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BNSF Railway donated a historic SD70MAC to the Illinois Railway Museum. Locomotive 9400 was built in 1993 and is notable for being the first production locomotive (i.e., non-demonstrator) to feature modern AC traction, making it the precursor to thousands of units with this groundbreaking technology. 

BNSF made the donation earlier this summer, and IRM announced it on July 31. IRM plans to eventually restore the unit to its as-delivered appearance, Burlington Northern’s green and cream “Executive” livery from the early 1990s. 

Following testing of freight diesels equipped with AC traction motors in the early 1990s, BN ordered the first production run of AC motor-equipped diesels from EMD in 1993. The order, for 350 locomotives numbered 9400-9749, was built from November 1993 to mid-1996. These 4,000-horsepower locomotives were innovative not only because of their AC traction motors but also due to their radial trucks, computerized control systems, sound-deadened wide cabs, and “desktop” engineer’s control layout. Locomotive 9400 participated in a dedication ceremony at Fort Worth, Texas, in January 1994. During that event, Chicago, Burlington & Quincy E5 9911A “Silver Pilot,” on loan from IRM, was also present, representing some of EMD’s early groundbreaking diesels. 

BNSF 9400 is not the only historic diesel to have recently been acquired by IRM. Earlier this year, two former Amtrak locomotives were donated to the museum.

—Railfan & Railroad Staff

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More than two and a half years after Amtrak called on the Surface Transportation Board (STB) to initiate an investigation into “substandard” customer on-time performance for Sunset Limited service between Louisiana and California, citing host freight railroad Union Pacific (UP) as “likely the prime focus of the investigation,” Amtrak and UP have settled their differences.

“Amtrak and Union Pacific are pleased with a settlement regarding customer on-time performance for Amtrak’s Sunset Limited service,” UP and Amtrak told Railway Age in a joint statement. “As a result, Amtrak requested the STB close its investigation. Union Pacific is committed to improving customer on-time performance for the Sunset Limited, as well as continuous training and education for employees with responsibilities to Amtrak under federal law. Amtrak and Union Pacific express their gratitude to the STB for its time and attention to this matter.”

This development came a mere two days after UP and Norfolk Southern announced their proposed merger and filed a notice of intent with the STB.

The basis of the Amtrak-UP Sunset Limited dispute can be traced back roughly 15 years. In November 2020 under PRIIA (Passenger Rail Investment and Improvement Act of 2008), the Federal Railroad Administration adopted a final rule establishing metrics and minimum standards for measuring the performance and service quality of Amtrak’s intercity passenger trains. FRA’s action followed nearly 10 years of a contentious battle involving Amtrak and its host freight railroads that twice reached the U.S. Supreme Court. 

“Amtrak in December 2022 reported that in every quarter since the standard became applicable, the westbound Sunset Limited, Train 1 ‘has failed to meet the applicable standards by wide margins,’” Railway Age Executive Editor Marybeth Luczak reported in early January 2023. “’Customer On-Time Performance (COTP) was 40% in the first fiscal quarter of 2022. That figure was even lower in subsequent quarters, declining to 24% in the second fiscal quarter of 2022, 10% in the third fiscal quarter of 2022, and 11% in the fourth fiscal quarter of 2022.‘ Additionally, Amtrak said the eastbound Sunset Limited, Train 2, ‘has demonstrated poor and deteriorating COTP. COTP for the Sunset Limited 2 was 40% in the first fiscal quarter of 2022. That figure declined to 35% in the second fiscal quarter of 2022, 11% in the third fiscal quarter of 2022, and 7% in the fourth fiscal quarter of 2022.’ Amtrak said the substandard on-time performance of these trains ‘is due largely to causes that can and should be addressed by UP.’ These include the ‘extraordinary amount of freight train interference … that Sunset Limited trains encounter on lengthy segments of the Sunset Limited service hosted by UP; the use of enterprise-wide dispatching algorithms, policies, and/or practices that deny Sunset Limited Trains their statutory right to preference; and other UP operational practices that result in systemic violations of Amtrak’s rights. As a result of these practices, and over the recently concluded fiscal year, UP imposed on the average Sunset Limited train more than 15 instances of FTI [freight train interference] per trip, resulting in more than 4 hours of delay for Amtrak passengers per trip. UP has routinely prioritized freight trains over Sunset Limited trains, including when resolving meets and passes, when determining access to main lines, and when otherwise failing to ensure that tracks are available for the scheduled and infrequent transit of Sunset Limited trains. Due in large part to these unlawful practices, the Sunset Limited is currently the worst-performing route for customers on Amtrak’s network.’”

UP asked the STB on Jan. 27, 2023, to order mediation for Amtrak, UP and the other Class I railroads that host the Sunset Limited. Six months later, STB reported that the standard had been met for initiating an investigation into the on-time performance of the Sunset Limited under PRIIA Section 213, and one month later set a procedural schedule that was to include STB-led fact-finding interrogatories and document production requirements, as well as party-led discovery.

“How shocking is it that, at the same time that Union Pacific is going before the Surface Transportation Board seeking approval for its merger with Norfolk Southern, UP would suddenly reach a settlement with Amtrak over the Sunset Limited, when, coincidentally, Karen Hedlund, one of the STB voting members, has a special interest in passenger rail?” comments Railway Age Capitol Hill Contributing Editor Frank N. Wilner.

The post Amtrak, Union Pacific Settle Sunset Limited Dispute appeared first on Railway Age.

Ten months after completing its $690 million purchase of Alstom Signaling North America’s conventional product portfolio, Knorr-Bremse North American subsidiary KB Signaling has introduced the IXC-R20 Integrated Crossing Control Module, described as “the rail industry’s first redundant solid-state crossing controller.”

The IXC-R20, the newest offering in KB Signaling’s ElectroLogIXS platform, is engineered as a direct replacement for the outgoing IXC-20S module portfolio, “offering backward compatibility alongside new capabilities,” with “streamlined maintenance, greater resilience, and improved data access, without the need to replace existing systems,” the company said. “designed to maintain safe operations, reduce emergency service calls and help railroad maintainers meet regulatory requirements, its introduction supports KB Signaling’s broader strategy of delivering technology that adapts to evolving needs while preserving the investments customers have already made in proven systems.”

“At the core of the IXC-R20 module is its high-availability design: a fully solid-state configuration supporting redundant operation,” KB Signaling noted. “The module can be paired in active/standby mode, automatically transferring control to the standby unit in the event of a fault. That failover process occurs without user intervention, maintaining full crossing functionality while minimizing disruption. The IXC-R20 module also addresses a critical operational challenge: meeting federal maintenance requirements efficiently. With Federal Railroad Administration rules mandating 30-day inspections at active crossings, the module includes a one-touch automated test feature that triggers a full crossing activation sequence and simultaneously records all operational metrics.”

The IXC-R20 module is fully compatible with the existing ElectroLogIXS XP4 platform and “supports direct, plug-and-play replacement of the IXC-20S,” KB Signaling noted. “No rewiring or application reprogramming is required. Customers can retain their existing personality modules and software configurations, helping streamline deployment and validation. The module also eliminates the need for a previously required external interface panel, reducing space and complexity inside the equipment bungalow. This update helps reduce system cost and improve enclosure layout, particularly for customers upgrading legacy installations. Each module supports multiple gate, lamp and bell outputs, with up to four IXC-R20s installable per chassis, delivering up to 80 amps of lamp drive capability and up to 16 gate positions across entrance and exit paths.”

Although not required in North America, the IXC-R20 “is on track to receive Safety Integrity Level 4 (SIL 4) certification by the end of 2025,” KB Signaling added. “This globally recognized benchmark is increasingly included in American Railway Engineering and Maintenance-of-Way Association (AREMA) guidelines and supports the module’s readiness for international deployment. Final validation and testing are now under way, with general product availability targeted for Q3 2025. KB Signaling has prepared launch volumes for initial customer evaluations and continues to align the system with the evolving safety and connectivity requirements of the domestic and global rail markets.”

“These are the kinds of tools that make a real impact for the people maintaining the system,” said KB Signaling Product Manager, Highway Crossing Systems Paul Harper. “With the IXC-R20 module, they can test the entire crossing, get the data they need, and instantly walk away with a comprehensive report. Everything about it was designed to make migration easier. Whether supporting new construction or replacing aging equipment, it’s a solution built to meet railroads where they are.”

“This is the first solid-state redundant crossing controller in the industry,” said Director of Products Aric Weingartner. “That redundancy changes the conversation for a lot of railroads, especially those that have continued to use interface relays because of system availability and reliability concerns. This architecture is already drawing attention from Class I railroads that had not previously adopted solid-state crossing controllers. With electromechanical relay systems becoming more difficult and expensive to maintain, the IXC-R20combines enhanced reliability with reduced long-term cost. And, certification is just one part of the picture. What really matters is the everyday performance: uptime, ease of use, and ability to make more informed decisions with better data. That’s what the IXC-R20 module delivers.”

“Troubleshooting crossings has often required guesswork or time-consuming simulations,” said J Product Solutions Engineer Johnathan Arends. “Now we have exponentially more information for every train move: speeds, states, activation data. If something fails, we can pinpoint the cause far faster and more accurately.”

See also:

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Eco Material Technologies, a North American producer, marketer and distributor of ash-based SCMs (Supplementary Cementitious Materials) and “Green Cement” products, has opened a new Lakeview Plant in southern Oregon, its “first sustainably built manufacturing hub” in the Pacific Northwest.

Rail-served by Nexxt Rail LLC subsidiary Goose Lake Railway, Eco’s Lakeview Plant is engineered to produce up to 300,000 tons of low‑carbon cement replacements annually. “By replacing 25% to 100% of traditional Portland cement in concrete mixes with Eco Material’s advanced SCMs and proprietary green cement blends, producers can reduce the carbon footprint of the cement portion of their concrete by up to 80%—the component responsible for the majority of embodied CO₂ in typical concrete formulations,” the company said. “The Lakeview Plant is expected to create 30 permanent jobs, including skilled manufacturing roles and logistics positions in a historically underserved region. Approximately 75% of shipments will be distributed by rail using existing infrastructure.”

The facility rollout “continues Eco Material Technologies’ national expansion, including a recently opened terminal in Queens, N.Y., supplying 50,000 tons of harvested fly ash annually to the New York City metro market,” the company noted. “With the Lakeview Plant coming online,we’re on track to deliver more than 10 million tons of environmentally beneficial materials per year across 40 metro areas in North America.”

“Opening of the Lakeview Plant demonstrates our commitment to sustainable innovation and marks a significant step forward in expanding access to domestically produced, low-carbon cement alternatives,” said Eco Material Technologies CEO Grant Quasha.

Eco Material Technologies describes itself as “an environmentally focused, near-zero carbon cement producer in the United States. SCMs are the most impactful, environmentally friendly alternative materials to Portland cement that significantly reduce the CO₂ footprint and improve the performance and longevity of cement’s end-product, concrete. Coal ash and natural pozzolans are used to replace a portion of carbon intensive Portland cement in concrete and can be further upgraded to higher-performance Green Cement products. The company also supplies services to electric utilities related to management of coal ash and other coal combustion products, and recycles more than 10 million tons per year of material into beneficial use, reducing emissions and avoiding landfilling of material.”

Class III Goose Lake Railway LLC (GOOS) has since September 2017 been managed and operated by parent company Nexxt Rail, LLC through a contractual agreement with railroad owner Lake County, Ore. GOOS runs 55 miles from Lakeview, Ore., to Alturas, Calif., and an additional 50 miles to Perez, Calif., where it connects with Union Pacific’s Black Butte Subdivision main line to Klamath Falls, Ore. Up to two trains operate weekly.

The post Eco Opens First Pacific Northwest Low-Carbon Cement Plant appeared first on Railway Age.

MTA has released its July Financial Plan (above). It said it has narrowed the deficit by $198 million over the past year; that “robust” summer ridership on the subway and commuter railroads has resulted in higher fare revenue projections this year; and overall operating expenses are below the amount that had been budgeted. According to MTA, the July Financial Plan reaffirms its previously forecasted $500 million annual cost savings beginning in 2025.

“This July Financial Plan remains broadly in line with budget details announced in November and approved by the MTA Board in December,” MTA said July 30. “The July plan forecasts approximately $50 million less in deficits for Fiscal Year 2027 and 2028, totaling $98 million. This is in addition to the $100 million announced in November, totaling $198 million less in deficits than this time last year. The projected deficit for Fiscal Year 2029 is $428 million. These funding shortfalls are in large part due trip growth in Paratransit.”

MTA also said that it has proposed a series of fare and ticket policy changes for New York City Transit’s (NYCT) subways and buses, Long Island Rail Road (LIRR), and Metro-North Railroad. These changes are pursuant to the 2025 Budget approved by the MTA Board in December 2024. “Updates are designed to simplify the fare structure and allow customers to automatically receive the best possible value,” MTA reported. “They accompany modest proposed fare and toll rate increases that keep pace with inflation, as they have every other year since 2009.“

If approved by the MTA Board this fall, the changes would go into effect in January 2026.

As part of the proposed fare policy changes for NYCT subways and buses:

• The seven-day rolling fare cap, which allows customers to pay for 12 rides in a seven-day period and automatically ride free for the rest of the week with no pre-payment required, would become permanent. At the proposed base fare, no rider would pay more than $36 for subway and local bus rides in a week; reduced-fare customers would pay no more than $18 in a week. Fare capping would also be extended to the express bus network on a promotional basis. During this promotion, express bus riders would never pay more than $67 for unlimited express bus, local bus, and subway rides in any seven-day period. “With fare capping available to all subway, bus, and express bus customers, the 7-Day, 30-Day, and Express Bus Plus Unlimited Ride MetroCards will no longer offer substantial financial savings and will no longer be sold,” MTA reported. Riders will still be able to pre-load funds onto an OMNY card for unlimited travel using the fare cap. “Unlike with MetroCards, any unused funds will roll over,” said MTA, noting that more than 75% of subway and bus riders are already using their contactless debit/card, mobile wallet or OMNY card to pay their fare.   
• Tap-and-go would be required for all subway, local bus, and express bus rides once MetroCards are no longer accepted as fare payment. Cash and coins would continue to be accepted at card vending machines in subway stations and at one of the 2,700 local businesses that sell OMNY cards, according to MTA. It said that “coin collection on local buses is inefficient and if it continues, would cost the agency $14 million annually to operate and maintain.” Eliminating coin collection, it noted, “would also allow teams to fully deploy proof-of-payment on buses and conduct thorough fare enforcement.”  
• Under the fare rate proposed, the base fare for subways, local buses, the Staten Island Railway and Paratransit would rise 10 cents to $3.00. Express bus fares would rise to $7.25, from the current $7.00. The reduced-fare would remain at half-off the base fare, rising from $1.45 to $1.50. Single-ride tickets on subways and buses will increase to $3.50 from the current $3.25. The fee for a new OMNY card would increase to $2 when the MetroCard is no longer accepted for fare payment later in 2026, MTA said.

As part of the proposed fare policy changes for LIRR and Metro-North Railroad:

• A new promotional Day Pass for unlimited travel would replace the Round-Trip ticket. The Day Pass would be valid on the day of purchase until 4 a.m. the following day. On weekdays, the Day Pass would cost 10% less than two one-way peak tickets; on weekends, it would cost the same as two one-way off-peak tickets. Unlimited Day Passes are also available for CityTicket and Far Rockaway ticketholders, priced at $14.50 in the peak and $10.50 in the off-peak.
• A new promotional discount would be available for mobile customers. After 10 peak or off-peak trips in 14 days, mobile customers would get an 11th peak or off-peak one-way trip for free in the same zone combination in the same 14-day period. Unlike today’s 10-Trip, which would be eliminated, MTA said, this new fare product would not require customers to pre-pay for 10 tickets to receive a discount and introduces a new discount for 10-Trip peak customers. According to MTA, 71% of customers already purchase their tickets via the TrainTime mobile app.   
• A promotional reduced fare product would be available all day, every day for seniors, people with disabilities, and Medicare recipients, even in the morning peak period.  
• MTA is eliminating the need for LIRR and Metro-North riders to activate tickets after purchasing. All One-Way mobile tickets would auto-activate upon purchase, and the ticket would expire after four hours. Paper tickets would also expire four hours after purchase. Additionally, the surcharge for tickets purchased onboard, whether from a conductor or the TrainTime app, would increase by $2. Riders who repeatedly purchase mobile tickets onboard would be penalized after an escalating series of warnings, according to MTA.   
• A proposed increase of up to 4.4% would apply to monthlies and weeklies. All other ticket types would increase up to 8%, with no fare increasing more than $2. To view the full LIRR proposed fare table click here. To view the full Metro-North fare table under the proposal, click here. Given a 10% discount applied to monthly tickets in 2022 and suspension of the fare increase in 2021, the current cost of a monthly ticket is about the same price of a monthly ticket in 2019 when adjusted for inflation, MTA said. Monthly ticket fares will not exceed $500.   
• The Off-Peak CityTicket would go from $5 to $5.25 and the Peak CityTicket from $7 to $7.25 for LIRR and Metro-North. These proposals also apply to the Far Rockaway ticket. The Peak CityTicket and Far Rockaway ticket, which are currently promotional, would become permanent fare products.   
• Base fares for Metro-North’s West-of-Hudson services, the Pascack Valley Line and Port Jervis Line would increase by 4.4%.

Increases are also proposed for all nine Bridges and Tunnels facilities for both E-ZPass and Tolls by Mail rates, according to MTA. For the RFK, Whitestone, Throgs Neck, Verrazzano Bridges and the Queens-Midtown, Hugh L. Carey Tunnels the proposed toll would go from $6.94 to $7.46. The Henry Hudson Bridge would go from $3.18 to $3.42 and Cross Bay and Marine Parkway Bridges would go from $2.60 to $2.80.

A series of hybrid public hearings will be held Aug.19-20. Additional opportunities for the public to comment in-person in September will be announced at a later date, according to MTA. After considering public comments, the MTA Board will vote on the proposed fare and toll changes.

Meanwhile, MTA has approved Jonathan Rose Companies’s development of 265 units of mixed-income housing at a parking lot adjacent to the Beacon Metro-North Station. The agency said the project will complement the City of Beacon’s efforts to foster greater connectivity between the waterfront, Beacon Station and Main Street. Residents will be able to access midtown Manhattan via Metro-North’s Hudson line in just 78 minutes, it noted.

Made possible through the Governor of New York’s Redevelopment of Underutilized Sites for Housing (RUSH) program, funding will support a structured parking garage to replace an existing Metro-North commuter parking area with new housing units, according to MTA.

Further Reading: MTA 2025–2029 Capital Plan Gets Greenlight

Denver RTD on July 30 reported that its Board has authorized General Manager and CEO Debra A. Johnson to enter into a successor three-year collective bargaining agreement (CBA) with the Amalgamated Transit Union Local 1001 (ATU). (See below for the Board report authorizing the contract.)

Leadership teams from Denver RTD and ATU 1001, working with the assistance of a mediator, reached a tentative agreement for the successor CBA, which was subsequently ratified by ATU members and approved by the Board.

The agreement increases wages for ATU-represented employees, which comprise approximately two-thirds of the agency’s workforce, 16.3% over the term of the contract, starting with a 6.5% increase in the first year and 4.5% in each of the next two years. The hourly wage increases within the successor agreement are retroactive to Jan. 1, 2025. The successor CBA extends through Dec. 31, 2027.

The agreement includes a 6.5% increase for RTD’s bus and rail operators in the first year, raising the starting hourly wage from $25.96 to $27.65, with increases every six months. Other entry-level hourly wages include $34.85 for a general repair mechanic in Bus Operations, $41.08 for a signal/traction power maintainer in Light Rail Maintenance, $38.89 for an electromechanic in Light Rail Maintenance, $41.08 for a signal maintainer in Commuter Rail Maintenance, and $39.71 for a journeyman electrician in Facilities Maintenance. Additionally, the agreement will increase vacation accruals for tenured employees by lowering the number of years to reach designated time milestones.

“The collaboration demonstrated by the bargaining teams during negotiations amplifies a collective commitment to One RTD,” Johnson said. “This CBA ensures that employees within the ATU 1001 bargaining unit receive competitive, market-based wages.”

Earlier this year, Denver RTD promoted Brett Feddersen to Chief Information and Technology Officer and Timothy (Tim) Tyran as Director of Safety and Environmental Compliance and Chief Safety Officer.

The post Transit Briefs: NYMTA, Denver RTD appeared first on Railway Age.

MinhChau Corr will succeed Steve MacIsaac, who has served as VRE’s General Counsel since its inception. VRE, the nation’s 13th largest commuter rail service, connects Central and Northern Virginia with the District of Columbia. Its two lines, Manassas and Fredericksburg, serve 19 stations, including two in D.C. (L’Enfant and Union Station). VRE is co-owned and co-operated by the Northern Virginia Transportation Commission (NVTC) and the Potomac and Rappahannock Transportation Commission.

MacIsaac, beginning in the mid-1980s, was General Counsel to VRE while also working in county government, and became its in-house, full-time General Counsel in 2021. He spent 21 years as Arlington County’s County Attorney, and previously served 18 years with the Prince William County Attorney’s Office. MacIsaac’s service with VRE concludes Sept. 12. Corr will take on her new role Sept. 15.

Corr brings to the General Counsel role more than two decades of legal experience, including 15 years with the Arlington County Attorney’s Office—five of which she served as County Attorney. In that position, Corr provided legal support to VRE and NVTC when the Arlington County Attorney’s Office served as general counsel for those agencies. Prior to her government service, Corr held roles in the private sector, including at Xerox.

Corr is a member of the Local Government Attorneys of Virginia and the Northern Virginia Transportation Authority’s Council of Counsels. She has also served on the Board of Governors for the Virginia State Bar’s Local Government Section. She holds a B.A. in philosophy from the University of Florida and a J.D. from the George Mason University School of Law.

“MinhChau’s deep understanding of regional transportation law and her previous experience working with regional transportation partners and providers make her an exceptional choice for General Counsel,” VRE Operations Board Chair Sarah Bagley said. “We are confident her leadership will strengthen our legal and policy work as VRE’s system continues to evolve to meet the needs of our riders.”

“Steve has been a steadfast partner to VRE from the beginning,” Bagley noted. “His contributions providing legal expertise have been foundational to VRE’s establishment, as well as our continued growth and success, and we thank him for his decades of dedicated service.”

Earlier this year, VRE CEO Rich Dalton announced his intent to retire from the commuter railroad, effective Oct. 3, 2025.

Arup on July 30 reported naming Scott Russell as Managing Director of the firm’s Americas region. His appointment is said to be “part of a broader evolution in the region’s leadership team.” Joining Russell are Melissa Burton as Americas Total Design Leader and Jenny Buckley as Americas Business and Markets Leader, among others. Arup said these new appointments and roles reflect its “commitment to technical excellence and innovation through Total Design, Arup’s integrated approach to solving complex challenges and creating lasting impact.”

The new leaders, Arup said, will drive its “continued impact across the Americas, shaping key infrastructure and services for cities across the region.” With a focus on “growth and innovation,” the firm said it is expanding its presence across key sectors, including energy, water, transportation, healthcare, science, industry, technology, commercial real estate, arts, culture, entertainment, sports, leisure, and public works.

Additional members of the new Americas leadership team include:

• Nigel Nicholls, Americas Performance and Operations Leader
• Sarah Rosen, Americas People and Culture Leader
• Carolyn Poirier, Americas Chief Financial Officer
• Gillian Blake, Americas Transport Market Portfolio Leader (including Rail, Roads and streets, Aviation, and Maritime)
• Omid Nakhaei, Americas Property, Science and Industry and Manufacturing Market Portfolio Leader (including also Data centers, Healthcare, Arts and Culture, Sport, and Education)
• Brian Raine, Americas Energy, Water, and Resources Market Portfolio Leader
• Gregory Giammalvo, Americas East Leader (overseeing offices in New York, New Jersey, Boston, Washington, D.C., and Chicago)
• Alex Lofting, Americas West Leader (overseeing offices in Los Angeles, San Francisco, Oakland, and Seattle)
• Sean Meadows, Canada Leader (overseeing offices in Toronto, Montréal, Ottawa, and Calgary)
• Federico Torres Jimenez, Americas South Leader (overseeing offices in Houston, Dallas, and Bogotá)

The post People News: VRE, Arup appeared first on Railway Age.

V6 Agronomy, in partnership with the Port of Johnstown, on July 29 broke ground on Canada’s first low-carbon, enhanced efficiency fertilizers (EEFs) and commercial phosphate fertilizer terminal located in the Township of Edwardsburgh Cardinal (TWPEC).

The terminal, V6 Agronomy says, marks phase one of a broader national infrastructure strategy. The initial structure—building #1—will support vessel discharge capacity up to 18,000 metric tons and is the first of four planned buildings that will collectively store up to 150,000 metric tons of crop input materials on-site. From this facility, the V6 team says it will “efficiently receive, store, and distribute” a range of critical crop inputs, including EEFs and commercial phosphates—a nutrient essential to modern agriculture and one that Canada currently produces none of domestically.

Canadian farmers have long depended on U.S. imports routed through New Orleans and the Mississippi corridor, creating price and timing vulnerabilities, said the company, whose facility “will help reshore that dependency while connecting directly to the Canadian prairies by rail and local farms by truck, using a turnkey vessel-to-rail and rail-to-vessel configuration.”

“We’re doing more than building a structure—we’re building a supply chain solution,” said V6 Agronomy CEO Ryan Brophy. “This is a new chapter for Canadian agriculture—where resilience, efficiency, and international trade intersect in a circular, farmer-first corridor.”

In collaboration with CN, V6 is implementing a circular logistics model to reduce empty rail and vessel returns. Outbound phosphate shipments by rail will be paired with return loads of Canadian lentils, pulses, potash, grains, and sulphur—all high-demand commodities in the EU, Middle East, North Africa, and Asia.

“This is a priority benchmark for how we do things differently,” said Brophy. “We’re eliminating inefficiencies, reducing emissions, and leveraging assets that already exist. The Port is a jewel for the region—marine, rail, and storage in one place.”

The groundbreaking drew attendees from across the agricultural, investment, and political spectrum, including MP Michael Barrett, Mayor Tory Deschamps, and Port GM Leslie Drynan.

“This is an all-hands-on-deck success—built on leadership, local collaboration, and smart investment,” said Barrett, who previously served on the Port Management Board.

“TWPEC could give the upper levels of government a lesson in how to get these things done,” added Michael Jiggins, representing MPP Steve Clark.

With construction under way, V6 Agronomy is entering its next phase: securing strategic capital to accelerate infrastructure development and build national distribution capacity. A formal capital raise has been launched to attract mission-aligned partners seeking long-term, resilient investment returns in clean infrastructure and food systems.

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“Currently, drivers of certain CMVs (e.g., buses transporting passengers and CMVs transporting certain hazardous materials) are required to stop before crossing a railroad track unless an exception applies, such as when the railroad grade crossing is controlled by a functioning highway traffic signal transmitting a green indication,” FMCSA said in a Notice of Proposed Rulemaking (NOPR) announcement this spring. “The Agency proposes to add a similar exception for a railroad grade crossing equipped with an active warning device that is not in an activated state (e.g., flashing lights or crossing gates down, indicating the arrival of a train), provided that the driver has exercised due caution to ascertain that the course is clear before crossing and local law permits the CMV to proceed across the railroad tracks without stopping.”

While AAR and ASLRRA said in their comments on the NOPR that they “support moving towards ‘a more streamlined and risk-informed regulatory approach that is performance-based’” and “that ‘focuses on desired, measurable outcomes,’” they do not support FMCSA’s approach, “which will have the unintended consequence of reducing the safety of rail operations as well as the motoring public.”

The associations’ comments (download below) “rebut the assertion that the [proposed] rule would improve traffic flow and potentially reduce rear-end collisions,” ASLRRA told members in its most recent Views & News email newsletter. “Instead, the result of this rule would be more confusion for professional drivers and an increased likelihood of collisions.”

“Removing the requirement that CMV operators stop at all crossings,” ASLRRA continued, “increases the potential for danger because these operators are no longer exercising heightened awareness and caution in a situation where unexpected events, like a train approaching rapidly around a curve, may arise. CMV operators would also still be required to stop if local law requires it, potentially subjecting them to a patchwork of different rules as they complete their routes.”

If the FMCSA finalizes the proposed rule “as is,” ASLRRA and AAR provided recommendations in their comments, saying the government agency “should not adopt a blanket rule” for crossings, but should “evaluate every highway-rail public grade crossing with active warning devices to determine on a case-by-case basis if driving without stopping should be allowed,” according to the ASLRRA report. “Diagnostic teams already conduct such reviews to evaluate crossing danger factors when installing and maintaining active warning devices,” it noted.

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Jaguar has sought to acquire Columbia Basin Railroad Company, LLC (CBRW) and Central Washington Railroad Company, LLC (CWAR), both existing Class IIIs, according to July 14 filings with the Surface Transportation Board. In July 30 decisions, the STB said the transactions may be consummated on or after Aug. 13, 2025.

CBRW, consisting of 86 track miles, is centrally located in the Columbia Basin region of Washington State (see map below). The main commodities hauled are agricultural goods, inbound fertilizer, chemicals, and processed potatoes and vegetables. CWAR includes 80 miles of track in Yakima Valley, Wash., and handles such commodities as cattle feed, propane, paper products, plastic pellets, cheese, juice concentrate, lumber, apples and other agricultural goods (see map below).

Jaguar—collectively OPSEU Pension Plan Trust Fund (OPTrust), Jaguar Transport Holdings, LLC (JTH), and Jaguar Rail Holdings, LLC (JRH)—submitted to the STB separate notices of exemption under 49 C.F.R. § 1180.2(d)(2). (Scroll down to download.)

OPTrust, JTH and JRH are non-carriers, according to Jaguar. “OPTrust indirectly controls JTH, which, in turn, directly controls JRH,” Jaguar reported in its STB filings. “JTH currently controls, indirectly, eleven Class III railroads. Of the 11 railroads currently under JTH’s indirect control, eight—Southwestern Railroad, Inc. (SWRR), Texas & Eastern Railroad, LLC (TERR), Wyoming and Colorado Railroad, Inc. (WYCO–which also does business under the name Oregon Eastern Railroad), Missouri Eastern Railroad, LLC (MER), Charlotte Western Railroad, LLC (CWRR), Kinston Railroad, LLC (KNR), Waterloo Railroad LLC (WTRL), and Kansas City West Bottoms Railroad, LLC (KCWB)—are controlled directly by JRH. JRH also indirectly controls two other railroads—Cimarron Valley Railroad, L.C. (CVRR) and Washington Eastern Railroad, LLC (WERR)—through WYCO. JTH indirectly controls West Memphis Base Railroad, L.L.C. (WMBR) through Jaguar Transport, LLC, a separate JTH subsidiary affiliated with JRH.”

According to Jaguar, JTH has entered into separate unit purchase agreements to acquire control of CBRW and CWAR. JTH is slated to close on the CBRW transaction and the CWAR stock transaction “upon or after the effective date” of the present class exemptions. The notices of exemption, Jaguar said, are expected to become effective as of Aug. 13, 2025.

Jaguar told the STB that the CBRW and CWAR transactions are not transactions where the short lines to be acquired would connect with any of the railroads already in Jaguar’s portfolio; where Jaguar plans to connect CBRW and CWAR to any of the railroads already in its portfolio, or to connect any of its railroads to one another; or where a Class I carrier is involved. Accordingly, Jaguar said, the proposed transactions satisfy the class exemption criteria at 49 C.F.R. § 1180.2(d)(2).

Jaguar noted that CBRW acquired the lines that comprise its railroad operation from BNSF. “The purchase agreement governing the sale contains a right of first refusal (ROFR) extending to BNSF the option to re-purchase CBRW’s lines in the event of a proposed transfer-of-control such as the one presented here,” Jaguar reported. “BNSF is aware of the proposed CBRW change of control, but has not yet indicated whether it will forego its ROFR rights. BNSF has requested that Jaguar acknowledge the existence of BNSF’s ROFR rights in this class exemption notice filing. Accordingly, closing on Jaguar’s proposed acquisition of control will depend upon BNSF’s (pending) response.”

The STB, in its July 30 decisions (download below), said that the transactions may be consummated on or after Aug. 13, 2025, the effective date of the exemptions (30 days after the verified notices were filed). It noted in each decision that “[u]nder 49 U.S.C. 10502(g), the Board may not use its exemption authority to relieve a rail carrier of its statutory obligation to protect the interests of its employees. However, 49 U.S.C. 11326(c) does not provide for labor protection for transactions under 49 U.S.C. 11324 and 11325 that involve only Class III rail carriers. Because this transaction involves Class III rail carriers only, the Board, under the statute, may not impose labor protective conditions for this transaction.” Additionally, it said, petitions for stay must be filed no later than Aug. 6, 2025.

In a related development, Union Pacific on March 27 announced entering into an agreement with Jaguar Transport Holdings, LLC to provide short line rail service in the Central Industrial District in Kansas City, a move that the Class I said, “will enhance customer service and support regional economic growth.”

The post Jaguar to Acquire CBRW, CWAR (UPDATED 7/31) appeared first on Railway Age.

Applicants state that on July 28, 2025, they entered into an Agreement and Plan of Merger under which UP, through a wholly owned subsidiary, would acquire all outstanding shares of NS for consideration consisting of shares of UP common stock and cash. The notice, STB says, “indicates that should the Board approve the forthcoming application, and upon receipt of approval by the shareholders of UP and NS and satisfaction of customary closing requirements, NS would become a directly wholly owned subsidiary of UP.” Applicants state in their notice of intent that they do not contemplate using a voting trust.

Under the STB’s major merger regulations, the notice of intent, also referred to as a prefiling notification, initiates a timeline for UP and NS to submit a merger application in three to six months. The STB received that notification on July 30, and Applicants state that they intend to file their application on or before Jan. 29, 2026. The STB must publish a notice of the prefiling notification in the Federal Register within 30 days. Should an application be timely filed, the Board says it will “determine its completeness and issue a procedural schedule for the review process.”

• Union Pacific + Norfolk Southern: It’s Official
• UP + NS: What Comes Next?
• UP+NS: An ‘Absolute Monster of a Railroad’
• Vena’s Art of the Deal With NS
• The Transcontinental Railroad Begins With UP+NS
  
  
  
  
  

The post STB Receives Notice of Intent for Proposed UP-NS Merger appeared first on Railway Age.

Trinity reported total company revenue of $506.2 million for the second quarter ended June 30, 2025, down 39.8% from the prior-year period’s $841.4 million. It attributed this to “lower external deliveries in the Rail Products Group.” Additionally, quarterly income from continuing operations per common diluted share (EPS) came in at $0.19 vs. $0.67 in 2024.

Operating profit for second-quarter 2025 was $95.4 million, down 32.7% from second-quarter 2024’s $141.9 million, reflecting “lower external deliveries in the Rail Products Group, lower gains on lease portfolio sales, and costs associated with workforce reductions, partially offset by lower selling, engineering, and administrative expenses,” Trinity said.

Rail Products Group revenue came in at $293.5 million in second-quarter 2025, falling 53.7% from $634.2 million in 2024, due to “lower deliveries.” In the six months ending June 30, 2025, the Group delivered 1,815 railcars; received orders for 2,310 railcars, valued at $318.3 million; and had a backlog value of $2.0 billion. This compares with first-quarter 2025’s 3,060 railcars delivered; 695 railcars ordered, valued at $109.3 million; and a backlog value of $1.9 billion.

For the Railcar Leasing and Services Group, revenue was $302.4 million in second-quarter 2025, up 7.4% from the prior-year period’s $281.4 million. The company attributed this to “higher lease rates, as well as favorable pricing on, and the mix of, external repairs in the maintenance services businesses.”

Lease fleet utilization—including wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements—came in at 96.8% vs. second-quarter 2024’s 96.9%. The Future Lease Rate Differential (FLRD) was positive 18.3% at the end of second-quarter 2025 vs. positive 28.3% for the prior-year period due to “continued strength in current lease rates.” According to Trinity, FLRD calculates the “implied change in lease rates for railcar leases expiring over the next four quarters” and “assumes that these expiring leases will be renewed at the most recent quarterly transacted lease rates for each railcar type”; FLRD is “useful to both management and investors as it provides insight into the near-term trend in lease rates.”

“In our Railcar Leasing and Services segment, the market has remained strong with utilization of 96.8% and an FLRD of 18.3%, which gives us confidence that the industry fleet is in balance,” Savage said. Year-over-year segment revenue increased by 7.5% as we continue to re-price our fleet upward. Additionally, Trinity continues to find consistent opportunities in the secondary market as both a buyer and a seller. In the Rail Products Group, our margins reflect the strategic initiatives we have undertaken over the last several years that give us the ability to perform in a low volume environment.”

Looking ahead, Trinity reported that it expects industry deliveries of approximately 28,000 to 33,000 railcars in 2025. Additionally, this year it would have a net fleet investment of $250 million to $350 million; operating and administrative capital expenditures of $45 million to $55 million; and EPS of $1.40 to $1.60, which the company said, “excludes items outside of our core business operations.”

“In keeping with our capital allocation strategy, we capitalized on favorable mar-ket conditions and repurchased shares worth $39 million year-to-date to further optimize our balance sheet position. We are maintaining our full year EPS guid-ance of $1.40 to $1.60, which reflects our expectation of improved deliveries from second quarter levels and continued improvement across the business in the second half of the year,” Savage concluded.

For more financial information, visit Trinity’s Investor Relations webpage.

The post Trinity’s Savage: 2Q25 Results Highlight ‘Robust Performance’ appeared first on Railway Age.

Canadian Pacific Kansas City’s “exceptional team of railroaders again delivered strong operating and financial results in the second quarter as we realize more of the value created by this unrivalled North American network,” said President and CEO Keith Creel in reporting the transnational Class I’s second-quarter 2025 results. Railway Age’s twice-honored Railroader of the Year also had much to say about the proposed Union Pacific-Norfolk Southern merger.

CPKC volume, measured in RTMs (revenue ton-miles), increased 7%, compared to 2Q24. Revenues increased 3% to C$3.7 billion from C$3.6 billion. The reported operating ratio (OR) decreased 110 basis points to 63.7% from 64.8%. The core adjusted OR decreased 110 basis points to 60.7% from 61.8%. Reported diluted EPS increased to C$1.33 from C$0.97. Core adjusted diluted EPS increased7% to C$1.12 from C$1.05. Federal Railroad Administration (FRA)-reportable personal injury frequency decreased to 0.77 from 0.84; however. FRA-reportable train accident frequency increased to 0.97 from 0.70.

“Our dedicated team pulled together to overcome challenges in portions of our southern U.S. network following our complex [information technology] system integration,” said Creel. “Across our network, we are focused on delivering the service our customers expect as we carry growing momentum into the second half of 2025. We are executing our strategy by capitalizing on a range of opportunities unique to our three-nation network, opportunities to grow our business by supporting our customers in reaching new markets. Looking ahead, we remain confident in our ability to deliver on our full-year guidance while realizing sustainable growth that provides value for our shareholders, customers and all stakeholders.”

As expected, Creel was peppered with questions from analysts about Union Pacific’s proposed acquisition of Norfolk Southern, which he termed “the proverbial elephant in the room,” could impact CPKC. UP+NS will be the first major combination to be considered by the Surface Transportation Board under the new merger rules established by STB in 2001. The Canadian Pacific-Kansas City Southern transaction did not fall under those guidelines, due to KCS’s relatively small size.

Creel questioned if a U.S. transcontinental merger that could eventually result in four Class I’s—two massive East-West systems: UP+NS, followed by BNSF+CSX, plus CPKC and CN—is necessary and “in the public interest.” Shippers, he said, are concerned, as they well-remember the 2021-2022 service problems driven by crew shortages and other factors, not the least of which was the COVID-19 pandemic. He added that the railroads need to do more to develop interline commercial partnerships and improve interchanges by adding run-through trains. Those opportunities, he said, have not been exhausted—and that applies to CPKC as well.

“I guarantee there are some customers out there, sitting on the edge of their seats, looking at their existing supply chains, trying to hedge their bets, thinking, ‘What’s at risk?’” Creel said. In 2021 and 2022, “those customers experienced a lot of pain and suffering … They’d be irresponsible not to start looking at alternatives. A network that big, if it gets sick, is not isolated to a particular geographic region of the nation. The entire nation’s going to get sick. That’s the magnitude of this. This does not just affect UP and NS. UP and NS both know this, the regulator knows this, we all know this. This … could well and might likely trigger additional industry consolidation, an endgame scenario. They’re speaking to the entire industry. They’re speaking to every customer that ships on any rail network in North America, and it is a North American rail network. The gravity of this is not to be taken lightly. Rest assured, the STB will want to get this one right.”

UP and NS, Creel noted, despite claiming they will not be distracted, “will be under enormous pressure.” He added he “believes [UP CEO] Jim Vena to his word when he says he’s not taking this lightly,” that Vena understands how complex an undertaking this is.

UP+NS, Creel added, “cannot be judged in isolation,” and their STB merger application “must address a fundamental redrawing of the railroad map. The STB will give the merger a diligent, fact-based review under the untested 2001 rules. We will be a loud voice in the room, active observers and participants. We will participate in the discussions. And we will be heard and understood.”

The new merger rules require the applicants to demonstrate how their combination would enhance competition, not simply preserve it. Concessions will be sought, such as sole-served customers being allowed to access a second carrier. Creel noted that CPKC will, at the very least, seek unrestricted access to UP’s Gulf Coast petrochemical traffic as well shippers in St. Louis and Kansas City. Such access “would enhance competition and allow us to take traffic to Canada or Mexico, other points on U.S. system, or to interchange partners,” Creel said. “The strength of this network we put together allows us to compete and win in any of these scenarios.”

When asked if CPKC—already a transnational with a Canadian transcontinental network— would consider becoming part of a larger combination, Creel didn’t dismiss the possibility. It’s one of the options that would need to be reviewed “as part of our obligation to maximize shareholder value,” Creel said. “We won’t be confined by the traditional, so maybe expect the unexpected. Who knows?” Yet, he added, “The way we connect all three nations has given us a chance to create unique partnerships and alliances. [Southeast Mexico Express] with CSX is just one example.”

The post CPKC 2Q25: ‘Strong Growth, 2H25 Momentum’; UP+NS Perspective appeared first on Railway Age.

Women are significantly influencing today’s rail industry. Railway Age’s 2025 Women in Rail awards program will honor 25 trailblazers for their achievements in our November issue and at our 2026 Women in Rail conference. These outstanding railroaders will be selected based on their leadership, vision, innovation and accomplishments. This award celebrates women leaders in rail and women trailblazers with a track record of breaking down barriers and helping to create industry opportunities for women. Entries will be judged by Barbara Wilson, Senior Advisor at Railroad Financial Corporation, and Catherine Rinaldi, Executive Vice President of Gateway Development Commission, with input from the Railway Age staff.

Eligibility:

• The nominee must be located within the 50 states, Canada and/or Mexico.
• There is no limit on the number of entries each firm or person can submit (multiple nominations for one candidate do not boost chances), and there is no entry fee.
• Nominees may come from any area of the railroad industry (freight/passenger, engineer/builder/supplier, government/regulatory, etc.).
• Candidates may nominate themselves.

Judging Criteria:

• Industry experience and education.
• Leadership skills.
• Industry contributions.
• Community service involvement.

Portrait Photo: If a nominee is selected as an honoree, we will be in touch to ask for a high-resolution (preferably 300 dpi or higher) headshot.

Entries are final. Please have your responses fully prepared before submitting.

Read about our prior-year honorees here:

• 2024 Women in Rail Honorees
• 2023 Women in Rail Honorees
• 2022 Women in Rail Honorees
• 2021 Women in Rail Honorees
• 2020 Women in Rail Honorees
• 2019 Women in Rail Honorees
• 2018 Women in Rail Honorees
• 2017 Women in Rail Honorees

And don’t miss the 2025 Railway Age / RT&S Women in Rail conference, to be held Oct. 15-16 at a new, larger venue in Chicagoland. This must-attend industry event highlights diverse experiences and practical strategies for moving the industry forward. Spanning two days, the Women in Rail conference features dynamic panels, a celebratory awards luncheon, and the chance to network with a wide-reaching group of like-minded rail professionals. Bonus: Tour CPKC’s Bensenville Yard.

The post Nominations Open for 2025 Women in Rail Awards appeared first on Railway Age.

Atchison, Topeka & Santa Fe 4-8-4 2926 will be under steam on September 27 and 28 for New Mexico Railroad Days at the Albuquerque South Rail Yards. The free, family-friendly event will give attendees the chance to see the recently restored locomotive up close. 

ATSF 2926 was built by Baldwin in 1944 and retired after just nine years of service. New Mexico Heritage Rail (also known as the New Mexico Steam Locomotive & Railroad Historical Society) spent nearly two decades restoring the locomotive and it returned to service in 2021. Since then it has made brief trips around Albuquerque on New Mexico Rail Runner Express and BNSF Railway trackage. It is the largest operating 4-8-4 in North America.

While no demonstration runs will be made during the event, the locomotive will be fired up and people will be able to climb into the cab and blow the whistle. There will also be a special night photo session with the locomotive. Tickets are being sold online at 2926.us. 

The New Mexico Railroad Days runs from 10 a.m. to 6 p.m. on September 27, and from 10 a.m. to 2 p.m. on September 28. 

—Railfan & Railroad Staff

The post Santa Fe 2926 to Headline ‘New Mexico Railroad Days’ appeared first on Railfan & Railroad Magazine.

With UP’s and NS’s official merger announcement the morning of July 29 and the merger agreement filed that evening, we expand on our pre-deal thoughts, update our NS and UP models for NS’s 2Q and deal-driven changes (e.g. buyback pause) for both, and sharpen our earlier UP+NS merger model for actual deal terms and guidance.

Nuggets From Merger Agreement Filed Post-Close:

1. Merger agreement ends if no close before 1/28/2028 but automatically extends for STB-driven delays.
2. No-shop clause but can consider unsolicited proposals for >50% control (requires five-day notice and right to match) until shareholders approve deal.
3. Termination fee of $2.5 billion goes both ways (UP for regulatory failure, NS for accepting another proposal; $2.5 billion is ~$11 per NS share).
4. Pro-UP regulatory out if the STB imposes “materially burdensome regulatory condition” (including requiring a voting trust).
5. Mexican regulator CNA (Comisión Nacional Antimonopolio, National Antitrust Commission, successor to COFECE, Comisión Federal de Competencia Económica, Comisión Federal de Competencia Económic) must approve, but all other regulators customary besides STB.
6. NS’s material adverse event carve-outs include anything related to UP as the acquirer.
7. UP’s MAE carve-outs include ability to obtain debt financing.

Deal Terms: NS shareholders will receive one UP common share and $88.82 in cash for each share of NS, implying ~$313/share at the July 29 close and an ~40% premium from the unaffected May 11 price (prior to Vena’s first public pro-consolidation comments). To fund the transaction, UP will issue ~225 million shares with pro-forma UP/NS legacy holder ownership of 73%/27% in the combined company.

Leverage: We estimate UP will need to issue ~$13 billion in new debt to fund the deal in early 2027. At closing, management expects its debt-to-EBITDA ratio to be ~3.3x (pre-synergies), falling to ~2.8x by year 2 post-close (aligning relatively close with our proforma merger modeling).

Synergies: In total, the combined company is estimated to achieve annualized $2.75 billion in EBIT/EBITDA synergies by the end of year 3 post-close: $1.75 billion from revenue and $1 billion of cost synergies. Revenue synergies are expected from truck conversion and new markets unlocked by the combined network, specifically in the “spine” of the U.S. along the Mississippi River and Ohio Valley, where switching inefficiencies limit mid-haul rail market share today. Cost synergies are expected from improved efficiencies (including technology), reduced purchased services and materials, enhanced asset utilization, and SG&A rationalization. UP expects to spend an additional ~$2B in capex to unlock these synergies, flagging technology first but also network investments.

EPS Accretion: The deal is expected to be accretive to EPS (excluding deal intangible amortization) early in year 2, with accretion reaching high-single-digits in year 3 and beyond.

Free Cash Flow: The combined company is expected to generate ~$12 billion in annual free cash flow by year 3 (vs. 2024 combined FCF of $7.3 billion), with both companies now pausing share repurchases but maintaining their dividends during the review period. UP expects to resume repurchases in year 2, growing them to $10 billion+ annually by year 3. As we noted above, network integration could require $2 billion in incremental capex.

Regulatory Steps: Similar to what we forecasted targeting an early 2027 close, UP+NS outlined an ~22-month regulatory timeline, comprised of a formal merger filing in the next six months, followed by an expected 15-month STB review process. Management acknowledged the empty fifth seat at the STB but remains steadfast in its case with regulators.

No Voting Trust: Management is not pursuing a voting trust, so NS will continue to trade separately until the deal is ultimately approved by the STB in early 2027. If denied, the reverse termination fee requires UP to pay NS $ 2.5 billion (~3% of deal value, ~$11 per NS share).

Social Issues: The combined business will be named Union Pacific, headquartered in Omaha (though NS HQ in Atlanta remains a “core location”). Jim Vena will be the CEO of the combined company, but Mark George (NS CEO) and Richard Anderson (NS Chair, former Delta CEO) will be two of the three NS directors joining UP’s board.

UP-NS Merger Model: We’ve adjusted our initial merger model to match actual deal terms (which were heavier in equity than we expected) and guided synergies (which were in line with our expectations), pulling forward synergy benefits and financing burdens into our standalone 2026 estimated forecasts to gut-check management’s accretion and leverage targets. Based on our analysis, if they deliver on mid-term synergies, we believe their outlooks look achievable for EPS accretion, FCF growth, and fairly rapid de-levering.

NS 2Q25 Results and Guidance: Separately, NS reported 2Q25 EPS of $3.29, slightly below our $3.32 and consensus $3.31. NS also updated FY25 guidance, now expecting revenue growth of 2-3% (down from ~3% but in line with our pre-print ~2%) and OR improvement of 100-150bps Y/Y (also down from ~150bps but in line with our pre-print ~120bps). Despite a softer macro, NS noted an incremental $25 million+ (to $175 million+ from $150 million) in cost-control opportunities.

NS Stock Action: We’re cutting our standalone NS 2025 EPS by $0.15 to $12.60 and 2026 by $0.30 to $14.00, primarily on a flow-through of the share repurchase pause. Our NS target price moves to $284 as we shift our valuation framework to anchor to UP’s deal terms ($89 in cash + one UP share, which closed at $224), discounted back from expected 1H27 close to a 12-month price target. We remain Neutral on NS shares.

UP Stock Action: We updated our UP estimates and price target after its earnings report but make incremental adjustments today on flow-through of the share repurchase pause. Our standalone UP 2025 EPS is unchanged at $11.70, but 2026 falls by $0.40 to $13.00. Our UP price target moves to $257 as we capitalize pro-forma synergy/financing-inclusive EPS from our merger model ($14.85) at our pre-deal target P/E (19x), discounting that value back from expected deal close to a 12-month price target. We remain Positive on UP shares.

The post The Transcontinental Railroad Begins With UP+NS appeared first on Railway Age.

We’ve a Federal Railroad Administration that has pretended to be a subsidiary of rail labor; a Surface Transportation Board (STB) that, until recently, fancied itself the Director General of Railroads, responsible for carrier hiring and configuring train operations; and an Amtrak arguably using the political process to weaponize its relationship with freight railroads.

Suddenly pivotal at the STB is disciplined, systematic, and knowledgeable direction as it prepares to measure the benefits and drawbacks of the largest rail merger in almost three decades. If approved, the marriage will create what even railroad baron John Pierpont Morgan couldn’t accomplish—a truly transcontinental railroad providing seamless Atlantic Coast to Pacific Coast service.

Merger decisions are best made transparently and absolutely free from political interference. Essential is to fill an empty fifth seat at the STB with a nominee experienced in every aspect of railroading from the ballast to the C-Suite to the labor negotiating table, and versed in the intent, history and nuances of the STB’s controlling statute. Rather than a grandstander with an agenda, the nominee must be—and perceived by stakeholders to be—committed to neutrality and able to contribute specialized proficiency.

While Chairperson Patrick J. Fuchs has shunted to a siding the publicity attracting activism of former chairpersons Martin J. Oberman and Robert E. Primus (the latter remains an STB member), and begun clearing out long dormant and festering cases they ignored out of preference for public scoldings of accomplished rail executives, Fuchs is working without a majority on the five-person board, which is contrary to the agency’s governing statute.

This is not to say Republicans such as Fuchs, Michelle A. Schultz, and the yet-to-be named fifth member are better equipped for the tasks at hand than Democrats such as Oberman (now retired), Primus and fourth STB member Karen J. Hedlund. It is to say that unlike predecessors—and this includes Republicans before them—Fuchs and Schultz are committed to sticking to the STB’s knitting. The fifth member should be a fellow traveler in this structured approach.

Such a candidate is said to be on the White House “very short list” of potential STB nominees, having platinum qualifications for the post. He is a third-generation railroader, but little known publicly, if at all, beyond a small segment of the rail industry owing to his career efforts to avoid the public eye such as through opinion-page writing and public speaking.

Better known in the railroad community are his grandfather, the late James E. (Doc) Wolfe, the first chairperson of the National Railway Labor Conference and its Carriers Conference Committee; and his father, James R. Wolfe, who was chairperson and CEO of Chicago & North Western Railway (now part of Union Pacific) until his death in 1988.

Potential STB nominee James E. Wolfe’s rail career is more varied. Between earning an undergraduate degree in classical civilization and philosophy at Chicago’s Loyola University and entering DePaul University’s College of Law from which he earned a juris doctorate, Wolfe was a UP trainmaster at locations in North Platte, Neb.; Salt Lake City, Utah; and Pocatello, Idaho. “I supervised people who knew a lot more about railroading than I did, and learned how every aspect of a railroad works, including its labor relations,” Wolfe told Railway Age in a telephone interview.

Following law school, Wolfe was employed by the Illinois Department of Transportation (IDOT), where he acquired an advanced knowledge of commerce law in representing the agency before the Illinois Commerce Commission and STB predecessor Interstate Commerce Commission; serving as legal counsel to IDOT’s Bureau of Railroads; and later supervising IDOT’s federal affairs office in Washington, D.C., where his focus was on congressional transportation appropriations and federal agency economic and safety regulation.

Returning to Illinois and a private law practice, a client included Amtrak, for which Wolfe negotiated a three-year, fixed-price agreement for state-supported passenger service. Wolfe’s next stop was managing Amtrak’s state government affairs office covering 40 states, as well as being general manager of Amtrak’s Midwest Corridor operations in Illinois, Michigan, Missouri and Wisconsin.

Between 1997 and 2023, Wolfe was chairperson and CEO of Chicago-based Knight Engineers and Architects, which focused on aviation, highway and rail infrastructure  projects in the public and private sectors. That included serving as the Class I railroads’ lead negotiator for the Chicago Region Environmental and Transportation Efficiency (CREATE) Program, a $4.6 billion public-private partnership to improve the efficiency, capacity, safety, and effectiveness of the Chicago region’s freight, commuter and intercity passenger rail network.

Wolfe is no stranger to POTUS 47, as during his first Presidential term his aides courted Wolfe for nomination as neutral chairperson of the Chicago-based Railroad Retirement Board, which Wolfe declined owing to his private-sector career. Now retired at age 62, and no stranger to official Washington, Wolfe quickly moved to the top of POTUS 47’s list of potential STB nominees.

Wolfe’s credentials certainly match the job description—an attorney with in-depth knowledge of commerce law; a working background in the freight and passenger rail industry; first-hand dealing with Congress and Executive Branch agencies; and understanding of official Washington political nuances.

So why does Wolfe have interest in an STB nomination? “I would like to be part of the process that moves the STB back to its intended legislative purpose of being the economic regulator of freight rail and not some Orwellian entity that tries to micromanage railroad operations while simultaneously inundating the railroads with burdensome requests for data and never-ending litigation,” he told Railway Age. “The STB has a narrow scope—be reasonable, be fair and be objective. Board members should be neutral, non-biased arbitrators who understand railroads, their customers and competitive markets.”

Also on the short list with Wolfe in seeking the STB nomination is Richard Kloster, president and founder of rail equipment consultancy Integrity Rail Partners, Inc. He has an extensive career in rail fleet management as well as experience with Class I and short line railroads. He is an executive board member of the National Industrial Transportation League and sits on the board of the Railway Supply Institute. Kloster earned undergraduate and graduate degrees from Northern Illinois University and the University of Alabama in marketing. Other than confirming he is under White House consideration, Kloster chose not to speak further, citing guidance from advisors.

Railway Age Capitol Hill Contributing Editor Frank N. Wilner is author of “Railroads & Economic Regulation,” available from Simmons-Boardman Books, 800-228-9670. 

The post A Wolfe at STB’s Door. Will He Make Entry? appeared first on Railway Age.

Activation will silence train horns in Addison, Coppell and Dallas first, with Carrollton, Richardson, and Plano to follow as testing of vehicles, crossings and track will continue with DART aiming to open for passenger service before the end of the year, the agency reported July 28.

DART is preparing to open its Silver Line Regional Rail to passengers before the end of the year. But before it does, many of those future passengers will experience a quieter experience as the train makes its way across the tracks.

DART partnered with the FRA and six of the seven cities that the Silver Line traverses to establish a quiet zone ordinance along most of the 26-mile rail alignment. During testing, trains are required to sound their horns as they approach all rail crossings to alert motorists and pedestrians to the presence of the train.

These horns will begin to fall silent before the end of July, as quiet zones are expected to become active in Coppell on Wednesday, July 30. Addison and Dallas will look to activate their quiet zones on Friday, Aug. 1, with Carrollton, Richardson, and Plano’s quiet zone activation to follow on Friday, Aug. 22. All dates are tentative, pending FRA approval. 

“Safety has been one of our biggest priorities as we’ve pushed through on this project, so we want to thank everyone for their patience as we’ve worked through all the requirements needed with FRA officials to get these quiet zones active,” said DART Vice President of Capital Programs Trey Walker.

Valley Metro Commute Solutions has launched a refresh of ShareTheRide.com, with the introduction of an enhanced platform that the agency says “delivers faster, smarter tools for commuters while introducing new incentives for using alternative modes of transportation.”

For the first time, ShareTheRide.com will also offer Commute Perks: a comprehensive rewards program that transforms every alternative commute into earning opportunities. Users can earn buy-one-get-one offers and get exclusive deals from local businesses and national brands by logging trips when carpooling, vanpooling, teleworking, biking, walking and using public transit.

“The refreshed ShareTheRide.com platform represents a significant leap forward in how we support commuters throughout Maricopa County,” said Abigail Cooksey-Williams, Valley Metro Transportation Demand Manager (TDM). “With these new features, we’re not just making alternative transportation easier to access, we’re making it more rewarding.”

Enhanced platform features include:

• Sleek, mobile-responsive website and newly branded mobile app (available now).
• Improved trip planning tools with faster performance and enhanced functionality.
• Custom network capabilities for Transportation Coordinators to manage company Travel Reduction Programs (TRP).
• Unified trip tracking, contest entries and reward progress monitoring.
• Gamification elements including contests, achievement badges and progressive rewards that increase with participation.

PANYNJ announced July 29 that ridership on the PATH commuter rail system grew 7% over the first half of 2024, with average weekday ridership exceeding 200,000 passengers for a third consecutive month.

The PATH commuter rail system served a total of 29.2 million passengers over the first half of 2025. The total was 7 % above the same period of 2024 but still only 72% of the first six months of pre-pandemic 2019.

The system welcomed approximately 5.1 million passengers in June 2025. This was 8% above June 2024’s passenger total, through ridership remained at 75% of pre-pandemic June 2019. Average weekday ridership for the month was 203,990 passengers, exceeding 200,000 for a third consecutive month and for the fifth time since the pandemic.

The system’s average Saturday ridership in June 2025 was 115,262 passengers, surpassing pre-pandemic June 2019 by 1.8%. Average Sunday ridership of 90,208 passengers was on par with June 2019.

The post Transit Briefs: DART, Valley Metro, PANYNJ/PATH appeared first on Railway Age.

U.S. rail traffic for the week ending July 26, 2025 (Week 30) came in at 514,279 carloads and intermodal units, rising 1.1% from the same week last year, based on 231,029 carloads—up 0.9% from 2024—and intermodal volume of 283,250 containers and trailers—up 1.3% from 2024, the Association of American Railroads (AAR) reported July 30.

Results were similar for the week ending July 19, 2025: U.S. Class I railroads carried 506,882 carloads and intermodal units, up 5.6% from the same point last year. That comprised 229,739 carloads, up 7.3% from 2024, and 277,143 containers and trailers, up 4.3% from 2024.

For the week ending July 26, 2025, seven of the 10 carload commodity groups posted an increase, compared with the same week last year. They included grain, up 1,289 carloads, to 22,108; coal, up 986 carloads, to 62,386; and motor vehicles and parts, up 459 carloads, to 15,306. Commodity groups that posted declines were farm products excluding grain, and food, down 839 carloads, to 15,971; nonmetallic minerals, down 816 carloads, to 32,422; and metallic ores and metals, down 64 carloads, to 21,386.

For the first 30 weeks of 2025, U.S. railroads reported cumulative volume of 6,594,604 carloads, a 2.7% increase from the prior-year period; and 8,054,478 intermodal units, a 4.8% increase from last year. Total combined U.S. traffic for the first 30 weeks of 2025 was 14,649,082 carloads and intermodal units, up 3.8% from last year.

For the week ending July 26, 2025, North American rail volume on nine reporting U.S., Canadian, and Mexican railroads totaled 332,465 carloads, a 2.0% gain over the same week last year, and 367,038 intermodal units, a 3.5% gain over last year. Total combined weekly rail traffic in North America came in at 699,503 carloads and intermodal units, up 2.8%. North American rail volume for the first 30 weeks of this year was 20,242,757 carloads and intermodal units, rising 2.9% from 2024.

Canadian railroads reported 86,414 carloads for the week ending July 26, 2025, up 2.2%, and 73,206 intermodal units, up 14.1% from the same point last year. For the first 30 weeks of 2025, they reported cumulative rail traffic volume of 4,874,958 carloads, containers and trailers, a 1.5% increase.

Mexican railroads reported 15,022 carloads for the week ending July 26, 2025, rising 21.5% from the year-ago period, and 10,582 intermodal units, dipping 2.2%. Their cumulative volume for the first 30 weeks of 2025 came in at 718,717 carloads and intermodal containers and trailers, a 5.7% drop-off from the same point last year.

The post AAR: U.S. Carloads, Intermodal Up Slightly for Week 30 appeared first on Railway Age.

CSX announced July 29 that it has been recognized with Toyota’s Rail Quality Award, “a testament to the company’s dedication to quality customer service and teamwork across its Automotive Sales, Operations, and Total Distribution Services, Inc. (TDSI) divisions.” The award was presented last month in Plano, Texas.

The Rail Quality Award honors rail carriers that consistently achieve exceptional standards for service excellence. To qualify, carriers must deliver at least 99.84% of vehicles damage-free. CSX exceeded this threshold with a damage-free delivery rate of 99.87%.

“This recognition from Toyota is a testament to the relentless focus, team mentality, and hard work our ONE CSX teams exhibit daily,” said Tom Fitzgerald, CSX Senior Director of Automotive. “Delivering on quality is what sets us apart, and I couldn’t be prouder of what we’ve accomplished together.”

The award, the company says, “highlights the collaborative efforts of CSX teams who prioritize operational precision and customer satisfaction. Operations teams ensured the timely, efficient, and safe handling of vehicles, while the TDSI implemented impactful initiatives focused on continuous improvement.”

Key contributors at TDSI included Bryce Thomas (General Manager), Phil Peay (Regional Director of Operations), Anna Zermeno (Terminal Manager), and Regional Operations Managers Jim Hull, Michael Pascuzzi, Lamario Merriwether, and Bill Davis. Their efforts in employee training, effective daily communication, and process enhancements were instrumental to this success, CSX noted. TDSI facilities across multiple locations, including Louisville, Ky.; Birmingham, Ala.; Lordstown, Ohio; Annapolis Junction, Md.; and Selkirk, N.Y., also played an essential role in delivering quality results.

Toyota commended CSX for “maintaining a customer-focused approach and delivering quality service at every destination.” This recognition, the company says, “underscores the strength of CSX’s processes and the expertise of its workforce. The Toyota Rail Quality Award not only celebrates CSX’s recent accomplishments but also reinforces the company’s focus on prioritizing quality and innovation.”

CPKC recently announced via an X post that its Dorion Subdivision maintenance-of-way team has achieved three years injury-free.

“With strong communication, a culture of accountability and deep family-like connections, they look after one another so everyone can go home safe. Congratulations to the team for this incredible milestone,” CPKC said in the post.

The post Class I Briefs: CSX, CPKC appeared first on Railway Age.