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WASHINGTON — The Senate’s passage of a $1.2 trillion infrastructure bill drew praise from a variety of rail observers and other interested parties Tuesday. The bill includes $66 billion for rail-related spending, including $58 billion for Amtrak. Amtrak board chairman Tony Coscia said in a statement that the bill represents more than just this country’s […]
NORFOLK, Va. — The company’s first issuance of green bonds and plans to address greenhouse gas emissions highlight Norfolk Southern’s Environmental, Social, and Governance Report, the new name for its 14th annual corporate responsibility report. “From environmental stewardship to the safety and development of our entire team, we are in the business of a better […]
Independent analyst Anthony B. Hatch is fond of saying that one of freight railroads’ enduring advantages is owning and maintaining their own infrastructure. Nothing could drive that point home better than the repair blitz that Union Pacific launched after its 1,200-foot Dry Canyon Bridge sustained heavy damage from a wildfire. The 150-foot-tall span in Hotlum, […]
CALGARY, Alberta — Canadian Pacific on Tuesday sweetened its offer for Kansas City Southern in the hopes that regulatory uncertainty would unravel Canadian National’s merger agreement with KCS. CP boosted its bid by $2 billion, which values KCS at $300 per share. That’s $25 per share higher than CP’s previous offer but still $25 below […]
CALGARY, Alberta — Is Canadian Pacific preparing a higher offer for Kansas City Southern? The Wall Street Journal is reporting (paywalled) that CP’s board met today to authorize a new offer worth about $300 per share. That’s up about $25 from CP’s final offer to KCS, but still short of Canadian National’s offer that’s valued […]
BISMARCK, N.D. — Approximately 15 cars of a BNSF coal train derailed Sunday afternoon in Bismarck, KX TV news reports. No injuries were reported. Bismarck police and fire and the Burleigh County Sheriff’s responded to the incident just outside the southeast border of the city limits. The derailment initially blocked one roadway, Yegen Road, but […]
FORT WORTH, Texas – BNSF Railway’s second-quarter earnings improved as volume and revenue surged compared to a year ago, when the onset of the pandemic led to historic traffic declines. BNSF’s operating income rose 32.5%, to $2 billion, as revenue increased 26%, to $5.6 billion, the railroad’s parent company, Berkshire Hathaway, reported on Saturday. The […]
KANSAS CITY, Mo. — A shareholder advisory firm has recommended that Kansas City Southern investors approve Canadian National’s $33.6 billion offer to acquire the company. Institutional Shareholder Services, in a report issued Friday, said that the “premium, valuation, and strategic rationale for the transaction are compelling.” KCS shareholders are scheduled to vote on the deal […]
PALESTINE, Texas — County officials have accepted a donation of more than $14,000 for the court case seeking to keep Union Pacific from closing its car shop in Palestine, per an agreement that originated more than a century ago. The Palestine Herald-Press reports the Anderson County Commissioners Court has accepted $14,500 raised by an online […]
OLYMPIA, Wash. — A man arrested for trespassing on BNSF property during a protest over oil and coal trains will be allowed to argue in court that the action was his only recourse in addressing climate change, the Washington state Suprme Court has ruled. The Spokane Spokesman-Review reports the court ruled unanimously that Rev. George […]
WASHINGTON — Union Pacific and Norfolk Southern told federal regulators today that congestion in their busiest international intermodal terminals has been due to disruptions that are beyond their control. Both railroads have taken steps to limit the flow of containers, particularly to their terminals in Chicago, where bottlenecks have arisen from an unprecedented combination of […]
WASHINGTON—Calling the issue “ripe for adjudication,” the Surface Transportation Board has agreed with Amtrak’s request for expedited hearings to determine what, if any, infrastructure improvements must occur before it can begin operating between New Orleans and Mobile, Ala. Amtrak had sought to start two daily round trips along the Norfolk Southern-CSX Transportation route in January […]
