Leading freight railroad carrier,
Norfolk Southern Corporation
) announced that its Pier 6 coal uploading facility at Lamberts
Point uploaded record coal into a single cargo ship. As the
company observes the 50
anniversary of its Pier 6 coal transloading facility, it loaded
166,840 net tons of metallurgical coal into M/V China Pioneer for
shipping to Liuzhou Iron and Steel in China.
NorfolkSouthern began operations at Lamberts Point in 1884
with the opening of the Pier 1 transloading facility. Thereon,
the company kept improving its services at Lamberts Point and
began several transloading terminals including Pier 6.
NorfolkSouthern constructed Pier 6 in Jul 1963 primarily for
the shipment of steel and metallurgical coal from the central
Appalachian coal fields. This facility continues to remain
Northern Hemisphere's largest and fastest coal transloading
facility dominating the majority of coal shipping business in the
We find Norfolk Southern'slong-term fundamentals and growth
prospects appealing due to its continued investments in key
projects and new businesses. Management expects 2013 capital
expenditure of approximately $2.0 billion, of which approximately
over $831 million will be dedicated to roadway spending.
The company expects approximately $84.0 million investment in
intermodal infrastructure to improve traffic, capacity and train
velocity. Investments in facilities and terminals will involve
$203.0 million. The rest of the spending will be aimed at new
business opportunities alongside expansion, maintenance of
locomotive servicing facility and purchase of new locomotives. We
appreciate the company's plans to invest in technology upgrades
that will not only lead to service improvements and efficiency
but will also trim operating expenses.
Norfolk, which operates with the likes of
Union Pacific Corporation
Kansas City Southern
) carries a Zacks Rank #3 (Hold).
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