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CSX files amended application for proposed Pan Am acquisition

Rail News Home CSX Transportation 4/29/2021 Rail News: CSX Transportation
image CSX Corp. on Monday filed with the Surface Transportation Board (STB) an amended application for its proposed acquisition of Pan Am Railways Inc. and related rail carriers. April 26 was the first weekday CSX could file the amended application in response to an STB ruling that determined the Class I’s proposed transaction was “significant,” meaning it will require closer regulatory scrutiny by the board. The STB has four categories for considering railroad merger transactions: “major,” “significant,” “minor” and “exempt.” The categories involve different levels of procedural and substantive requirements for the board’s review. Because CSX’s proposal involves Class I and II carriers, the transaction could be considered significant or minor, but not major, which applies only to transactions involving Class Is, STB officials said in a prepared statement issued after its ruling last month. In finding the CSX proposal as a significant transaction, the STB focused on the potential outcome the merger could have on shippers’ competitive access to rail.
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CSX posts earnings, revenue dip in Q1

Rail News Home CSX Transportation 4/21/2021 Rail News: CSX Transportation
image The Class I posted Q1 net earnings of $706 million, or $0.93 per share.Photo – csx.com

CSX Corp. yesterday announced decreases in first-quarter 2021 revenue and net income compared with the same period a year ago due to difficult operating conditions during the quarter.

The Class I posted Q1 net earnings of $706 million, or $0.93 per share, compared with $770 million, or $1 per share in the same period last year. Revenue for the quarter decreased 1% to $2.81 billion, as intermodal and other revenue growth was more than offset by declines in merchandise, coal and fuel surcharge revenue.

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CSX closes sale on first phase of Virginia rail deal

Rail News Home CSX Transportation 4/16/2021 Rail News: CSX Transportation
image "This transaction highlights our ability to find creative ways to generate meaningful value from our assets while enhancing the safety and efficiency of passenger and freight rail service in a vital transportation corridor," said CSX President and Chief Executive Officer James Foote.Photo – csx.com

CSX Corp. announced yesterday it has closed the first phase of a comprehensive $525 million rail agreement with the commonwealth of Virginia.

The transaction is part of Virginia’s previously announced multibillion dollar rail-transportation initiative to improve service and infrastructure in the state.

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In STB filing, CSX responds to critics of proposed Pan Am acquisition

Rail News Home CSX Transportation 3/19/2021 Rail News: CSX Transportation
image Pan Am owns and operates a nearly 1,200-mile network and has a partial interest in the more than 600-mile Pan Am Southern rail system.Photo – Pan Am Railways

Opposition to CSX's proposed acquisition of Pan Am Railways is lining up, according to recent filings with the Surface Transportation Board (STB). 

This week, the Massachusetts Department of Transportation, the Massachusetts Bay Transportation Authority, various state lawmakers and the Vermont Rail System were among those expressing concerns about the impact the acquisition would have on rail competition in New England. 

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Maryland issues EA for Howard Street rail tunnel project

Rail News Home CSX Transportation 3/3/2021 Rail News: CSX Transportation
image Following the public comment period, the project will require final approval under the National Environmental Policy Act before CSX can complete final engineering and obtain permits.Photo – Maryland Port Administration

The Maryland Department of Transportation and Maryland Port Administration (MDOT MPA) have released the environmental assessment (EA) for the reconstruction of the CSX-owned Howard Street Tunnel in Baltimore.

A public comment period on the assessment runs through March 30. The project consists of vertical clearance improvements along CSX's Interstate 95 corridor to allow trains transporting double-stacked containers to travel between Baltimore and Philadelphia.

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