Railroad News

The federal government and state of West Virginia this week announced a proposed settlement that calls for CSX to pay $2.2 million in penalties for water pollution violations related to a 2015 train derailment and subsequent oil spill.

Under the proposed terms, CSX will pay penalties of $1.2 million to the United States and $1 million to West Virginia, according to a press release issued by the U.S. Environmental Protection Agency (EPA).

Long Ridge Energy Terminal has completed its rail loop construction project in Hannibal, Ohio, which makes the facility the first in the Appalachian Basin to offer unit-train and barge transloading capabilities.

CSX serves the terminal.

CSX posted a boost in profit, revenue and a record quarterly operating ratio for second-quarter 2018 — indications that the Class I's scheduled railroading operations model has begun to pay off, company officials say.

CSX reported yesterday second-quarter net earnings of $877 million, or $1.01 per share, compared with $510 million, or 55 cents per share for the same period a year ago.

The New York State Department of Transportation (NYSDOT) has awarded $19 million in state funding toward a CSX rail-yard expansion in the town of DeWitt in central New York.

The project will create central New York's first inland port, which will allow for containerized freight to be moved between the Port of New York and New Jersey (PANYNJ) and CSX's DeWitt terminal, NYSDOT officials said yesterday in a press release.

CSX Corp. has appointed Mark Wallace executive vice president sales and marketing, and Diana Sorfleet, executive vice president and chief administrative officer, the Class I announced yesterday.

Wallace joined CSX in March 2017 as executive VP corporate affairs and chief of staff, and was named executive VP and CAO in January.

A CSX train derailed last night in southwest Indiana near Princeton, causing a number of rail cars to catch fire.

The train derailed at about 8:10 p.m. about an hour from Evansville. Preliminary reports indicated a release from a rail car containing propane, a CSX spokesman said in an email.

CSX is soliciting bids on six rail segments totaling more than 650 miles of track as part of the Class I's continuing strategy to sell under-used assets.

The lines may be purchased by one buyer or multiple buyers, or may not be sold at all depending on the bids received, CSX officials said in a press release.

CSX Corp. has named James Schwichtenberg as the Class I's new vice president and chief safety officer.

A "recognized leader in rail safety," Schwichtenberg will lead the company's renewed focus on safety, CSX officials said in a press release. He will report to Ed Harris, executive vice president of operations.

CSX Corp. will put more resources into safety, company executives said at the annual shareholders meeting held late last week in Jacksonville, Florida.

President and Chief Executive Officer James Foote told shareholders that CSX soon will announce a new chief safety officer and is bringing in an outside consulting firm to help with safety issues, according to a report by WJCT News.

CSX Corp. yesterday announced first-quarter 2018 earnings that surpassed analysts' estimates and a profit that nearly doubled compared with a year ago, as the Class I continued to cut costs and advance its scheduled railroading model.

CSX reported record Q1 2018 net earnings of $695 million, or 78 cents per share, compared with $362 million, or 39 cents per share in the same quarter last year.

The South Carolina Ports Authority (SCPA) yesterday officially opened the new Inland Port Dillon, the authority's second inland facility to handle intermodal rail cargo.

Inland Port Dillon uses an existing CSX intermodal train service to handle container movements to and from the Port of Charleston's seaport facilities, authority officials said in a press release.

CSX execs accomplished the most important thing they set out to do March 1 at the railroad's long-anticipated Investor & Analyst Conference in New York City. Having already scooped themselves by unveiling their big buyback program and unveiling their 60 percent — down over 600 basis points (bps) — operating ratio (OR) target for 2020,  the CSX team revealed its management depth and competence, as well as its commitment to Precision Scheduled Railroading (PSR). 

CSX will aim for a 60 percent operating ratio by 2020 and revenue growth at a compound annual rate of 4 percent by 2019-20, the company announced today at its annual investor and analyst conference in New York City.

At the conference, CSX officials were expected to outline plans to build on the scheduled railroading model, increase efficiency, control costs and grow the business.

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