Declining coal volumes can’t sink Union Pacific’s second quarter results
Union Pacific’s profits rose in the second quarter despite a sharp drop in coal traffic.
Railroads continue to play a significant role in North America’s economic infrastructure. According to the U.S. Department of Transportation Federal Railroad Administration, the U.S. rail freight network covers almost 140,000 route miles and is generally considered the largest, safest, and most cost-efficient freight system in the world. In addition, says the FRA, the almost $80 billion rail freight industry creates more than 167,000 jobs across the country.
In essence, rail freight companies charge businesses to carry cargo across their network of rails. Their rates are overseen by the Surface Transportation Board, a federal agency that regulates financial aspects of surface transportation. Major railroads in North America include Union Pacific Railroad, BNSF Railway, CSX, Norfolk Southern, Canadian Pacific Kansas City and Canadian National Railway.
Keep up with the latest news, trends and reports concerning rail freight transport here!
Union Pacific’s profits rose in the second quarter despite a sharp drop in coal traffic.
U.S. rail traffic was again ahead of 2023 levels for the week ending July 20, 2024, with overall volume up 1.4% compared to the same week last year, according to statistics from the Association of American Railroads.
Canadian National was able to reopen its main line through Jasper, Alberta, this afternoon while keeping a close eye on a pair of wildfires that have been threatening the resort town.
Legislators used a House subcommittee hearing on railroad safety Tuesday to highlight a new rail safety bill. But committee members and witnesses including regulators, union representatives, and the House member representing East Palestine questioned the rail industry’s own safety efforts.
xCanadian National today lowered its financial outlook for the year as volume growth slowed during the second quarter due to slumping lumber traffic and the impact of shippers diverting international intermodal containers to U.S. ports in anticipation of a potential rail strike in Canada.
U.S. and Canadian railroads appear to be relatively unaffected by the global tech outage that grounded flights and disrupted businesses today, although Union Pacific and Canadian Pacific Kansas City were experiencing some computer issues.
For the week ending July 13, total U.S. volume was 483,806 carloads and intermodal units, an increase of 1.3% over the same week in a year ago.
Joni Casey, president and CEO of the Intermodal Association of North America, announced Wednesday that she will retire at the end of 2024.
Canada Industrial Relations Board will determine if some shipments must continue even during work stoppage.
This week in Borderlands: Ambitious billion-dollar Tehuantepec rail corridor aims to grab more international trade; GrubMarket acquires Houston-based foodservice distributor; Production of Mexican-built cargo trucks rise in June; and Metrobi launches delivery service in Dallas.
The Biden administration is calling railroad executives to Washington to explain how they plan to reverse negative cargo trends and grow their business.
The Class I railroad, CSW, is now the fourth to become a member of RailPulse.
U.S. Customs and Border Protection agents rescued 23 migrants who were locked inside a train car stationed in Laredo, Texas on Tuesday.
A $73 million rail expansion at the Port of Los Angeles adds five storage tracks, new crossovers and turnouts, and a concrete rail bridge, among other improvements.
The BLS jobs report for June recorded a small drop in the number of truck transportation jobs.
The acquisition of Cincinnati East Railroad brings Regional Rail’s overall number of railroads to 16.
A possible strike by Teamsters Canada Rail Conference members is still on hold pending a decision from the CIRB, but union members voted to reauthorize the stoppage.
A federal judge dismissed a lawsuit against Union Pacific, stating that plaintiff Le’Mon Bass failed to substantiate claims of racial discrimination and retaliation.
Homendy says NS stonewalled the NTSB, sought to influence its investigation and even issued a threat in a recent meeting.
The NTSB Board also concludes Norfolk Southern and its contractors should not have decided to vent and burn tank cars laded with hazardous materials.