Connect to share and comment

CSX railroad expects modest 2014 profit growth but impact of severe winter will linger

OMAHA, Neb. - CSX railroad expects to deliver modest profit growth this year, but the impact of the severe winter will linger into the second quarter. Officials with the railroad said on a conference call Wednesday that the improving economy and stronger domestic utility demand for coal will boost CSX's earnings in the second half of this year and in 2015. The Jacksonville, Fla.-based railroad had said Tuesday that the harsh winter disrupted shipments and contributed to a 14 per cent drop in its first-quarter profit even as it hauled 3 per cent more freight.

Federal board orders Canadian Pacific, BNSF to report fertilizer delivery plans by Friday

PIERRE, S.D. - A federal oversight board told Canadian Pacific Railway and BNSF Railway that they have until Friday to report their plans to ensure delivery of fertilizer shipments for spring planting of U.S. crops. The Surface Transportation Board's decision Tuesday comes in response to a hearing it held last week on recent service problems in the nation's rail network. Farmers and representatives of agriculture producers told the board that delays in fertilizer delivery could disrupt planting.

Harsh winter weather pulls CSX railroad's first-quarter profit down 14 per cent

OMAHA, Neb. - Harsh winter weather slowed CSX railroad and contributed to a 14 per cent drop in first-quarter profit, even as freight volume grew modestly. On Tuesday, the railroad based in Jacksonville, Fla., reported net income of $398 million, or 40 cents per share, in the quarter ending March 31. That's down from $462 million, or 45 cents per share, a year ago. CSX said weather in early 2014 cost it 8 to 9 cents per share in increased expenses and lost revenue. Michael Ward, the railroad's president, CEO and chairman, praised the way employees responded.

Customs office slaps 10.5 billion won in tariffs on KAI for country of origin violation

SEOUL, April 14 (Yonhap) -- South Korea's customs office slapped 10.5 billion won (US$10.1 million) in punitive tariffs on a local aircraft manufacturer for violating country of origin (COO) rules on components imported from the U.S. for the T-50 supersonic trainer, industry sources said Monday. Industry insiders said avionics software and ground testing equipment purchased by Korea Aerospace Industries Ltd. (KAI) from Lockheed Martin failed the duty exemption guidelines as outlined under the South Korea-U.S. free trade agreement (KORUS) that went into effect in March 2012.

Customs office slaps 10.5 billion won in tariffs on KAI for country of origin violation

SEOUL, April 14 (Yonhap) -- South Korea's customs office slapped 10.5 billion won (US$10.1 million) in punitive tariffs on a local aircraft manufacturer for violating country of origin (COO) rules on components imported from the U.S. for the T-50 supersonic trainer, industry sources said Monday. Industry insiders said avionics software and ground testing equipment purchased by Korea Aerospace Industries Ltd. (KAI) from Lockheed Martin failed the duty exemption guidelines as outlined under the South Korea-U.S. free trade agreement (KORUS) that went into effect in March 2012.

Grain bottleneck primary concern of meeting of Manitoba agriculture producers

WINNIPEG - Ongoing problems with a rail bottleneck that has left grain sitting in bins across the Prairies has dominated discussion at the annual spring meeting of the Keystone Agricultural Producers, Manitoba's largest farm policy organization. Keystone leaders said in a news release issued Friday that even though Bill C-30 is close to being passed, farmers still have concerns about getting their grain to market.

Expectations for moving bumper crop were unrealistic: CN president

WINNIPEG - The president of Canadian National Railway is criticizing the federal government for over-regulating railways based on an unusually cold winter and a bumper grain crop. Claude Mongeau told the Winnipeg Chamber of Commerce that, under the circumstances, it was unrealistic to expect anyone to move the record harvest in just a few months. Rail companies alone can't bear sole responsibility for the transportation bottleneck that has left farmers' bins overflowing, he said.

Expectations for moving bumper crop were unrealistic: CN president

WINNIPEG - The president of Canadian National Railway says it was unrealistic to expect anyone to move a bumper harvest of grain in just a few months. Claude Mangeau told the Winnipeg Chamber of Commerce that his company isn't responsible for a transportation bottleneck that has left farmers' bins overflowing. He said CN (TSX:CNR) moved a record number of cars before the extreme cold hit in December. He also said blaming rail companies will not solve the grain backlog.

After spike in deaths, railroads launch campaign to highlight dangers of being near tracks

OMAHA, Neb. - Railroads are launching a new campaign to highlight the dangers of being near train tracks after a spike in rail deaths last year. At this time last year, the railroads were proudly calling 2012 their safest year ever as derailments and crossing accidents kept declining. But last year, the number of trespassing deaths rose by 47, or 11 per cent, to 476, and the number of deaths in accidents increased nearly 8 per cent to 250.

Saskatchewan asks federal committee to toughen grain law to clear crop backlog

REGINA - Saskatchewan is urging a federal committee to toughen legislation aimed at clearing a rail bottleneck that has left grain sitting in bins across the Prairies. The province has made a written submission to the House of Commons Standing Committee on Agriculture, which is reviewing the proposed law introduced last month. It would impose daily fines of up to $100,000 on railways should they fail to double the volume of grain shipments to 11,000 cars a week.
Syndicate content