As Congress tinkered last week with final details of the proposed Stimulus Package, some transportation analysts lamented that funding for all rail modes totaled only 2% of the $787 billion plan.
Acela Express fares up to 25% lower than the lowest previous fares are available now for travel between March 3 and June 26, Amtrak announced Tuesday.
CSX Corp. will delay its construction of a new intermodal container transfer facility in its headquarters city of Jacksonville, Fla., by six months to a year. The planned terminal, originally set to open in 2011, will handle sea/rail container traffic with TraPac Container Terminal and Hanjin Shipping Co. Ltd.
The Surface Transportation Board has reversed a prior decision in longstanding litigation between BNSF Railway and Western Fuels/Laramie River, ruling that BNSF’s rates for a short-haul coal movement out of the Powder River Basin are unreasonable. The ruling reversed a fall 2007 decision in which STB determined that the rates were reasonable. Western Fuels originally challenged the rate reasonableness in 2004 for a coal move BNSF has termed “unusual.”
CN has announced a public debt offering of US$550 million 5.55% notes due 2019. CN says it expects to close the financing on Feb. 25, 2009.
Thursday, March 19, 2009, marked the official beginning of the tunneling phase of MTA New York City Transit’s Line 7 subway extension project. With a who’s-who of politicians looking on, MTA Capital Construction lowered a key part of the first of two tunnel boring machines (TBMs) that will excavate two 7,100-foot tunnels. The piece lowered Thursday is known as the cutter head and has 44 rotating discs.
U.S. railroads reported that freight volume during the week ended Feb. 14 was once again down in comparison with last year, according to the Association of American Railroads. Carload freight fell 12.2% from the level achieved in the comparable week of 2008, though AAR noted carload volume for the week reached its highest level so far in 2009 and was up 6.2% from the previous week ended February 7.
Portec RailProducts, Inc. Thursday said its unaudited fourth-quarter net income was $1.5 million, or 16 cents a share, up 32% from $1.15 million in the fourth quarter of 2007.
The company also said its full-year net income of $7.78 million, or 81 cents per share, was up 27% from the $6.1 million it garnered in 2007.
Net sales during the fourth quarter 2008 were $24.3 million, down 2.4% from $24.9 million during the fourth quarter 2007. Net sales for 2008 were $109.0 million, down 0.5% from full-year 2007 sales of $109.5 million.
"We are pleased with our fourth quarter and full-year financial results for 2008,” said Portec President and CEO Richard J. Jarosinski. “While our revenues for both periods did not reach our full expectations, we achieved record levels of net income and earnings per share for both periods despite a slowing global economy and unfavorable foreign currency exchange rates from the United Kingdom andCanada which impacted our financial results, particularly in the fourth quarter 2008.
"We also benefited from a lower interest rate environment in 2008. Despite a slowing economy, and a negative impact from foreign currency exchange rates, we are pleased that our consolidated core rail business has generated revenue and income growth this year," Jarosinski said.
Austin, Tex.’s Capital Metropolitan Transportation Authority says testing and training for its 32-mile passenger rail line is behind schedule, and could further delay the route’s operational debut, currently set for March 30.