0.20
On Sept. 10, CN updated its 2024 financial guidance and long-term financial outlook. "Due to the impact of CN’s labor uncertainty and work stoppage, the impact of the wildfires in Alberta, weaker than expected demand in forest products and metals, as well as the delayed recovery of overseas intermodal due to on-going port labor uncertainty, CN is revising its 2024 full year financial guidance. The quarter-to-date additional impact of labor uncertainty and the work stoppage, as well as the wildfires in Alberta, is estimated at around $0.20 of EPS," CN officials said. The Class I now expects to deliver adjusted diluted EPS growth in the "low single-digit range," compared to its July 23, 2024, expectation of "mid- to high single-digit growth." The railroad "continues to expect to invest approximately C$3.5 billion in its capital program, net of amounts reimbursed by customers," CN officials said. "As a result of the reduction to earnings, CN now expects adjusted return on invested capital to be in the 13%-15% range, compared to its July 23, 2024, expectation of approximately 15%."
3
After four straight months of declines, the shipments component of the Cass Freight Index rose 3% month over month in July, Cass Informations Systems Inc. officials said on Aug. 26. The index also increased 3.1% month over month in seasonally adjusted terms from a cycle low in June. The year over year decline in shipments eased to 1.1% in July from 6.0% in June. "Goods demand continues to grow slowly, but private fleet capacity additions are slowing, which appears to be reducing the pressure on for-hire shipments," Cass officials said.
8.89
Trade at Port Laredo increased 8.89% in July compared with the same 2023 month, port officials said earlier this week. Exports increased 7.14% compared with July 2023's total and were up 1.33% compared with June's total. Imports in July increased 9.95% compared with the same 2023 month and grew 2.58% compared with June 2024's total, port officials said.
14
Male commercial truck drivers are 14% more likely to be involved in a crash than women commercial drivers in every statistically significant area (curves, intersections, night driver, etc.), according to The American Transportation Research Institute Crash Causation. "Women are more risk-averse, and from carrier reports, are often better with their paperwork, working with customers and take better care of the equipment," according to an Aug. 26 Women in Trucking Association blog post.
18
The Jefferson County Port Authority (JCPA) closed on the $20 million purchase of about 18 acres along the Mississippi River in Herculaneum, Missouri, the port authority announced on Sept. 12. Sold to JCPA by Riverview Commerce Park LLC, the site will serve as the first publicly owned terminal facility in Jefferson County. Located 35 miles south of St. Louis, the port terminal is situated below any lock and dam system, providing a direct line to the Gulf of Mexico, JCPA officials said. The terminal has more than 3,000 feet of rail spur, located off of the Union Pacific Railroad, and is less than two miles from Interstate 55, which connects with Interstates 64, 44 and 70.
28.3
"For the second quarter ended June 30, 2024, Trinity Industries reported continued strength in lease renewal rates. Their 'future lease rate differential' is a positive 28.3%, fleet utilization 96.9%, and their lease renewal success rate was 72%. Trinity said their rail fleet investment is generating their highest returns. Rail cars are sustainable long-term investments, providing stable and predictable cash flows. The rail lease portfolio provides a natural interest rate hedge with tax, inflation and hard asset value benefits.” — Sept. 11 newsletter from RESIDCO titled “Mid-Life Aero and Rail Equipment Delivering Higher Yields.” RESIDCO is a transportation equipment lessor and asset management company that operates and manages a freight-car and locomotive fleet.
33.9
In August, the Port of Long Beach recorded the strongest month in its 113-year history as retailers moved cargo ahead of potential tariff increases and labor negotiations continued at seaports on the East and Gulf coasts, port officials said on Sept. 12. Dockworkers and terminal operators in Long Beach moved 913,873 twenty-foot equivalent units (TEUs) last month, up 33.9% from the same month last year and surpassing the port’s previous all-time one-month record set in May 2021 by 6,657 TEUs. Imports jumped 40.4% from August 2023 to 456,868 TEUs, exports rose 12% to 104,646 TEUs and empty containers moved through the port increased 33.7% to 352,360 TEUs.
39.3
On Sept. 10, the American Transportation Research Institute released a report that quantifies "the major consequences that truck driver detention at customer facilities has on industry productivity and safety," institute officials said. "While driver detention has decreased slightly in the last few years, the overall costs of being detained at customer facilities for more than two hours is substantial." In 2023, drivers reported being detained in 39.3 percent of all stops. The frequency of detention was higher among women drivers (49.1%), refrigerated trailer drivers (56.2%), and among fleets that operate in the spot market (42.5%). “Detention is so common that many industry professionals have accepted it as inevitable without realizing the true extent of its costs,” said Chad England, CEO of C.R. England Trucking.
66
In the quarter ended June 30, rail-car manufacturer FreightCar America Inc. recorded revenue of $147.4 million on 1,159 freight-car deliveries, an increase of 66% compared with revenue of $88.6 million on 760 deliveries in the same 2023 period, company officials announced on Aug. 12. FreightCar America posted gross margin of 12.5% with gross profit of $18.4 million, compared with gross margin of 14.6% with gross profit of $13.0 million in the same 2023 period. The company received net orders for about 3,000 cars during the quarter, including a multi-year order to convert over 1,000 tank cars.
402,000
A.P. Moller—Maersk opened a 402,000-square-foot facility in El Paso, Texas, the integrated container logistics company announced on Sept. 5. The facility is located five minutes from the Ysleta-Zaragoza International Bridge on the border of El Paso and Ciudad Juarez in Chihuahua, Mexico. The Isleta Port of Entry, which is located at the bridge, is the largest commercial port in the El Paso commercial district.
