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Domestic News
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The coronavirus pandemic changed the way U.S. consumers use credit, as lower interest rates spurred a boom in home buying and refinancing and virus-related shutdowns led to a drop in credit card use and an increase in paying off debt, according to a report released on Wednesday by the New York Federal Reserve. Total household debt last year increased by $414 billion to $14.56 trillion at the end of December, the New York Fed found in its quarterly household debt and credit report. |
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Railcar manufacturer FreightCar America has named Terence R. “Terry” Rogers CFO, effective last Monday. Rogers has been serving as interim CFO since January. As CFO, Rogers will lead FreightCar America’s finance activities, including its business planning, budgeting, forecasting, treasury and information technology, the company said. |
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Despite the COVID-19 pandemic's impact on the first half of 2020, the Port Authority of New York and New Jersey (PANYNJ) ended the year with a new container record of 7,585,819 20-foot-equivalent units, a 1.5% increase compared with 2019's volume. The PANYNJ also set a record high for rail cargo in 2020, when 705,895 containers moved through its intermodal network, a 6.2% year-over-year increase. |
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At the end of 2020, the U.S. rail system reached a milestone decades in the making and seeded by technology developed at North Shore-based Wabtec Corp. All major freight and commuter railroads are now equipped with a safety system called positive train control, which aims to override human error to prevent collisions, derailments and other safety hazards. |
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In addition to the information being shared with Transport Canada, CP voluntarily publishes a weekly supply chain scorecard. The scorecard outlines CP's performance for the previous grain week and includes, when necessary, detailed information on any internal or external factors affecting grain movement. |
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President Joe Biden’s revocation of the March 2019 permit enabling the construction of the Keystone XL pipeline will likely result in more crude-by-rail volumes, according to industry observers. But how much volumes will increase could largely depend on the price that heavy crude oil can fetch in the global market. |
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Vulcan Materials Co. announced results for the quarter ended Dec. 31, 2020, and the full year. Total revenues in the fourth quarter were $1,175.1 billion, down from $1,186.2 billion in the fourth quarter of 2019. |
International News
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These insights were shared during a webinar organised by the Port of Gdansk last week. The webinar dealt with the future intermodal route and hosted attendees from the rail and maritime sector. |
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Minister of Transport Saleh Al-Jasser, who is also the chairman of the Board of Directors of the Saudi Railways Company (SAR), said that the work is continuing and is progressing at an accelerated pace to accomplish mega projects, including the Land Bridge project that connects the Kingdom’s seaports on the Red Sea coast with the seaports on the coast of the Arabian Gulf via Riyadh. He said the project will provide indispensable service and logistical priorities, which will positively affect the activation of the national strategy for transport and logistics. |
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