🤬 Norfolk Southern criticized by Pa. Gov. Josh Shapiro
In a press statement, Penn. Gov. Josh Shapiro slammed Class I freight rail operator Norfolk Southern for the company’s incident management in a controversial derailing incident on the border of Pennsylvania and Ohio. The small village of East Palestine, Ohio, was the site of a Norfolk derailing incident that resulted in a panic surrounding hazardous materials exposure to the local community and the environment. Gov. Mike DeWine of Ohio indicates that there is no significant hazardous materials exposure while promising that he will hold Norfolk Southern’s “feet to the fire.” President Joe Biden has also been severely criticized for the federal response.
📈 Bank of America, Cowen: Investors shouldn’t worry about Norfolk Southern
Wall Street analysts see no concern for shareholders of Norfolk Southern. In reports published by Bank of America and Cowen, it’s believed that there is no long-term impact on the Class I carrier’s share price. One analyst notes that “the severity of the derailment earlier this month is still unclear…[and] may not have much long-term impact.” Despite the controversy of the event, there seems to be a stabilization in the markets surrounding the nation’s largest rail operators.
📦Georgia sets international trade record again
The U.S. state of Georgia set international trade records for the second year in a row. According to data released by the state’s Department of Economic Development, total trade volumes in the state exceeded $196 billion across 221 countries and territories. The state surpassed $47 billion in exports last year, breaking the previous record by nearly $5 billion – 11% increase from 2021.
✅ Carlson named nominee to lead NHTSA
According to the White House, Ann Carlson has been designated the nominee for the position of administrator for the National Highway Traffic Safety Administration at the Department of Transportation. Carlson has served as the acting administrator of the highway traffic regulator since September 2022. Carlson serves in a position that oversees the interstate vehicle safety program and works with state-level offices to ensure continuity in compliance across the board.
🌟Oakland wants its market share back
The landlord organization that owns the Oakland seaport, airport, and a publicly-owned utility wants to recapture its market share. At least, that is according to the strategic plan that the Port of Oakland executive director Danny Wan presented. Wan said that they intend to increase the container cargo market share loss experienced during the Covid-19 pandemic in 2020/2021.
🛳️Trade with China point of concern amid spy balloon row
The National Retail Federation (NRF), the American Footwear and Apparel Association, and the Council of Supply Chain Management Professionals are reportedly monitoring trade tensions and concerns over supply chain security between China and the United States. The groups are concerned about the spy balloon row in an ongoing diplomatic crisis between the world’s two largest economies. NRF believes there is a need to adopt supply chain diversification.
⚠️Other stories we’re reading…⚠️
- “Patience Wanes Over West Coast Port-Labor Talks…” – Bloomberg via GCaptain
- “MSC and DB Schenker Launch Model Biofuel Program to Reduce Emissions” – The Maritime Executive
- “Port of Long Beach container volume plops” – Freight Waves/American Shipper
- “Americans could spend as much as $2.3 million on eggs alone” – Business Insider
- “Investors expect the economy to avoid recession” – The Economist (paywall)
- “C.B.O. Warns of Possible Default Between July and September” – The NY Times
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