of the Common Stock outstanding.

     (c)  Number of shares as to which such person has:

          (i)   Sole power to vote or direct the vote

                0

          (ii)  Shared power to vote or to direct the vote

                See Item 4(a).

          (iii) Sole power to dispose or to direct the disposition of

                0

          (iv)  Shared power to dispose or to direct the disposition of

                See Item 4(a).

Item 5.     Ownership of Five Percent or Less of a Class.

     If this  statement  is being  filed to report  the fact that as of the date
hereof the Reporting Persons have ceased to be the beneficial owner of more than
five  percent  of  the  class  of  securities,  check  the  following  [ ].  Not
applicable.

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

     Shareholders of Amaranth and Global  indirectly  participate in the receipt
of dividends  from, and proceeds from the sale of, the Common Stock held for the
account of Amaranth and Global.

Item 7.     Identification and Classification of the Subsidiary Which Acquired
            the Security Being Reported on by the Parent Holding Company.

     Not applicable.



Item 8.     Identification and Classification of Members of the Group.

     See Item 2 in lieu of an Exhibit.

Item 9.     Notice of Dissolution of Group.

     Not applicable.

Item 10.    Certification.

     By  signing  below  the  undersigned  certifies  that,  to the  best of its
knowledge and belief, the securities referred to above were not acquired and are
not held for the purpose of or with the effect of changing  or  influencing  the
control of the issuer of the  securities  and were not acquired and are not held
in connection with or as a participant in any transaction having that purpose or
effect.



                                   SIGNATURES

     After reasonable inquiry and to the best of its knowledge and belief,  each
of the undersigned  certifies that the information  with respect to it set forth
in this statement is true, complete, and correct.


Dated:   August 10, 2006

          AMARANTH LLC,
              by Amaranth Advisors L.L.C., as Trading Advisor

              By: /s/ Nicholas M. Maounis
                  -----------------------
                      Nicholas M. Maounis,
                      Managing Member


          AMARANTH GLOBAL EQUITIES MASTER FUND LIMITED,
              by Amaranth Advisors L.L.C., as Trading Advisor

              By: /s/ Nicholas M. Maounis
                  -----------------------
                      Nicholas M. Maounis,
                      Managing Member


          AMARANTH ADVISORS L.L.C.,

              By: /s/ Nicholas M. Maounis
                  -----------------------
                      Nicholas M. Maounis,
                      Managing Member

          NICHOLAS M. MAOUNIS

          /s/ Nicholas M. Maounis
          -----------------------
              Nicholas M. Maounis



                                    EXHIBIT A
                             JOINT FILING AGREEMENT

     The  undersigned  hereby agree that the statement on Schedule 13G signed by
each of the  undersigned  shall be,  filed on behalf of each of the  undersigned
pursuant to and in accordance  with the  provisions  of Rule 13d-1(k)  under the
Securities Exchange Act of 1934, as amended.

Dated:    August 10, 2006

          AMARANTH LLC,
              by Amaranth Advisors L.L.C., as Trading Advisor

              By: /s/ Nicholas M. Maounis
                  -----------------------
                      Nicholas M. Maounis,
                      Managing Member


          AMARANTH GLOBAL EQUITIES MASTER FUND LIMITED,
              by Amaranth Advisors L.L.C., as Trading Advisor

              By: /s/ Nicholas M. Maounis
                  -----------------------
                      Nicholas M. Maounis,
                      Managing Member


          AMARANTH ADVISORS L.L.C.,

              By: /s/ Nicholas M. Maounis
                  -----------------------
                      Nicholas M. Maounis,
                      Managing Member

          NICHOLAS M. MAOUNIS

          /s/ Nicholas M. Maounis
          -----------------------
              Nicholas M. Maounis