CN and Teck Resources Limited, a diversified resource company with major business units in copper, steelmaking coal, zinc and energy, on Dec. 4 announced a long-term agreement for shipping steelmaking (metallurgical) coal* from Teck’s four British Columbia operations between Kamloops and Neptune Terminals, and other West Coast ports. The agreement, which runs from April 1, 2021 until December 31, 2026, will replace Teck’s current 10-year agreement with Canadian Pacific, which expires March 31, 2021. CP, which interchanges with CN at Kamloops, will continue to serve Teck at originating mine sites.
In the wake of an eight-day strike that seriously impacted operations, CN is revising its full-year 2019 financial outlook. The railroad said its strike recovery plan is “on track.”
CN has reached a tentative agreement for a new collective agreement with its 3,200 conductors and yard crews working on its mainline and yards in Canada.
Thirteen months ahead of the December 2020 deadline, CN has successfully met the federal requirement to operate Positive Train Control (PTC) on all 35 of its U.S. subdivisions required to be equipped with PTC.
CN recently announced that Executive Vice President and Chief Information and Technology Officer Michael Foster is leaving the company on Nov. 29, 2019, “for personal reasons and moving back to the U.S. to be close to his family and to pursue other career opportunities.”
CN’s Western Canadian grain movements broke another record in October 2019, with shipments of 2.8 million metric tons (MMT) of grain and processed grain products, the railroad announced on Nov. 4. The previous record, set in April 2019, was 2.7 MMT.
CN reported “strong results” for its financial and operating results for the third quarter ended Sept. 30, 2019, such as a 4% increase in revenues and diluted earnings per share (EPS) increase of 8%.
Canadian National announced the signing of an agreement that will see CN acquire the Massena rail line from CSX, which represents more than 220 miles of track between Valleyfield (Quebec), in Canada, and Woodard (New York), in the U.S. The Massena rail line also serves many cities in the province of Quebec, including Beauharnois and Huntingdon, and in the state of New York, including Massena, Norwood, Potsdam, and Gouverneur.
On Oct. 7, 2019, CN and CSX will launch a new intermodal service linking CN’s greater Montreal and Southern Ontario areas with CSX-served ports in Philadelphia and New York/New Jersey.
Like its U.S. Class I peers, CN posted record 2Q19 financials—diluted earnings per share, operating revenues and operating income. Unlike them, CN grew volume in the quarter, as well as in the first half of the year.