Csx Corp News

Canadian National Railway (CN) announced that it acquired a rail line running between Valleyfield, Quebec, and Woodard, New York, from CSX Corp. (CSX).The Massena rail line represents more than 220 miles of track. The rail line also serves many cities in the province of Quebec, including Beauharnois and Huntingdon, and in the state of New York, including Massena, Norwood, Potsdam, and Gouverneur."With this acquisition from CSX, we are opening up new opportunities for our existing customers and local businesses who will be able to access new markets through CN's unique three coasts network," said JJ Ruest, president and chief executive officer of CN.“By acquiring the Massena rail line, CN continues to expand our network and foster additional supply chain solutions.

A freight train on a CSX Corp line derailed in southern Pennsylvania on Wednesday, the company said, and local authorities said a freight car struck a garage which caught fire and they ordered the evacuation of nearby residents. No injuries were reported after the derailment in Hyndman, about 100 miles southeast of Pittsburgh. The company said trains and shipments would be delayed between Connellsville, Pennsylvania, and Cumberland, Maryland. Harry Corley, an emergency management coordinator for Bedford County, said six cars derailed, crashing into a local garage that caught fire, and was still burning. Corley said he did not know what the train was carrying. A U.S. government agency later said the train was hauling propane tanks.

Florida-based transportation giant CSX Corp. is planning a $272 million intermodal rail terminal in North Carolina serving the Raleigh region that it envisions as a major transportation hub to make the state’s ports more competitive. The major freight rail infrastructure project in the Triangle project will spur economic development and help position the region as a major transportation logistics hub, says the company. Wilmington could reap significant benefits if the intermodal freight rail hub is built in Johnston County, state transportation officials said Thursday. The railroad operator is committed to spending $150 million for the project, which will be located in Johnston County and depends on receiving $100 million state transportation funds.

Billionaire investor Warren Buffett is set to be a chief beneficiary of a bid by Senate Republicans to weaken new regulations to improve train safety in the $2.8 billion crude-by-rail industry, a key cog in the development of the vast North American shale oil fields. A series of oil train accidents, including the July 2013 explosion of a train carrying crude in Lac-Megantic, Quebec, that killed 47 people, led U.S. and Canadian regulators to announce sweeping safety rules in May. Among other things, U.S. oil trains are required to install new electronically controlled pneumatic (ECP) brakes. But in late June, the Republican-controlled Senate Commerce Committee approved a measure to drop that requirement, and order years of new research to confirm the safety benefits of ECP brakes.

A CSX Corp train hauling North Dakota crude derailed in West Virginia on Monday, setting a number of cars ablaze, destroying a house and forcing the evacuation of two towns in the second significant oil-train incident in three days. One or two of the cars plunged into the Kanawha River, said Robert Jelacic of the West Virginia Department of Homeland Security and Emergency Management. CSX said the train was hauling 109 cars from North Dakota to the coastal town of Yorktown, Virginia, where midstream firm Plains All American Pipelines runs an oil depot. It said one person was being treated for potential inhalation of fumes. No other injuries or deaths were reported. As of 9:30 p.m.

As many as 44 trains loaded with volatile Bakken crude oil are being sent through the state of New York each week, according to confidential disclosures made by railroads to state emergency responders, and released to Reuters through a Freedom of Information Law request. The disclosures come as New York and other states grapple with health and safety risks posed by a recent surge in oil-by-rail cargoes, following at least six fiery derailments of trains carrying Bakken oil in North America since last July. The New York State Emergency Response Commission released disclosures from railroads CSX Corp and Canadian Pacific Railway Ltd on Tuesday.

ECT expects the verdict in the arbitration case with CSX Corp. to be given in eight to fifteen months. ECT states that CSX, as the parent company of Sea-Land, broke the contract for the former Delta Sea-Land terminal and demands $180 million plus interest. Because the contract was according Dutch law, the Dutch Arbitration Institute in Rotterdam handles the case.

A.P. Moeller’s acquisition of CSX Corp.’s Sea-Land’s international shipping operations is reportedly positive for the group’s shares and future position in world shipping.

Horizon Lines Inc., a container shipping and integrated logistic company, on Friday said its board of directors voted to appoint current President and Chief Executive Charles "Chuck" G. Raymond as the company's first chairman. Raymond will retain his current responsibilities. Raymond has served as president, CEO and as a director of Horizon Lines Inc. since July 2004, and of Horizon Lines LLC since February 2003. Before joining Horizon Lines, Raymond served as an executive officer at railroad operator CSX Corp.

Reports indicate that Dubai Ports World, a state-owned international port operator, cleared its last major hurdle yesterday in acquiring a British company that helps run several U.S. terminals the companies said yesterday. The acquisition of Peninsular & Oriental Steam Navigation Co., whose shareholders agreed yesterday to accept Dubai Ports World's offer of 3.9 billion pounds, or $6.8 billion, in cash, would create the world's third-largest port operator, with 51 terminals in 30 countries. It will also give the aggressive Dubai a larger foothold in the booming trade between Asia and the United States. P&O officials have said they expect the company to be run separately out of London and do not expect changes in U.S.

A.P. Moeller - parent of the world's leading container shipping company Maersk Line -announced last week that full-year 1999 operating profit on shipping activities would exceed last year's. In January-June, this line of the profit and loss account showed a profit of $196 million, up from $154 million in the same period a year ago. Shipping accounted for 89 percent of the group's turnover and 53 percent of operating profit. "For container services the result was at the level of that of the first half of 1998. Overall freight volumes increased," an A.P. Moeller representative said. The shipping business's full-year 1999 net profit, including the group's customary transfer of part of its oil surplus to the accounts of the shipping companies…

A.P. Moeller's container line Maersk completed its $800 million takeover of U.S. CSX Corp.'s SeaLand container line, Moeller officials said. The acquisition cemented Maersk's position as the world's leading container line, with a fleet of some 250 vessels with a combined capacity of 600,000 teu. Analysts say Maersk-SeaLand is twice as big as world number two, Evergreen Marine Corp. Ltd. of Taiwan.

Danish shipping and oil group A.P. Moeller shares surged 95 percent in 1999, bolstered by a 150 percent rise in crude oil prices and improved freight rates, and analysts predict solid profits in 2000 along with more takeovers. Earnings per share (EPS) for D/S 1912 is expected to climb to 2,762 crowns this year and rise a further 24 percent to 3,424 crowns next year, with D/S Svendborg seen reaching 3,880 crowns in the current fiscal year and 4,917 crowns in 2000. Moeller's Maersk container liner bought two of its competitors in 1999, South African Safmarine Container Lines in February and U.S. CSX Corp's Sea-Land in July, cementing its position as the world's leading container liner.