Thursday, May 19, 2011

CSX National Gateway commitment rises to $575 million

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CSX Corp. announced Wednesday that it will invest $160 million over the next several years to complete the National Gateway project, bringing its total commitment to $575 million. Total project costs are estimated at $850 million, of which state and federal funding will provide than $280 million.

csx_logo.jpg.jpg“Through the National Gateway, CSX and its public partners are working together to vastly improve the quality and flexibility of the eastern rail network,” said Michael J. Ward, CSX chairman, president, and CEO.

CX said the new allocation will expand and improve the century-old Virginia Avenue Tunnel in Washington, D.C. and provide double-stack train clearances in Maryland, West Virginia, and the District of Columbia.

The project is designed to move more of CSX’s customers’ freight on double-stack trains between the Midwest and the Ports of Baltimore, Virginia, and Wilmington. “This will be especially important as the Panama Canal expansion brings more traffic through these ports,” said the railroad.