Tag: Railway (Page 7 of 8)

Italy’s Salvini Prefers Transportation Group as Alitalia Partner

June 14, 2019 / WIL BALDWIN

MILAN, June 14 (Reuters) – Italy’s Deputy Prime Minister Matteo Salvini said on Friday an infrastructure or transportation group would be his preferred partner for troubled carrier Alitalia.

He added that he had reservations about a possible involvement of Lazio soccer club Chairman Claudio Lotito, who submitted an expression of interest for the airline this week.

Salvini’s comments put pressure on Industry Minister Luigi Di Maio, who is also the leader of the 5-Star Movement and has been handling the Alitalia crisis since the coalition government took office last year.

Di Maio has already had to postpone the deadline for the rescue of the carrier three times and the latest extension is due to expire on Saturday with every expectation it will have to be prolonged yet again as the search for a solution continues.

Italy’s state-owned railway group Ferrovie dello Stato is spearheading an effort to set up a consortium of investors to buy loss-making Alitalia, which is managed by administrators.

So far Ferrovie has secured the commitment of Delta Air Lines but it is struggling to find another partner who is willing to invest more than 300 million euros ($336 million) in Alitalia, which has a long history of financial woe.

Salvini, who is the head of coalition party League, said caution was needed in picking the right partners.

“We are talking about a company (Alitalia) with 11,000 employees, which has a potential U.S. partner (Delta) with dozens of billions in sales, that deals with infrastructure and airplanes,” Salvini told reporters in Milan.

“As far as I know, Lotito, at present, just lets lads play soccer,” he added.

One source with knowledge of the matter told Reuters that Ferrovie had recently had talks with infrastructure group Atlantia over Alitalia, but added that its involvement in any accord still lacked the necessary political green-light.

Di Maio and other 5-Star officials strongly criticised Atlantia over the deadly collapse of a motorway bridge managed by the group, which killed 43 people last August.

After the disaster the government said it would revoke Atlantia’s motorway concession, accusing the company of poor maintenance of its road network.

Atlantia has denied any wrongdoing and could join the Alitalia consortium as a way to mend its relationship with the government, sources had told Reuters. The company, which is controlled by the Benetton group, denied on Wednesday that it had reached a deal to join the rescue.

($1 = 0.8923 euros)

(Reporting by Francesca Piscioneri, Writing by Francesca Landini; Editing by Crispian Balmer)

Amtrak Customers Celebrate 90 Years of Empire Builder Service

June 13, 2019 / WIL BALDWIN

Commemorative merchandise now available

CHICAGO – Amtrak today marked the 90th anniversary of the Empire Builder, which travels across the country’s northern tier, allowing customers to experience the grandeur of the Mississippi River Valley, Great Plains, Rockies and the Cascade Range. Daily service between Chicago and the Pacific Northwest provides a vital intercity travel option connecting more than 40 communities in eight states.

Sleeping car customers received wooden train whistles from Amtrak Guest Rewards and all customers departing Chicago received commemorative certificates signed by Amtrak President & CEO Richard Anderson. Prints of a new Empire Builder painting by railroad artist J. Craig Thorpe are available in the Amtrak store and, for a limited time, other items to recognize the anniversary of the service are also availab le from Amtrak.

Inaugurated by the Great Northern Railway (GN), the first westbound Empire Builder departed Chicago on the evening of June 10, 1929, but it was christened the next day in St. Paul, Minnesota, where the GN had its headquarters and where its mainline to Seattle began. The premier service was named for James J. Hill–the “Empire Builder,” who in the late 19th century founded what became the GN.

The GN and three railroads merged in 1970 to form the Burlington Northern, which continued to operate the Empire Builder until May 1, 1971, when newly-formed Amtrak took it over and changed the route to include Milwaukee by using what is now the Canadian Pacific Railway between Chicago and St. Paul. In October 1979, it became the first overnight train to be assigned bi-level Superliner® railcars, setting a higher travel standard that continues today.

Last year, 428,854 customers rode the Amtrak Empire Builder, Trains 7/27 & 8/28.

Hitachi & Bombardier to Supply Very High-Speed Trains to Italy

June 4, 2019 / WIL BALDWIN

Partnership between Bombardier and Hitachi to manufacture and deliver additional new trains for Trenitalia’s high-speed train fleet
The contract includes delivery of 14 Frecciarossa 1000 very high-speed trains and maintenance services

Hitachi Rail SpA and Bombardier Transportation, in a partnership expected to involve company participation of 60% and 40% respectively, will supply 14 Frecciarossa 1000 (also known as ETR 1000) very high-speed trains to Trenitalia (Italian Railways), as well as a ten years maintenance service agreement for the new trains. The contract overall value is around 575 million euros ($ 643 million US) with the Bombardier share valued at 233 million euros ($261 million US) and the Hitachi share valued at 342 million euros ($382 million US).

Maurizio Manfellotto, CEO at Hitachi Rail SpA and Group COO Service and Maintenance Hitachi Rail said: “We worked closely with Trenitalia to deliver a train which has dramatically enhanced the performance and customer experience of the Italian high-speed rail network. The Frecciarossa 1000 is a perfect example of how suppliers and customers working together towards a common goal can deliver for passengers. This order for 14 new trains and the related maintenance services are proof of the success we have achieved.”

Luigi Corradi, Managing Director, Italy, Bombardier Transportation, said: “As a full solution provider, Bombardier is looking forward to demonstrating continued excellence in the Italian rail market, supporting Italian customers in the realization of their long-term mobility plans, across a range of speeds and vehicle sectors, strengthened by our partnership approach.”

Giuseppe Marino, Corporate Officer Hitachi Ltd and Group COO Rolling Stock Hitachi Rail said: “Expanding the Italian high-speed train fleet is an achievement we are proud of. Developing new and innovative rolling stock is a challenge but this order for 14 new Frecciarossa 1000s shows we have realised a highly successful and competitive train. We are pleased to also be working on a new generation of modern regional trains for Italy and on our ground-breaking trams.”

Marco Biffoni, Head of Sales Italy for Bombardier Transportation, said, “With this order for 14 high-speed trains deriving from the V300ZEFIRO platform plus maintenance services, we are delighted that Trenitalia has put its confidence in Bombardier and Hitachi once again, a proven partnership now also bidding for projects in the United Kingdom. These high-comfort, high-technology and high-speed trains have already proven to be very popular with Italian passengers and this order highlights our continuing leadership in the exciting high-speed market segment.”

As with the current Frecciarossa 1000 fleet, all 14 of the new very high-speed trains will be built in Italy. The Frecciarossa 1000 has set new standards in performance, operating efficiency and passenger comfort.

Each train has a total length of around 200 meters, capacity for around 460 passengers and is capable of commercial speeds of up to 360 km/h. State-of-the-art aerodynamics and energy saving technologies give the train unmatched operating efficiency. There is WiFi onboard a meeting room and bistro area.

Not only is the Frecciarossa 1000 the fastest ever service high speed train in Europe, but it is also the quietest, with minimal vibration. The trains are designed and built in Italy, and operable on high-speed rail networks equipped with multi-voltage technology fulfilling all TSI requirements.

All 14 of the new very high-speed trains will be built in Italy.

Italy’s Government Extends Alitalia Bid Deadline to June 15

May 3, 2019 / WIL BALDWIN

MILAN (Reuters) – Italy’s deputy prime minister Luigi Di Maio extended a deadline to submit bids for the ailing carrier Alitalia to June 15, a government statement said on Friday.

The decision followed a request from Italy’s state railway group Ferrovie dello Stato, which is one of the companies who have said they are willing to contribute to the rescue plan.

The current deadline had expired at the end of April.

The government is arranging a rescue of the ailing company to avoid mass layoffs and has lined up Ferrovie dello Stato and U.S. carrier Delta as potential investors. But it still needs another investor to contribute to a bid that is estimated to be worth around 1 billion euros (850.3 million pounds).

Flagship carrier Alitalia has been run by administrators since 2017 after workers rejected a previous rescue plan.

(Reporting by Elvira Pollina; editing by Francesco Guarascio)

CN Rail Quarterly Profit Rises on Petroleum Shipments

April 29, 2019 / WIL BALDWIN

April 29 (Reuters) – Canadian National Railway Co reported a 6 percent rise in quarterly profit on Monday, as it transported higher volumes of petroleum and chemical products.

U.S. listed shares of the company rose 2.1 percent in after-hours trading.

The company’s net income rose to C$786 million, or C$1.08 per share, in the first quarter ended March 31, from C$741 million, or C$1 per share, a year earlier.

However, excluding one-time items, the railroad company earned C$1.17 per share, missing the analyst average estimate of C$1.18, according to IBES data from Refinitiv.

Canada’s largest railway operator said total carloads, the amount of freight loaded into cars, rose less than a percent.

Operating ratio, a closely watched productivity metric that measures expenses as a percentage of revenue, rose to 69.5 percent from 67.8 percent a year earlier. The lower the ratio, the more efficient a railroad.

($1 = C$1.34)

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Maju Samuel)

Alitalia Future Uncertain as easyJet Quits Talks

March 18, 2019 / WIL BALDWIN

LONDON (Reuters) – The future of Alitalia was plunged further into uncertainty on Monday after British budget airline easyJet pulled out of talks to rescue the Italian carrier two weeks before a deadline to save it.

EasyJet said it had decided to withdraw from the process after discussions with Italy’s state-controlled railway Ferrovie dello Stato Italiane and U.S. airline Delta Air Lines.

Alitalia was put under special administration in 2017 after workers rejected the latest in a long line of rescue plans, leaving the government once again seeking a buyer to save the airline.

Ferrovie is racing against the clock to meet deadline of the end of the month set by the Italian government to present a rescue plan for Alitalia, and had been in talks with easyJet and Delta over a possible deal.

But the parties had not seen see eye to eye on the structure of a deal. Without an industrial partner fully on board, a source said last week that Alitalia could soon find itself in trouble since neither Ferrovie nor the state have the skills to run the carrier.

Delta said it was still in talks with Ferrovie.

“Discussions remain ongoing as Alitalia is a long-standing partner of Delta,” the U.S. airline said in a statement.

Alitalia and Ferrovie could not immediately be reached for a comment.

EasyJet, whose shares were unaffected by Monday’s announcement, had said several times it was interested in Alitalia’s short-haul operations and positions at primary airports.

A source familiar with the talks said easyJet still believed it could be a good partner for Alitalia, but that a deal was not feasible with the current approach.

“EasyJet pulled out because it wanted to control (Alitalia’s) Milan hub and use it for point-to-point flights. This could not be done,” another source with knowledge of the matter said.

EasyJet said it remained committed to Italy, as a key market for the company.

“We continue to invest in the three bases in Milan, Naples, (and) Venice,” it said in a statement.

(Reporting by Alistair Smout in London and Sangameswaran S in Bengaluru; Additional reporting by Agnieszka Flak in Milan and Giselda Vagnoni in Rome; Editing by Keith Weir and Mark Potter)

British pilot Kate McWilliams became the world’s youngest ever commercial airline captain at age 26 with easyJet.

Alitalia Rescue at Risk as Suitors Set Conditions

March 13, 2019 / WIL BALDWIN

ROME (Reuters) – Delta Air Lines and easyJet have set strict conditions for investing in Alitalia that could jeopardise a government-led plan to rescue the troubled Italian airline, a source close to the matter said.

Alitalia was put under special administration in 2017 after workers rejected the latest in a long line of rescue plans.

Italy’s populist government, which has made the re-launch of the flagship carrier one of its priorities, is sponsoring a plan that would see state-owned railway Ferrovie inject fresh funds and revamp the carrier together with industrial partners.

Delta and easyJet, which have expressed interest in Alitalia, are in talks with Ferrovie, but the three investors do not see eye to eye on the structure of the deal.

Without an industrial partner fully on board, Alitalia could soon find itself in trouble since neither Ferrovie nor the state have the skills to run the carrier, the source said.

EasyJet has said several times it is interested in Alitalia’s short-haul operations and positions at primary airports, adding the alliance should be commercially viable.

The British low-cost carrier would be open to taking a stake of 15 percent in the Italian airline but only if it wins control of certain Alitalia assets, the source said.

That condition has irritated the three special commissioners in charge of the airline, who fear it could lead to a break-up of the company. The administrators have the power to decide on the offers.

At the same time Delta is also planning to take a 15 percent stake, spending around 100 million euros in the proposed 900 million euro (773.6 million pounds) rescue plan, but does not want to inject more than that, the source said.

A participation of 30 percent or less by the industrial partners, compared with a stake of around 40 percent Ferrovie was counting on, would force the government to find additional investors, probably among state-controlled companies, a second source said.

Ferrovie is expected to take a stake of between 30 and 49 percent in the new carrier, the second source said, making a full involvement of Delta and easyJet crucial.

According to Italian newspaper Il Messaggero, Ferrovie CEO Gianfranco Battisti will fly to Atlanta in the coming days to try to convince Delta’s CEO Ed Bastian to pump more money into the rescue plan.

Ferrovie, easyJet declined to comment on the issue, while Delta was not immediately available for comment.

Ferrovie is racing against the clock to meet a March 31 deadline set by the Italian government to present a rescue plan for Alitalia.

Should that deadline be missed, it would jeopardise the repayment of 900 million euro state loan to the airline, which must take place by the end of June.

(By Giselda Vagnoni. Additional reporting by Francesca Landini in Milan, Alistair Smout in London, Tracy Rucinski in Chicago, Writing by Francesca Landini; Editing by Keith Weir)

Delta May Order 200 New Jets, Considers Alitalia Investment

March 5, 2019 / WIL BALDWIN

(Reuters) – Delta Air Lines fueled the appetite of planemakers on Tuesday after Chief Executive Ed Bastian said the airline planned to replace some 200 Boeing 757 and 767 aircraft over the next decade.

The plans come as the second largest U.S. airline seeks to grow internationally, though Bastian said at a conference that the company had not yet decided whether to invest in struggling Italian carrier Alitalia.

Atlanta-based Delta’s potential fleet order, which analysts say would be worth over $10 billion, could boost proposals by Boeing Co to launch a new plane in that segment while Airbus is preparing to counter with a new version of A321 and the larger A330neo.

Delta is “very interested” and in discussions with Boeing about its proposed new midsized airplane, known as the NMA, Bastian said. Boeing will decide in 2020 whether to produce the plane which industry sources say would have two aisles and seat seven across.

The plane aims to address the so-called middle of the jet market between traditional narrowbody jets with one aisle and long-distance widebody planes.

“Hopefully they’ll decide to go,” Bastian said.

Delta is already in the process of replacing one-third of its mainline fleet, one of the largest and oldest among U.S. airlines, in the next five years.

Delta shares were up 2.5 percent at $50.03 in afternoon trading after Bastian said spring and summer travel demand was solid.

Delta Air Lines reveals their first A220 in Atlanta, Georgia at the TechOPS engine shop at Hartsfield Jackson International airport on Monday October 29,2018. (Chris Rank/Rank Studios)

ALITALIA INVESTMENT?

Bastian said it was too early to decide whether to invest in Alitalia, which was put under special administration in 2017 after workers rejected the latest in a long line of rescue plans, leaving the Italian government seeking a buyer to save the airline.

Italy’s state-controlled railway Ferrovie dello Stato (FS) said last month it would start negotiations with Delta and EasyJet Plc to draft a rescue plan, the third in a decade, for the struggling airline.

Delta executives have held talks in Rome in recent weeks, according to Italian industry sources, but doubts remain whether an outside investor would be willing to take a minority stake in the strike-prone airline.

Bastian said that the numbers being thrown around for Alitalia are “pretty large” and “not the kind of numbers that we’re considering, just to quell any concerns.”

Still, he said it makes sense to consider an investment in Italy, an important market for U.S. consumers, and noted that Delta’s global growth over time will skew toward international rather than congested domestic markets.

That growth could come through direct investments in overseas carriers.

“You can’t actually own partner carriers so you have to find ways to influence them beyond just a commercial contract as a partner, and what we have found is that by making an investment into these businesses we can get actually inside the board room and help to start shape the strategy.”

(Reporting by Tracy Rucinski in Chicago, additional reporting by Tim Hepher in Paris; Writing by Nick Zieminski; Editing by Phil Berlowitz and Lisa Shumaker)

Genesee & Wyoming Q4 Earnings Top Estimates, Rise Y/Y

February 7, 2019 / WIL BALDWIN

Genesee & Wyoming Inc.’s GWR fourth-quarter earnings (excluding 6 cents from non-recurring items) of $1 per share surpassed the Zacks Consensus Estimate of 90 cents. The bottom line also improved 29.9% on a year-over-year basis. Results were aided by an impressive performance at the North American segment.

Operating revenues inched up 0.7% year over year to $575.6 million, which outpaced the Zacks Consensus Estimate of $569.9 million. Freight revenues accounting for bulk (69.7%) of the top line rose 2.3% to $401.22 million. Meanwhile, freight-related revenues contributing to 24.8% of the top line slid 2.2% to $142.55 million. The balance came from ‘other revenues’.

Click the link below for the full story!

https://finance.yahoo.com/news/genesee-wyoming-gwr-q4-earnings-123012876.html

CP and Hapag-Lloyd Renew Long-Term Agreement

January 25, 2019 / WIL BALDWIN

Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) and Hapag-Lloyd AG (XETR: HLAG) (FWB : HLG) today announced an extension of their long-term agreement to the benefit of the international supply chain, the movement of cargo through the ports of Montreal and Vancouver, and the overall North American economy.

“We are incredibly proud to continue to work with Hapag-Lloyd,” said Keith Creel, CP President and CEO. “This long-term agreement is built on service, reliability and trust. On behalf of the 13,000-strong CP family, particularly those on the ground who ensure we provide exceptional service, we are excited to continue to work closely with Hapag-Lloyd as their preferred rail carrier in Canada.”

In close collaboration, the two companies have built a track record of reliable service on sea and on land for their customers.

“Customers expect reliable supply chains, and in CP we have found a company that delivers consistently, every day,” said Rolf Habben Jansen, CEO of Hapag-Lloyd. “With CP we are able to handle more cargo and take advantage of shorter routes to key markets, and provide long-term value to our customers.”

The agreement will allow Hapag-Lloyd’s customers to benefit from CP’s growing network of transload facilities, its innovative live-lift operation at Portal, North Dakota, and the fastest transit times between Vancouver and the Twin Cities, Chicago and beyond.

From Vancouver and Montreal, CP connects its customers to markets across Canada and the United States. CP’s intermodal franchise has the lowest on-dock dwell and best on-time performance at the Port of Vancouver and Port of Montreal, ensuring faster end-to-end transits for shippers.

Note on forward-looking information

This news release contains certain forward-looking information and forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as “financial expectations”, “key assumptions”, “anticipate”, “believe”, “expect”, “plan”, “will”, “outlook”, “should” or similar words suggesting future outcomes. This news release contains forward-looking information relating, but not limited to, the success of our business, our operations, priorities and plans, as well as anticipated financial and operational performance, including with respect to CP’s network of transload facilities and anticipated increases in cargo service.

Story and images from http://www.cpr.ca

Commemorative merchandise now available

Note on forward-looking information

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