Surface Transportation Board

STB to require ‘certain minimum information’ on demurrage invoices

A photograph of railcars parked in a rail yard.

The Surface Transportation Board (STB) plans to adopt a final rule on what information should be included in demurrage-related billing statements from the Class I railroads. The rule seeks to address some of the transparency concerns raised by rail shippers.

The rule, published in the Federal Register on Tuesday, will be effective on Oct. 6. It requires Class I carriers to “include certain minimum information on or with demurrage invoices and provide machine-readable access to the minimum...

https://www.freightwaves.com/news/stb-to-require-certain-minimum-information-on-demurrage-invoices

Nearly 260 entities lend support to proposed CP-KCS merger

A photograph of a Kansas City Southern locomotive.

Vessel operators, industrial companies and agricultural interests are among those that are lending their support to Canadian Pacific’s (NYSE: CP) proposed acquisition of Kansas City Southern (NYSE: KSU).

Canadian Pacific (CP) submitted to the Surface Transportation Board (STB) on Wednesday a 531-page filing that included letters of support from 259 shippers, ports, local and state chambers of commerce and short line railroads.

CP’s proposed acquisition of Kansas City Southern (KCS) will be a...

https://s29755.pcdn.co/news/nearly-260-entities-lend-support-to-proposed-cp-kcs-merger

STB tells CSX to refile application to acquire Pan Am Railways

A photograph of a CSX train hauling intermodal containers.

The Surface Transportation Board (STB) has asked that CSX (NASDAQ: CSX) resubmit its application seeking permission to acquire New England short line Pan Am Railways. Filing the application as a “significant” transaction would enable the board to have more time to mull over the acquisition and determine whether any market competition would be lost.

“Based on the information the board has about the possible competitive impacts today, the board is unable to conclude at this stage that any...

https://s29755.pcdn.co/news/stb-tells-csx-to-refile-application-to-acquire-pan-am-railways

5 Wall Street impressions about proposed CP-KCS merger

A photograph of a Kansas City Southern locomotive.

Canadian Pacific (NYSE: CP) announced plans to acquire Kansas City Southern (NYSE: KSU) for $29 billion on Sunday morning. Here are five initial impressions from Wall Street transportation analysts about this proposed transaction.

Wall Street likes the deal

The merger of CP and Kansas City Southern (KCS) would be combining two of the smallest Class I railroads. It would also be integrating two railroads that are striving to reach an operating ratio (OR) in the mid-50s. OR, represented in a...

https://s29755.pcdn.co/news/5-wall-street-impressions-about-proposed-cp-kcs-merger

Surface Transportation Board chair weighs in on proposed mergers

A composite image of two train locomotives. On the left is CP and on the right is KCS.

Surface Transportation Board (STB) Chairman Martin J. “Marty” Oberman provided glimpses Tuesday into how the agency will consider two proposed acquisitions: CSX’s (NASDAQ: CSX) plan to purchase New England short line Pan Am Railways and Canadian Pacific’s (NYSE: CP) goal of merging with Kansas City Southern (NYSE: KSU).

The board expects to treat the proposed CP-Kansas City Southern (KCS) merger as a “major” transaction.This acquisition would be “the first major transaction to seek board...

https://s29755.pcdn.co/news/surface-transportation-board-chair-weighs-in-on-proposed-mergers

Rail Roundup: TTCI scope and rail-shipper council membership expand

A photograph of intermodal containers parked at a rail yard.Contract change allows TTCI to expand work to multiple sites

The management of the Transportation Technology Center Inc. (TTCI), a subsidiary of the Association of American Railroads (AAR) that develops and researches safety technology for the rail industry, is undergoing a change in September that will expand TTCI’s work to multiple sites.

TTCI’s management will transition from a single-source “care, custody and control contract” to a contract affiliated with the U.S. Department of...

https://www.freightwaves.com/news/rail-roundup-ttci-scope-and-rail-shipper-council-membership-expand

CSX seeks STB approval of Pan Am Railways acquisition

A photograph of a train locomotive at a suburban platform.

Eastern U.S. railroad CSX (NASDAQ: CSX) has started the regulatory process to acquire New England short line operator Pan Am Railways in a move that CSX hopes will strengthen its intermodal presence in the region.

The company on Thursday submitted its application to the Surface Transportation Board. The application includes a request both to acquire the Pan Am System, which includes Pan Am Railways, and a 50% ownership of Pan Am Southern (PAS). 

“CSX is excited to introduce our customer-centric...

https://www.freightwaves.com/news/csx-seeks-stb-approval-of-pan-am-railways-acquisition

US Class I rail headcount sinks to near decade low

A photograph of a man working in a rail yard.

The number of employees working for the U.S. operations of the Class I railroads in January fell to its lowest level in years, according to data received by the Surface Transportation Board.

U.S. Class I railroad operations had 113,461 employees working in their ranks in January, an 11.6% drop from January 2020 and a 3.7% decline from December. This total is the lowest since January 2012, the earliest date for which FreightWaves has data. January’s total also beat October 2020’s low of 114,960...

https://s29755.pcdn.co/news/us-class-i-rail-headcount-sinks-to-near-decade-low

Power index: Top 10 Biden appointments affecting freight markets

While almost every cabinet department and a host of federal agencies within the executive branch touch freight and supply chains in some way, these 10 recent appointees by President Joe Biden will likely figure most prominently in steering freight transportation policy as Biden’s administration gets underway. The list is in alphabetical order by last name.

Pete Buttigieg, secretary, U.S. Department of Transportation (DOT)
(Credit: U.S. DOT)

Background: Buttigieg began campaigning for Biden...

https://s29755.pcdn.co/news/power-index:-top-10-biden-appointments-affecting-freight-markets

+ More