With Railway Age since 1992, Bill Vantuono has broadened and deepened the magazine's coverage of the technological revolution that is so swiftly changing the industry. He has also strengthened Railway Age's leadership position in industry affairs with the conferences he conducts on operating passenger trains on freight railroads and communications-based train control.
CN’s program to build its new, C$250 million Milton Logistics Hub in Ontario is moving ahead with a formal application to the Canadian Transportation Agency (CTA), which is required to approve the project under the Canada Transportation Act.
Brightline, the higher-speed passenger rail service being developed by Florida East Coast Industries subsidiary All Aboard Florida, and Siemens Rolling Stock announced on January 26, 2016 that the first stainless steel carshell for the new service has been completed.
CN President and CEO Claude Mongeau has returned to work after fully recovering from a surgical procedure and will lead the company’s Jan. 26, 2015 earnings call to discuss fourth-quarter and full-year 2015 financial results.
In the midst of a freight traffic downturn that is significantly impacting Class I railroads, short line Morristown & Erie Railway (M&E) posted its third consecutive year of traffic increases in 2015.
Canadian Pacific’s fourth-quarter and full-year 2015 financial results were slightly below analyst expectations yet “still solid given the macro challenges,” according to Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl. “While volumes should decline in 2016, the company guided for double-digit EPS growth. We are modeling for a more conservative mid-single increase. We remain constructive in the long term but note that near-term upside may be limited.”
WSP | Parsons Brinckerhoff on Jan. 21, 2016 announced four senior management appointments in its U.S. Transportation and Infrastructure sector.
Steve Barger of KeyBanc Capital Markets attended the Midwest Association of Rail Shippers Conference, where, in conversations with railcar OEMs, lessors and shippers, he came to the general conclusion that, though 2016 will be a difficult year for the railcar industry, it is in a good position to withstand a period of weaker orders, chiefly due to a large backlog.
In the latest twist in the ongoing saga of Canadian Pacific’s increasingly hostile pursuit of a steadfast Norfolk Southern as a takeover target, CP is accusing several unnamed Class I railroads of joining forces to block the transaction, and prevailed upon its attorneys to submit a letter to the U.S. Department of Justice claiming that such actions are in violation of antitrust laws, illegal and anticompetitive.
WSP | Parsons Brinckerhoff has named Senior Vice President and National Director of Strategic Consulting John D. Porcari as President, U.S. Advisory Services.
Brandon, Manitoba-based Cando Rail Services is expanding into British Columbia with the recent purchase of an 89-acre site in Kamloops for a new terminal. The terminal will have the capacity for 1,000 railcar storage spots, in addition to providing transloading, material handling, engineering and track and mechanical services.
BNSF’s President and CEO leads a railroad that continuously sets high standards for investment, service quality, profitability and safety. Following is the complete interview, as published in the January issue of Railway Age. Click HERE to access a video of the interview. Railway Age Contributing Editor Larry Kaufman’s interview with BNSF Executive Chairman Matt Rose follows the main story.
Norfolk Southern’s Jan. 12, 2015 announcement about consolidating its Pocahontas and Virginia divisions “is notable,” and CSX is facing “continued industrial challenges,” according to Cowen and Company Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl.
In remarks at the Midwest Association of Rail Shippers annual meeting on Jan. 13, 2015, Lance M. Fritz, President and CEO of Union Pacific, while declining to comment specifically on the proposed CP/Norfolk Southern merger, said, “I believe a Class I rail merger is not in the best interests of the rail industry and not in the best interests of our customers.” Canadian Pacific did not appreciate Fritz’s comments, and fired a shot across UP's bow.
The results from Cowen and Company’s Fourth Quarter 2015 Rail Shipper Survey “continue to show demand weakness, a lack of confidence in the economy and that further truckload rate deterioration may still be catching up to rail pricing,” says Managing Director and Railway Age Wall Street Contributing Editor Jason Seidl. “The results make us somewhat more cautious on the rail sector, but still feel that any material pullbacks in the shares may create unique buying opportunities in Norfolk Southern, CN and Genesee & Wyoming for longer term investors.”
Most likely to assist in heading off Canadian Pacific’s next move toward an acquisition, Norfolk Southern announced on Jan. 12, 2016 that it is consolidating two of its divisions and shutting down portions of one secondary line as “part of the company’s ongoing drive to enhance operating efficiencies and support long-term growth.”
Following a period of relative quiet over the Christmas holiday, Canadian Pacific’s endeavor to acquire Norfolk Southern has picked up steam with issuance of a white paper, “A 21st Century Railroad for a 21st Century Economy,” in which CP argues that “a change in the railroad industry status quo is necessary to support continued growth in the North American economy.”
Regional railroad Reading & Northern Railroad achieved record-breaking carload volumes and revenue in 2015.
Working within the up-to five-year extension Congress granted in late 2015, the Association of American Railroads has set year-end 2016 goals for Positive Train Control implementation.
Everything is out in the open, as it should be. Today (January 8, 2016), the Surface Transportation Board established a page on its website, “Major Railroad Mergers and Consolidations Correspondence,” that contains all the correspondence connected to the proposed merger of Canadian Pacific and Norfolk Southern. The correspondence is in PDF form and can be downloaded by anyone.
Association of American Railroads Senior Vice President-Law and General Counsel Louis P. Warchot has joined the Transportation practice of Sidley Austin LLP as counsel in its Washington, D.C. office.