You are right, 37.5 miles is too long not to have some sort of facility. Not sure that much more than a crossover at either end of Charleville station station is required to meet most likely eventualities. I travel regularly through Charleville and am really hard pressed to think when I last saw something in the loop there - suspect it was a steam train five or more years ago. The loop facility is not regularly used and its absense would make almost no difference to the current pattern of operations.
Despite my comments above, I suspect that the loop connections will be renewed - probably not that costly given that the controls are already in the signalling system.
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