The Train Marshalling Problem consists of rearranging an incoming train in a marshalling yard in such a way that cars with the same destinations appear consecutively in the final train and the number of needed sorting tracks is minimized. Besides an initial roll-in operation, just one pull-out operation is allowed. This problem was introduced by Dahlhaus et al. who also showed that the problem is NP-complete. In this paper, we provide a new lower bound on the optimal objective value by partitioning an appropriate interval graph. Furthermore, we consider the corresponding online problem, for which we provide upper and lower bounds on the competitiveness and a corresponding optimal deterministic online algorithm. We provide an experimental evaluation of our lower bound and algorithm which shows the practical tightness of the results.