2007-04-23
TENNESSEE SOUTHERN RAILROAD FREIGHT CARLOADS UP 53% SINCE ACQUISITION BY PATRIOT RAIL CORP. April 23, 2007
Boca Raton, FL– For the 6-month period since it acquired the Tennessee Southern Railroad (TSRR), Patriot Rail Corp. today reported carloads increased 53%. In addition, the Port of Florence, Ala., operated by the TSRR, experienced similar increases in barge traffic and transload operations.
The Tennessee Southern Railroad is a wholly owned subsidiary of Patriot Rail Corp. of Boca Raton, Florida, a freight railroad holding company.
The increased carloads, from 2,230 to 3,419, were the result of new marketing efforts by TSRR and joint business development efforts with state and local economic groups to relocate businesses along the 118-mile line, said Gary O. Marino, President and Chief Executive Officer of Patriot Rail Corp.
"Thanks to state and local economic support and our own substantial investment during this period, we have been able to participate in the growth of the area," Marino said. "There are additional on-going business development efforts with existing customers and four new customers, Louisiana Pacific, Synagro, WR Grace, and Smelter Services, that will further boost business opportunities for the TSRR by the end of 2007."
By June 30, TSRR will have completed the installation of over 59,000 cross ties, the upgrading of 3 bridges, and the remodeling of the general offices in Mt. Pleasant, Tenn., Marino said. The cost of the cross tie program alone exceeds $3.3 million dollars with another $2 million dollars slated for track improvements in fiscal year 2008, which begins July 1.
To provide more consistent and reliable service to customers, the TSRR has hired five additional employees and is replacing its fleet of ten, 45-year-old locomotives with six refurbished GP-10 locomotives purchased from National Railway Equipment Company. TSRR also plans to add two GP-9 locomotives to handle the additional anticipated traffic.
The GP-10 locomotives will be equipped with N-FORCE, an electronically controlled wheel slip adhesion system. The upgraded locomotives will reduce fuel consumption by up to 20 percent over current locomotive fleet use.
The TSRR, headquartered in Mt. Pleasant, operates in Middle Tennessee and Northwestern Alabama and its heritage dates back to 1879. It interchanges rail traffic with CSX at Natco, Tennessee and with inland barge lines through its port facility at Florence, Ala., where freight is transferred to and from barges on the Tennessee River onto rail and truck. The TSRR principally hauls wood products, fertilizer, steel, slag, soapstone and LP gas. It currently has a staff of 30 employees and operates a fleet of ten operating locomotives.
For more information about Patriot Rail, contact Wayne August at (561) 443-5315, or visit www.patriotrail.com.
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