Railroad News

Rail News Home Canadian Pacific 6/1/2022 Rail News: Canadian Pacific
Canadian Pacific yesterday announced a new multiyear agreement with CMA CGM Group in which the Class I will become the shipping company's primary rail provider in Canada, serving the ports of Vancouver, Montreal and Saint John.CP's access to the ports of Vancouver and Montreal, as well as to Port Saint John via New Brunswick Southern Railway, will enable the Class I to move the majority of CMA CGM's freight from Canadian ports to key Canadian and U.S. Midwest inland markets, CP officials said in a press release.The railroad will provide the company with "safe and reliable service that includes the shortest route miles to key markets," said John Brooks, CP's executive vice president and chief marketing officer. "CP's dedication to best-in-class service is enabling supply chain recovery that will drive future growth opportunities for the North American economy," he said.The agreement also recognizes future growth opportunities connected to CP's proposed merger with Kansas City Southern, which would add market reach and create new efficiencies, CP officials said. The proposed merger is under consideration by the Surface Transportation Board.

Rail News Home CSX Transportation 6/1/2022 Rail News: CSX Transportation
CSX today announced it has completed the acquisition of Pan Am Railways Inc., which will expand the Class I's reach into the U.S. Northeast.The completion of the transaction comes six weeks after CSX received regulatory approval from the Surface Transportation Board. Terms of the transaction were not disclosed. "We are excited to welcome Pan Am’s experienced railroaders into the CSX family and look forward to the improvements we will make together to this important rail network in New England, bringing benefits to all users of rail transportation in the Northeast region," said President and CEO James Foote in a press release. "This acquisition demonstrates CSX’s growth strategy through efficient and reliable freight service and will provide sustainable and competitive transportation solutions to New England and beyond."
Goldman Sachs & Co. LLC acted as financial adviser, Steptoe & Johnson LLP served as regulatory counsel and Davis Polk & Wardwell LLP was the transactional counsel during the acquisition process.

Rail News Home CSX Transportation 5/31/2022 Rail News: CSX Transportation
CSX announced last week its induction into the Climate Leadership Awards Hall of Fame for its commitment to increasing sustainability and lowering carbon emissions.The Class I is part of the first-ever class of 29 companies and organizations to be inducted into the CLA Hall of Fame. To earn the honor, inductees needed to receive at least two Climate Leadership Awards across multiple categories over the past decade, CSX officials said in a press release.CSX is the only railroad recognized as an honoree. The induction ceremony celebrated the Class I and other inductees at the Climate Leadership Conference in Washington, D.C., May 24-26.The Class I most recently earned a 2021 CLA for greenhouse gas (GHG) emissions reduction goal-setting. The Center for Climate and Energy Solutions (C2ES) and The Climate Registry, which presented the awards, cited CSX's goal to reduce Scope 1 and 2 emissions intensity by 37.3% from 2014 to 2029 — an absolute emissions reduction of 2.5% annually — as part of the reason for the award. CSX also earned a CLA in 2013 recognizing its 8% voluntary reduction of GHG emissions intensity since 2007."In the past decade, these companies, organizations and individuals have helped raise the bar time and again — betting on themselves to succeed," said C2ES President Nathaniel Keohane in a press release regarding the honorees.