USEIA: CBR tops 50% of supply to East Coast refineries
The U.S. Energy Information Administration (EIA) has determined that there has been a “huge increase” in rail deliveries of crude oil to East Coast refineries.
Management
CP names new Executive VP and CFO
Canadian Pacific has appointed Mark Erceg as Executive Vice President and Chief Financial Officer, effective May 18, 2015. He will replace outgoing CFO Bart Demosky, who will be departing from the company on May 31.
Intermodal gain offsets carload drop
Compared to the prior-year week, carloads for the week ending April 25, 2015 on U.S. Class I railroads dropped 7.9%, but intermodal saw yet another gain, rising 5.6%, netting a slight dip of 1.6% in overall rail traffic, the Association of American Railroads reported.
Carolina Worrell joins Railway Age as Managing Editor
Carolina Worrell has joined Railway Age as Managing Editor, based at Simmons-Boardman Publishing Corp.’s headquarters in New York City.
Weak coal market impacts NS first-quarter financials
A 16% dip in coal revenue was the main factor contributing to a 16% drop in net income and a 17% drop in diluted earnings per share for Norfolk Southern Corp.in first-quarter 2015. The operating ratio rose slightly, as well.
ASLRRA creates two new positions
To help build its reputation on a broader stage and deliver significant value to its member organizations and the customers they serve via new education and business services, the American Short Line Regional Railroad Association has hired two new team members, ASLRRA President Linda Bauer Darr announced on April 27, 2015.
Intermodal traffic at record high
According to figures reported by the Association of American Railroads (AAR) for the week ending April 18, 2015, this is the second highest week on record for intermodal volume, up 8.1% compared to 2014.
Volume decline affects UP earnings; capex plan reduced
Core pricing gains helped Union Pacific achieve 9% earnings per share growth in the first quarter of 2015, but EPS would have been stronger had a sharp drop in volume not occurred. One effect: The 2015 capital program has been cut by $100 million, to approximately $4.2 billion, a 3% reduction.
Maestri and Martínez assume new responsibilities at NS; Wimbush retires
As part of Norfolk Southern’s ongoing program of executive development and in support of its efforts to reduce its environmental footprint and expand its market opportunities, Bruno Maestri and Robert E. Martínez will assume additional responsibilities, following the retirement of Vice President Real Estate and Corporate Sustainability officer F. Blair Wimbush. The changes are effective May 1, 2015.
KCS reports flat first quarter
A 1% decrease in overall revenue combined with a 1% increase in carload volume compared to the prior-year period produced relatively flat first-quarter 2015 financial results for Kansas City Southern’s combined North American operations.