US-based transportation firm CSX is planning to invest $2.3bn in 2013 to help support the demand for freight rail transportation and improve customer service.
Under the company’s National Gateway initiative, it plans to create double-stack intermodal train access between the Mid-Atlantic ports and the Midwest.
CSX said that the investments are also expected to include $325m towards the implementation of the positive train control programme.
CSX president, chairman and chief executive officer Michael Ward said: "The continued strong investment in CSX is a clear reflection of our desire to bring lasting transportation solutions to our customers, as well as to enable the inevitable movement of even more freight to rails."
The capital investment will be used to improve the rail network and upgrade the fleet.
Over the past four years, the transportation firm has invested $7.8bn into network enhancements.
CSX, along with the Commonwealth of Massachusetts, has just opened New England’s first double-stack cleared intermodal route on its rail line between the New York state line and the newly-expanded intermodal terminal in Worcester, Massachusetts.
The new route increases vertical clearances at 31 locations between Worcester and New York State to 21ft, allowing intermodal trains to run with containers stacked two-high.
CSX has also reported a 2% decline in its revenue to $2.89bn for the fourth quarter ended 28 December 2012, compared to $2.95bn for the same period in 2011.
Net earnings declined 14% to $443m for the quarter, compared to $457m for the same period in 2011.
Image: CSX’s $2.3bn investment plan in 2013 is intended to help meet demand for freight rail. Photo: courtesy of Nate Beal.