All Posts from December 17, 2017

CSX Reports Death of CEO

CSX Corp., Jacksonville, Fla., on Dec. 16, issued the following statement: “It is with great sadness that we announce that E. Hunter Harrison, president and CEO of CSX, died today in Wellington, Fla., due to unexpectedly severe complications from a recent illness. The entire CSX family mourns this loss. On behalf of our board of directors, management team and employees, we extend our deepest sympathies to Hunter’s family. Hunter was a larger-than-life figure who brought his remarkable passion, experience and energy in railroading to CSX.”

Edward J. Kelly III, Chairman of the CSX Board of Directors, issued the following statement on behalf of the board of directors: “With the passing of Hunter Harrison, CSX has suffered a major loss. Notwithstanding that loss, the board is confident that Jim Foote, as acting CEO, and the rest of the CSX team will capitalize on the changes that Hunter has made. The board will continue to consider in a deliberative way how best to maximize CSX’s performance over the long term.”

CSX had announced Dec. 14 that Harrison had stepped down from the CEO spot as a result of his illness. He had a history of running major North American railroads and turning them around.

India’s NFL Announces Urea Tender

The Indian state-owned company NFL will close a urea tender Dec. 22. Validity of the offers is to last until Dec. 29 with a ship-by date of Jan. 20, 2018.

This tender is to replace the Oct. 31 tender by NFL, which was scrapped by the Indian Department of Fertilizers. Prices offered in the last tender neared $300/mt CFR. The DOF deemed the price too high and denied NFL the funds to make awards.

Sources predict the prices in the new tender will be in the mid-$240s/mt CFR range. Iranian material is expected to dominate offers.

Sources had said if a tender was to be called, it had to be before the end of the year. Permission for NFL to import urea expires Dec. 31.

The offers will be revealed Dec. 26.