Port of Long Beach (POLB) CEO Mario Cordero on Jan. 17 gave a “State of the Port” address, highlighting rail facility modernization and air quality improvement efforts that will continue through 2024, as well as 2023’s cargo volume statistics.
Port of Los Angeles Executive Director Gene Seroka outlines plans for 2024 in his “State of the Port” address. Also, Trigon Pacific Terminals Ltd. (Trigon) initiates the regulatory review process for its planned Canadian LPG export project.
AITX appoints Tina Beckberger as Chief Commercial Officer. Also, Earl Adams, Jr., joins Hogan Lovells’ Transportation Practice as a Global Regulatory & IPMT partner; Jodi Heath joins the Indiana Rail Road Company (INRD) as Vice President, Business Development; the Port of Long Beach (POLB) appoints two division directors; Sound Transit considers Goran Sparrman for interim CEO; and the League of Railway Women (LRW) names MxV Rail President and CEO Kari Gonzales the 2023 Railway Woman of the Year.
We modestly lower our fourth-quarter 2023 estimates on mix pressures that are likely to be somewhat mitigated by fuel tailwinds. Intermodal recovery comes at the price of yield given the protracted over-the-road (OTR) rate trough. A revenue per carload rebound is likely a late-2024 story, at best. First-quarter 2024 should see typical seasonal softening, which is well understood as the focus shifts to recovery. We favor Union Pacific (UP) and Norfolk Southern (NS) in 2024 on margin recovery prospects.
The U.S. Department of Transportation (USDOT) awards the Port of Long Beach (POLB) $283 million for its Pier B On-Dock Rail Support Facility project. Also, ITS Logistics releases its December forecast.
American Seating appoints Heidi Peterson as Chief Operating Officer. Also, the Intermodal Association of North America (IANA) elects its 2024 Board of Directors and Officers.
Ports of Indiana and MG Rail complete $1.1 million in road and rail improvements at Jeffersonville Port. Also, November cargo volume increases at Port of Los Angeles and the Port of Long Beach (POLB); and the Saguenay Port Authority receives $111.1 million to support conveyor planning.
STV hires Robert Orlin as Vice President and Assistant General Counsel. Also, the San Diego Association of Governments (SANDAG) Board of Directors appoints Deputy CEO Coleen Clementson to Interim CEO; the Long Beach Board of Harbor Commissioners approves the appointments of new directors for the Port of Long Beach’s (POLB) Human Resources and Engineering Design divisions; and Sound Transit’s CEO Julie Timm announces resignation.
The Port of Long Beach (POLB) on Nov. 29 announced that after more than 15 years of planning, it is going out to bid in early 2024 for its first construction contract to begin building the $1.567 billion Pier B On-Dock Rail Support Facility, which will be built in phases with the final segment due to be completed in 2032.
The Port of Los Angeles and the Port of Long Beach recently reported that cargo volume in October has increased compared to the previous year.
