February 7, 2016

FRA announces cause of Mount Carbon derailment

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MONTGOMERY, W.Va.— The Federal Railroad Administration (FRA) today announced the cause of the February 16, 2015 CSX/Plains All American derailment in Mount Carbon, W.Va. The accident resulted in 27 derailed cars, a fire that ignited immediately and eventually burned for days and the evacuation of hundreds of local residents. FRA was the lead agency tasked with [...]

Inspectors find critical safety defects on CSX tracks

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Safety inspectors from the state Department of Transportation and the Federal Railroad Administration uncovered 95 defects in their most recent examination of rail cars and tracks across upstate New York, Gov. Andrew M. Cuomo announced Monday. Four of those defects, all on CSX mainline track west of Albany, were considered critical, requiring immediate attention, according [...]

CSX changes executive team after Munoz leaves

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Oscar Munoz, CSX Corp.s No. 2 executive, is leaving the Jacksonville-based railroad company to become chief executive officer of United Continental Holdings Inc. Gooden has helped lead CSX’s growth and value pricing efforts. The move is surprising to some analysts, who are asking why would he leave CSX (NYSE: CSX), a railroad giant, when he [...]

Second quarter financial results in for Class I railroads

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CSX Corporation announced all-time record quarterly financial results for the second quarter of 2015. Operating income for the railroad came in at more than $1 billion for the first time in company history. The railroad also saw an all-time record in operating ratio of 68.8 percent. Net earnings came in at $553 million or an [...]

Latest tank car, rail inspections turn up 62 defects

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Another round of targeted tank car and rail inspections in New York found 62 defects, including one “critical” safety defect that required immediate corrective action, Gov. Andrew Cuomo announced on Wednesday. The inspections are part of the governor’s efforts to address the safety of crude-by-rail shipments. State and federal teams examined 524 tank cars and [...]

Train derailment prompts evacuation in Tenn.

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MARYVILLE, Tenn. — A fire continued to burn Thursday afternoon at the site where a train car carrying hazardous material derailed and caught fire in eastern Tennessee, and officials said firefighters have been trying to keep neighboring rail cars cool as they make efforts to move them away from the flames. At a 4:30 p.m. [...]

MassDOT acquires secondary rail line from CSX

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The Massachusetts Department of Transportation (MassDOT) has completed the $23 million acquisition of the Framingham Secondary Rail Line from CSX Corporation. With the acquisition of the 21-mile rail line between Framingham and Mansfield, Mass., MassDOT can now connect the Framingham/Worcester, Needham, Franklin, and the Attleboro/Northeast Corridor commuter rail lines. The line also will provide added rail [...]

Amtrak, CSX sue trucking company over derailment

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RALEIGH, N.C. — A lawsuit filed Friday, May 1 by Amtrak and CSX alleges that a trucking company caused a March train derailment that injured 55 people by failing to take safety precautions or warn that the track was blocked. The lawsuit in a Raleigh federal court blames Guy M. Turner Inc. of Greensboro for [...]

Class I railroads release 1st quarter 2015 earnings

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CSX Corporation announced increases in its first quarter earnings April 14. Net earnings for the first quarter of 2015 came in at $442 million, an 11 percent increase over the $398 million reported for the same quarter of 2014. The company announced a 13 percent increase of earnings per share to $0.45 over last year’s [...]

CSX says railroad won’t deliver double-digit growth

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OMAHA, Neb. – CSX now says that the railroad won’t deliver the double-digit profit growth it promised this year because coal demand remains weak. Executives remain optimistic about the railroad’s prospects because service is improving, but they said Wednesday, a day after posting first-quarter earnings, that mid-to-high single-digit profit growth is likely in 2015. Read [...]