As Canadian Pacific Railway Limited (CP) continues to develop its total transportation product, the company launched a new service offering called CP TempPro™, for customers shipping perishable products. CP TempPro™ ensures that customers’ products are transported in a reliable, fuel-efficient temperature-controlled environment.
While extreme weather took its toll on the entire supply chain through much of February, CP Rail saw grain shipments increase by 16 percent week-over-week during week 31, and is experiencing daily improvements. CP also spotted nearly 50 percent more empties to the country in Week 31 compared to the week prior, a further sign of the incremental gains being made. CP’s velocity is also improving, with train speeds up approximately 10 per cent this past week versus mid-February.
Algoma Central Corporation reported consolidated revenue for the year ended December 31, 2017 of $451.0 million, compared to $391.4 million for 2016. Revenue increased in the Domestic Dry-Bulk and Product Tanker segments as a result of an increase in volume in the majority of sectors and higher customer demand. Ocean Self-Unloaders revenue increased as the Algoma Integrity rejoined the Pool in 2017 after two years in domestic service. Net earnings of $56.2 million were recorded, well above 2016 net earnings of $33.3 million. Net earnings from continuing operations, which excludes income from discontinued real estate operations, was $32.4 million in 2017 compared to $10.6 million for 2016.
Luc Jobin leaving CN; Board appoints Jean-Jacques Ruest Interim CEO – Ruest immediately announces bold plan to increase grain moving capacity
The Board of Directors of CN announced on March 5 that Luc Jobin has left CN, and has appointed Jean-Jacques Ruest Interim President and CEO until a permanent replacement is in place. Mr. Ruest has been with the company for twenty-two years, the last eight as Executive Vice-President and Chief Marketing Officer.
Vancouver Fraser Port Authority released the 2017 year-end statistics for cargo through the Port of Vancouver. Overall cargo volume through the port reached a record high of 142.1 million tonnes, up five per cent from 2016. Sectors experiencing strong growth include containers and bulk grain, both of which hit new records in 2017. Overall container traffic saw a significant increase of 11 per cent over 2016 to reach a record of 3.3 million TEUs, with loaded imports up by 11 per cent. Volumes were driven by a global upswing in economic activity, which boosted Canadian export sales and overall strength in the transpacific container market.