CSX Train Hauling North Dakota Crude Derails
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.
Kanawha River Terminal Takeover Completed
SunCoke Energy Partners (SXCP) has completed the acquisition of 100 percent of the ownership interest in Kanawha River Terminals LLC (“KRT”) for $86 million. SXCP financed this acquisition with a combination of available cash and its existing revolving credit facility. KRT is a leading metallurgical and thermal coal blending/handling terminal service provider with the collective capacity to blend and Transload more than 30 million tons of coal annually. Due to its strategic river locations and convenient access to highways and railroads, KRT can deliver products to U.S. ports in the Gulf Coast, East Coast and Great Lakes. KRTs operations are expected to be immediately accretive to SXCP’s cash flows and earnings…
SunCoke Energy Acquire Kanawha River Terminals
KRT owns 4 coal handling facilities, the largest of which is the Ceredo Terminal located on the Ohio River in West Virginia. SunCoke Energy Partners' (SXCP) wholly-owned subsidiary has executed a definitive agreement to acquire 100 percent of the ownership interest in Kanawha River Terminals LLC (“KRT”) for $86 million. The Ceredo Terminal located on the Ohio River in West Virginia is strategically located to serve both inbound and outbound rail logistics provided by CSX and Norfolk Southern and the capability to offload and load barges. As a result, the Ceredo terminal is able to serve both domestic and international export markets. KRT’s other coal handling facilities are located on the Big Sandy and Kanawha Rivers, as well as on Kentucky Highway 1185 near Louisa, Kentucky.
Palmer to Retire from WCI
Waterways Council, Inc. (WCI) Chairman Dan Mecklenborg announced that an executive search has begun to identify a successor for R. Barry Palmer, WCI President/CEO, who has announced his intention to retire at the end of this year. WCI’s Executive Committee has retained JDG Associates, Ltd., , to conduct the national search for a successor for Mr. Palmer. A search committee to evaluate both internal and external candidates, led by Chairman Mecklenborg, has been organized and is composed of WCI Executive Committee members Rick Calhoun…
Bush Budget Highlights Marine Transport
Released on February 7, President Bush's FY 2006 proposed budget requests the highest funding for the U.S. Army Corps of Engineers Civil Works program in many years. It demonstrates the Bush Administration's increasing understanding of the myriad benefits of the nation's inland waterways system and the need to nurture, not neglect, this critically important transportation system. The budget request underscores the President's goal to keep the Nation economically strong and competitive. This budget request of $4.513 billion proposes FY '06 spending of $184 million from the dedicated Inland Waterways Trust Fund (IWTF) for the modernization of priority, Congressionally-approved locks and dams on the inland system.
FY 2008 $4.8b Budget Request is Highest Level of Funding for USACE
Although it represents a decrease from the FY 2007 spending level President Bush’s FY 2008 proposed budget nonetheless requests the highest level of funding ever included in any President’s budget for U.S. Army Corps of Engineers water resources projects and programs, a total of $4.871b. Last year’s (FY 07) budget request was $4.733 billion. This budget request also proposes FY ’08 spending of $418 million for Inland Waterways Trust Fund financed projects, of which one-half will come from the dedicated Inland Waterways Trust Fund. The remainder would come from general treasury funds, as required under current law. The FY 2008 Civil Works Budget notes that…
WCI Reflects on Inland Waterways Industry in 2006
As the inland waterways industry looks back on 2006 and forward to 2007, Waterways Council, Inc. • President Bush’s FY 2007 proposed budget requested a record level of federal funding for 11 Inland Waterways Trust Fund (IWTF)-financed projects. The budget request proposed FY ’07 spending of $394 million for Inland Waterways Trust Fund financed projects, of which $197 million would come from the dedicated Inland Waterways Trust Fund. The remainder would come from general treasury funds, as required under current law. The President’s FY ‘07 budget request is the highest funding recommendation for IWTF funded projects since cost-sharing legislation was enacted into law in 1986.
President’s Budget Requests Record Level of Funding for IWTF
President Bush’s FY 2007 proposed budget requests a record level of new federal funding for 11 Inland Waterways Trust Fund (IWTF)-financed projects. The budget request proposes FY ’07 spending of $394 million for Inland Waterways Trust Fund financed projects, of which $197 million will come from the dedicated Inland Waterways Trust Fund. The remainder would come from general treasury funds, as required under current law. The President’s FY ‘07 budget request is the highest funding recommendation for IWTF funded projects since cost-sharing legislation was enacted into law in 1986. The proposed FY 2007 budget also requests record level federal funding for the entire U.S. Army Corps of Engineers Civil Works program of $4.733 billion.
