Montreal, Canada-based Class I railway Canadian National saw net income for the third quarter of 2016 fall 2.9 percent to C$972 million (U.S. $727.6 million) on revenues that slid 6 percent to C$3.01 billion compared with the same 2015 period.
The public-private partnership is aimed at increasing the height of the Howard St. Tunnel so two containers can be loaded onto intermodal cars, making it more efficient for traffic moving to and from the Port of Baltimore.
Trucking and intermodal carrier Swift Transportation grew net income 4.7 percent year-over-year to $38 million in third quarter 2016 on revenues that slipped 4.9 percent to $1.01 billion compared with the same 2015 period.
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Investments in new projects are slowing, and Neil Davidson, senior analyst in Drewry’s ports and terminals practice, warned that a sudden rebound in demand could be a problem.
U.S. Customs and Border Protection Commissioner Gil Kerlikowske lamented the political pressure agencies are under to stop every illegal immigrant or cargo shipment, saying that it is too costly from a budget and economic standpoint.
The Water Resources Development Act was passed by the U.S. House of Representatives Wednesday and will now go to a House-Senate conference committee tasked with merging each chamber's bill into a single version.