railroad

BNSF’s Q1 net income falls 9% amid 10% drop in carload volumes

BNSF’s net profit for the first quarter of 2023 slipped 9% amid a 10% drop in carload volumes, the railroad’s parent company, Berkshire Hathaway (NYSE: BRK.B), reported Saturday.

Net income was nearly $1.25 billion in the first quarter, compared with $1.37 billion year over year. 

Total revenues were $6 billion, up 1% from $5.97 billion a year ago. Of that, freight revenues were $5.75 billion, up 2.2% from nearly $5.63 billion in the first quarter of 2022. 

BNSF attributed the revenue increase to...

https://www.freightwaves.com/news/bnsfs-q1-net-income-falls-9-amid-10-drop-in-carload-volumes

Union Pacific takes Surface Transportation Board to court over CP-KCS merger

Union Pacific is asking a federal district court to review the decision by the Surface Transportation Board to approve the merger between Canadian Pacific and Kansas City Southern.

UP had expressed concerns during STB hearings on the merger that the board needed to impose conditions upon CP and KCS that would ensure competition at interchanges.

“The merger of Kansas City Southern and Canadian Pacific is likely to reduce competition and negatively impact shippers and stakeholders,” UP (NYSE: UNP)...

https://www.freightwaves.com/news/union-pacific-takes-surface-transportation-board-to-court-over-cp-kcs-merger

Ocean carriers: Keep rail storage fee disputes at STB

WASHINGTON — Confusion over which federal agency has the power to resolve disputes over fees charged by railroads to store ocean containers will only get worse if Congress follows the advice of the shippers getting hit by the fees, ocean carriers contend.

A coalition of 75 shipper groups — led by the National Customs Brokers & Forwarders Association of America, the National Industrial Transportation League, and the National Retail Federation — appealed this week to lawmakers to clarify that...

https://www.freightwaves.com/news/ocean-carriers-keep-rail-storage-fee-disputes-at-stb

Truck transportation jobs aren’t afraid of heights; they rose again in April

Freight recession notwithstanding, the truck transportation sector in the U.S. is continuing to add jobs.

In the report released Friday for April data, the seasonally adjusted jobs total for the truck transportation sector rose 3,000 jobs, to 1,612,500 jobs. That came after a downward adjustment from the initially reported number for March, down 2,500 jobs to 1,609,50 jobs. 

The end result is that a month ago, the Bureau of Labor Statistics was reporting that there were 1,612,000 jobs. The total...

CPKC, coal producer Teck to test hydrogen-fueled locomotives

Canadian Pacific Kansas City and Teck Resources will conduct a pilot program starting in early 2024 in which coal used in steel production will be transported from Teck’s mines in southeastern British Columbia to western ports using CPKC’s hydrogen locomotives.

The companies also said they have entered into a long-term rail service agreement that will run until the end of 2026. The agreement builds on existing services, according to a Thursday release. 

“CPKC is proud to work with organizations...

https://www.freightwaves.com/news/cpkc-coal-producer-teck-to-test-hydrogen-fueled-locomotives

Trinity Industries, GATX and Wabtec see opportunities amid headwinds

Rail equipment manufacturers and rail car lessors see 2023 as a year of opportunities despite lower North American rail volumes in the first quarter. Here’s what officials said about the rail car market during recent earnings calls. 

Trinity Industries upbeat on rail car leasing market

Trinity Industries is optimistic that pent-up demand to move volumes will help support rail car leasing in 2023, even though U.S. rail volumes are down year over year. That decline, though, is partly due to...

https://www.freightwaves.com/news/trinity-industries-gatx-and-wabtec-see-opportunities-amid-headwinds

Rail reform: How Congress might get a bipartisan win 

By Loren A. Smith Jr.

Editor’s note: The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

As the Senate Committee on Commerce takes the next steps on rail safety legislation, there is reason for optimism. Railroads move an astounding amount of freight in the United States, roughly 30% of the total. However, it’s fair to say there’s room for improving the industry. Congress can help.

Recent news has made it clear that...

https://www.freightwaves.com/news/rail-reform-how-congress-might-get-a-bipartisan-win

3 US Class I railroads must keep giving STB service improvement updates

Three of the four U.S. Class I railroads must continue submitting biweekly rail service progress reports to federal regulators through the end of the year as proof of improving rail service because they have not fully met their service targets.

The requirement by the Surface Transportation Board applies to Union Pacific (NYSE: UNP), BNSF (NYSE: BRK.B) and Norfolk Southern (NYSE: NSC). CSX (NASDAQ: CSX) will no longer be required to do so because it has met nearly all of its one-year service...

https://www.freightwaves.com/news/3-us-class-i-railroads-must-keep-giving-stb-service-improvement-updates

Crowley and CN partner on new Mobile-Mexico ocean service

Maritime and logistics services company Crowley has teamed up with Canadian railway CN to provide integrated rail and ocean service between Mexico and the U.S. Midwest and Canada.

The service includes Crowley’s new ocean route between the Port of Mobile in Alabama, which is serviced by CN (NYSE: CNI), and Tuxpan on the Gulf Coast of Mexico in the state of Veracruz. Crowley’s ships will make weekly round trips between Tuxpan and Mobile starting in September, and the vessels have a capacity of...

https://www.freightwaves.com/news/crowley-and-cn-partner-on-new-mobile-mexico-ocean-service

Real estate developers acquire Arizona site for rail-served facilities

Commercial real estate developers Trammell Crow and CBRE Investment Management have acquired a nearly 200-acre site in Mesa, Arizona, with plans to prime the site for rail-served industrial development.

The 192-acre site — the largest developable site in Maricopa County, according to developers — will be divided into “shovel-ready” lots that range from 12 acres up to the full site. Companies seeking large-scale sites for industrial development, such as those in the semiconductor industry, could...

https://www.freightwaves.com/news/real-estate-developers-acquire-arizona-site-for-rail-served-facilities

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