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.
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.
CN on Jan. 7, 2016 submitted its Environmental Impact Statement (EIS) to the Canadian Environmental Assessment Agency (CEAA) for its proposed logistics hub/intermodal facility to be built in Milton, Ontario.
January 7, 2016: Carl R. Ice, President and Chief Executive Officer of BNSF Railway, has been named 2016 Railroader of the Year by railroad industry trade journal Railway Age. Ice is Railway Age’s 53rd Railroader of the Year.
Updegraff Trucking, a full-service motor carrier with common carrier authority in 48 states offering dry bulk, flatbed and box van services, has established a new transload facility at SEDA-COG Joint Rail Authority (JRA) subsidiary Lycoming Valley Railroad’s Newberry Rail Yard in Williamsport, Pa.
A U.S. Government Accountability Office (GAO) study released Jan. 6, 2016, “Amtrak: Better Reporting, Planning, and Improved Financial Information Could Enhance Decision Making,” recommends that Amtrak take certain steps to improve its performance.
WSP | Parsons Brinckerhoff has named Joseph G. Pulicare, P.E., President of its U.S. Transportation and Infrastructure Sector. Pulicare succeeds Cliff Eby, who is retiring after a distinguished career in the public and private sectors.
The Greenbrier Companies, Inc. on Jan. 7, 2016 reported record financial results for its first fiscal quarter ended Nov. 30, 2015.
Wall Street analyst Cowen and Company has partnered with Chainalytics, a leading firm that collects tens of billions of annualized freight spend dollars covering well over 230 direct subscriptions with key shippers and third-party logistics providers globally, to offer the “Chainalytics-Cowen Index” monthly report.
Wabtec Corp. has begun deliveries of brake system equipment to Alstom, which is building up to 3,600 commuter railcars for the Passenger Rail Agency of South Africa (PRASA).
Reuters, which originally broke the story late last year about Canadian Pacific’s targeting of Norfolk Southern for acquisition before CP officially announced it, has published excerpts of several letters to the Surface Transportation Board from industry groups representing several major NS freight customers. The letters ask the STB to reject a merger application.
BNSF President and Chief Executive Officer, Carl Ice, Railway Age’s 2016 Railroader of the Year, speaks candidly with Editor-in-Chief William C. Vantuono in a wide-ranging interview conducted for the magazine’s January issue.
Railroads operated by Iowa Pacific Holdings LLC carried nearly 400,000 passengers during the holiday season, and the company is the largest franchisee of the Warner Brothers Polar Express™ brand, both in locations and number of passengers. Iowa Pacific operates holiday trains in 13 locations, including nine with the Polar Express™ franchise and four with Train to Christmas Town.