Railroad News

NTSB: Broken rail probable cause of 2014 Lynchburg train derailment

The derailment of a CSX crude-oil train two years ago in Lynchburg, Va., was likely the result of a broken rail caused by a reverse detail fracture with evidence of rolling contact fatigue, the National Transportation Safety Board (NTSB) concluded in its accident report issued yesterday.

The CSX oil train derailed in April 2014.
NTSB

The train derailed April 30, 2014, sending three of the 17 derailed cars into the James River. One car was breached and released 29,868 gallons of crude oil into the river, some of which caught fire, according to the report.

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North Carolina business park designated CSX 'Select Site'

The Wasburn Switch Business Park in Cleveland County, N.C., has been identified as a CSX "Select Site," the Class I announced Monday.

CSX Select Sites are development-ready properties along the railroad's network where standard land use and due diligence issues have been addressed. The properties are positioned to meet manufacturers' needs, thereby significantly reducing the time required to build new facilities and bring products to market, CSX officials said in a press release.

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CSX joins Nasdaq-100 Index

CSX became a component of the Nasdaq-100 Index as of yesterday's market open, the company announced yesterday.

The index is composed of the 100 largest non-financial stocks listed on the Nasdaq Stock Market based on market capitalization. CSX currently has a market capitalization of about $25 billion, CSX officials said in a press release.

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CSX expects significant decline in Q1 earnings

CSX Chief Financial Officer Frank Lonegro said yesterday the company expects this year's economy to be "challenging," as the Class I faces intensifying coal headwinds and other economic factors that will contribute to declining volumes.

In a press release, Lonegro said CSX expects first-quarter earnings to drop "significantly."

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CSX to cut back on car repair facilities

CSX will streamline operations at 16 of its car repair facilities as part of an ongoing effort to align resources with demand, the Class I announced last week.

Operations will be reduced at car shops in Montgomery, Ala.; Washington, D.C.; Baldwin, Fla.; Indianapolis and Evansville, Ind; New Orleans; Detroit and Grand Rapids, Mich.; Wilmington, N.C.; Kenmore, N.Y.; Ashtabula, Ohio; Erie and Pittsburgh, Pa.; Florence, S.C.; Richmond, Va.; and Huntington, W.Va., according to a CSX press release.

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