Railroad News

CSX Corp. has appointed Farrukh Bezar senior vice president and chief strategy officer as of May 29.

Bezar joins CSX with more than 25 years of strategic leadership in transportation and logistics. Most recently, he served as founder and managing partner of Lynwood Partners, a transportation and logistics advisory firm.

CSX yesterday posted record results for the first quarter, including an operating ratio (OR) that fell below 60 percent.

Net income during the quarter soared 20 percent to $834 million, or $1.02 per share, versus $695 million, or 78 cents per share a year ago.

[Editor's note: This story has been updated to include a statement from CSX.]

New York Gov. Andrew Cuomo is threatening legal action against CSX if the Whitesboro rail bridge in Oneida County is not rebuilt.

By This email address is being protected from spambots. You need JavaScript enabled to view it., Managing Editor

In the fourth quarter, CSX registered an operating ratio of 60.3, a 4.8 point improvement compared with its fourth-quarter 2017 ratio of 65.1 and a Q4 record, the Class I announced yesterday.

CSX has reversed an earlier decision and determined the Class I will participate in a project to upgrade the Howard Street Tunnel in Baltimore, Maryland federal and local officials announced late last week.

Railroad officials appeared to "walk away" from the proposal about a year ago, and are now willing to commit $91 million toward the tunnel project's cost, Maryland's congressional delegation said in a press release.

CSX is selling 373 miles of rail lines to Florida Gulf & Atlantic Railroad LLC (FGAR), according to a Nov. 6 filing with the Surface Transportation Board (STB).

The notice of intent to acquire the rail lines did not mention a sale price.

CSX last week unveiled its new Pride in Service community investment program to honor and improve the lives of military veterans, active duty military and first responders.

The multimillion-dollar commitment and "collaborative approach" will affect more than 100,000 people over the next two years, CSX officials said in a press release.

CSX will operate its 76th annual Santa Train on Nov. 17, as part of the Class I's efforts to deliver toys, food, winter clothing and other gifts to residents in need along the 110-mile route.

The train will travel through the Appalachia region and stop in 14 locations in Kentucky, Virginia and Tennessee. More than 15 tons of toys and other items will be delivered to families, CSX officials said in a press release.

CSX Corp. has eliminated 2,700 jobs so far this year, as the Class I works through its transition to a more efficient operating plan, Chief Financial Officer Frank Lonegro told investors at a conference last week.

In addition to the 2,700 employees, CSX has eliminated 1,000 contractor and consultant positions, Lonegro said during a presentation at the Cowen & Co. Global Transportation Conference held in Boston.

The National Hurricane Center's latest projected track of Hurricane Irma has prompted the Surface Transportation Board (STB) to postpone its Sept. 12 listening session concerning CSX's rail service issues, the board announced yesterday.

The center has projected landfall in southern Florida early on Sept. 11. CSX's headquarters are based in Jacksonville, Fla.

CSX Corp. late last week released its seventh annual corporate social responsibility report documenting the Class I's performance in environmental, social and governance areas.

Titled "Moving Forward," the report highlights the company's 2016 business practices aimed at creating customer value, increasing shareholder returns, improving the environment and enhancing the communities that the railroad serves, CSX officials said in a press release.

3/31/2017    

Rail News: CSX Transportation

9/6/2016    

Rail News: CSX Transportation

CSX announced yesterday that part of the Lebanon Business Park in Indiana has been designated a CSX "Select Site," a development-ready property along the Class I's network.

In 2010, CSX partnered with the city of Lebanon on a $4 million project to construct a spur that brings rail service directly into the park.

North Carolina Gov. Pat McCrory last week announced CSX plans build the Carolina Connector (CCX) intermodal terminal in Rocky Mount. The Class I previously had planned to construct a terminal in another part of the state.
 
Initially, the CCX is expected to process more than 260,000 containers per year. CSX plans to provide $160 million for the more than $200 million terminal. The North Carolina Department of Transportation will contribute $100 million for track improvements and terminal infrastructure through the state’s new transportation funding formula.
 
The CCX is expected to open in 2020, with related track improvements projected to take two years to complete after all necessary environmental permits are obtained. Carolinas Gateway Partnership, a local economic development organization, controls nearly all of the land needed for the facility, which is located along CSX’s mainline in a primarily industrial area.

The CCX will provide cheaper, faster and more environmentally friendly connections for North Carolina’s businesses and ports to domestic and international markets, said CSX Chairman and Chief Executive Officer Michael Ward in a press release.

A new intermodal rail service will serve the Port of Wilmington and CSX's intermodal terminal in Charlotte, N.C., Gov. Pat McCrory and the North Carolina Department of Transportation announced yesterday.

The "Queen City Express" will be the only direct freight-rail service into the greater Charlotte area from a Southeast port, McCrory said in a press release.

CSX has been determined a "best place to work" according to the 2016 Disability Equality Index (DEI), the Class I announced yesterday.

The railroad received a company-record score of 90 percent on the index, which tracks indicators of corporate disability inclusion, such as access, employment practices, culture and leadership, and community engagement and support services, CSX officials said in a press release.