Surface Transportation Board (STB) Chairman Martin J. Oberman has called on the CEOs of the seven North American Class I’s to provide information on the extent of congestion at key U.S. container terminals and on their policies and practices for assessing container demurrage fees, citing reports of “substantial charges being levied by the railroads for container storage at these terminals.”
CSX in second-quarter 2021 reported an exceptionally low operating ratio (OR) of 43.4%, along with significant increases in earnings and revenue. The OR calculation included a credit against expenses resulting from the sale of certain property rights on CSX-owned line segments to the Commonwealth of Virginia for passenger rail operations. Adjusted to exclude the real estate transaction, the OR is 55.1%, still exceptionally low.
OmniTRAX, The Broe Group’s transportation affiliate, has named Brian Ward and Jeff Goutcher to Senior Vice President roles.
Disability:IN and the American Association of People with Disabilities (AAPD) have named CSX a “Best Place to Work for Disability Inclusion” for the third consecutive year.
CSX and Norfolk Southern (NS) are calling on the Surface Transportation Board (STB) to deny “as moot” Amtrak’s renewed request for an interim order requiring the Class I railroads to provide track access between New Orleans and Mobile so Amtrak can prepare for proposed Gulf Coast service.
CSX has released its environmental, social and governance (ESG) report for 2020, covering sustainability performance in the areas of safety, people and communities, environment, and governance.
Amtrak on July 8 said it will renew its request that the Surface Transportation Board (STB) intervene on its behalf if CSX and Norfolk Southern (NS) don’t cooperate on hosting new passenger service between New Orleans and Mobile.
At Cowen and Company, we are adjusting our rail models in advance of second-quarter earnings reports due later this month from the Class I railroads. The models reflect carloads in the quarter, mix, fuel, FX (foreign exchange) and cost implications as the supply chain remains tight.
On May 26, The Surface Transportation Board rejected as “incomplete” the merger application filed by CSX Transportation, Inc. to acquire control of Pan Am Systems, Inc. and its short line railroad subsidiaries. CSX on July 1 submitted an “amended and supplemented application” to the STB, stating that the refreshed application “provides all of the additional details of the proposed transaction requested by the STB.”
The U.S. Department of Transportation has chosen 24 projects—seven rail/port specific—to receive $905.25 million in INFRA (Infrastructure for Rebuilding America) grants.