Is coal on a comeback?
With utility losses stabilizing and global demand still strong, carloads are edging upward.
CSX
FHWA approves CSX Virginia Avenue Tunnel project alternative
The Federal Highway Administration has approved a preferred construction alternative for CSX’s Virginia Avenue Tunnel project, enabling CSX to complete the tunnel’s design and initiate the construction permitting process.
Class I CEOs diverge on the merits of mergers
During third-quarter 2014 earnings presentations, two Class I CEOs with considerable experience in mega-mergers expressed opposing viewpoints on the merits of a final round of railroad mergers that would presumably create two gigantic east-west transcontinental carriers encompassing the U.S. and Canada.
CSX awards Savage locomotive mobile fueling services contract
CSX has entered into an agreement with Savage for mobile locomotive fueling services at 30 sites across the CSX network in the eastern U.S.
CP + CSX: “No further talks are planned”
Breaking its relative silence, Canadian Pacific Railway announced Oct. 20, 2014 that it is no longer pursuing CSX as a merger partner. “Exploratory conversations held with CSX Corp. about a possible business combination have ended,” the railroad said in a statement. “No further talks are planned.”
CSX posts record 3Q 2014 results
CSX posted record third-quarter 2014 net earnings of $509 million, or $0.51 per share, up from net earnings of $455 million, or $0.45 per share, in the same period last year. This performance was supported by volume increases of 7%, with broad-based growth across nearly all markets CSX serves.
Commentary
What lurks behind the door Hunter Harrison opened?
At age 70, when most of his contemporaries have retired, Canadian Pacific (CP) Chairman Hunter Harrison is plotting his legacy—a seamless North American transcontinental rail duopoly initiated by his proposed CP-CSX merger.
CSX rejects CP merger proposal
Canadian Pacific has approached CSX about a merger, and CSX has rejected the proposal, according to reports in The Wall Street Journal, New York Times, Toronto’s Globe & Mail, and other major media outlets. The reports attributed unnamed sources close to the railroads, not CP and CSX themselves. Unclear is whether CP will persist in attempting a merger deal.
CSX hosts first-responder CBR training at SERTC
Forty first-responders representing 30 communities around CSX’s railroad network have undergone crude-by-rail (CBR) incident response training at the Security and Emergency Response Training Center (SERTC) in Pueblo, Colo.
Eliasson: “CSX well-positioned for growth”
“As global freight demand increases and American highways remain overcrowded and underfunded, CSX is building on a proven track record of success for shareholders by capitalizing on growth opportunities across nearly all of our markets,” Chief Financial Officer Fredrik Eliasson told investors and analysts Sept. 11, 2014 at the UBS Best of Americas conference in London.