Ohio River Barge Rates
Plunge About 30 PointsBarge freight rates on the Ohio River plunged about 30 percentage points Wednesday on a significant reduction in demand, linked to the winding down of soybean harvesting, barge shipping companies told Knight- Ridder Financial News.
Rates along the Illinois and mid-Mississippi Rivers also declined, but only by about 5 percentage points, the sources said.
Nearby shipping rates along the Ohio River peaked at 245 percent of published tariff late last week, when soybean harvesting was in full swing, they said. Demand for quick-shipment freight heated up, compared with first- half November freight, which was about 165 percent of tariff, or last-half November, which was 142 1/2.
Seeks Nod on Lease
ALBANY, N.Y. - Springfield Terminal Railway Thursday asked the Interstate Commerce Commission for permission to lease the portions of the Delaware & Hudson Railroad it hadn't already leased.
Wednesday, the New York State Department of Transportation granted Guilford Transportation Industries, Inc., STR's parent, a certificate of public convenience and necessity, allowing it to operate on an intrastate basis. Guilford previously had obtained ICC permission to lease three D&H lines near Albany.
If Springfield Terminal gains approval to lease the rest of the D&H lines stretching to Buffalo in the west, to Montreal in the north and to Washington in the south, it will put all Guilford-owned railroads under common operation. Guilford's Boston & Maine and Maine Central railroads already are operated under lease to Springfield Terminal.
Springfield Terminal operates under a labor agreement with the United Transportation Union.