Rice becoming a big revenue slice for New York Cross Harbor (10/8/2002)
10/8/2023New York Cross Harbor Railroad (NYCH) recently was awarded a long-term contract to move rice in conjunction with Norfolk Southern Railway and New York & Atlantic Railway Co. (NY&A).
NYCH owner New York Regional Rail Corp. (NYRR) expects the agreement to generate between $200,000 and $300,000 in annual revenue.
"[The contract] marks the first successful bid by NYCH in cooperation with the NY&A — it ushers in what we hope will be continued successful collaboration between our two railroads," said NYRR President Ronald Bridges in a prepared statement.
NYCH also recently obtained a rice-moving contract from a Brooklyn, N.Y., food company, making rice the railroad's second largest revenue-producing food commodity behind cocoa.
"These two rice movements will result in revenue growth of over 10 percent at our rail subsidiary and further increase our all profitability," said NYRR Chief Financial Officer Joel Marcus.
Source: Progressive Railroading Daily News