Weak intermodal volumes
CSX’s (CSX) overall rail traffic inched up 0.3% YoY (year-over-year) to 125,989 railcars in Week 15 from 125,632 railcars in the same week of the previous year. Three of the seven Class I railroad companies (XLI) recorded volume growth, while four registered declines during the week.
With a YoY increase of 5.7%, Canadian National Railway (CNI) was the top volume gainer, while BNSF Railway was the worst performer with a fall of 3.3% in its overall rail traffic.
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Sluggish overall traffic growth for CSX was mainly the result of weakness in intermodal volumes. The company’s intermodal traffic fell 5.3% YoY to 52,122 containers and trailers from 55,048 units. Its container volumes fell 5.1% YoY to 50,211 units from 52,930 units, and its trailer traffic plunged 9.8% YoY to 1,911 units from 2,118 units.
During Week 15, every major Class I railroad company recorded a decline in intermodal volumes except for CNI and Canadian Pacific Railway (CP), which registered YoY rises of 13.1% and 3%, respectively. Kansas City Southern (KSU) was the worst performer with a decline of 7.2%.
CSX’s carload traffic increased 4.7% YoY to 73,867 railcars (excluding intermodal units) from 70,584 wagons in Week 15. Except for CP and Norfolk Southern (NSC), all Class I railroad companies have recorded increases in their respective carload traffic.
CSX’s carload traffic excluding coal and coke rose 0.4% YoY to 55,077 railcars from 54,833 railcars in the week, while its coal and coke traffic surged 19.3% YoY to 18,790 units from 15,751 units. CSX registered carload traffic gains across most commodity groups excluding chemicals, pulp, paper, nonmetallic minerals, crushed stone, and motor vehicles and parts.