Algoma Central Corporation reports results for the year ended December 31, 2018

Algoma Central Corporation announced that for the year ended December 31, 2018, revenues increased by 12 per cent.

Consolidated revenues increased to $508.2 million as a result of improved rates in the Domestic Dry-Bulk and Ocean Self-Unloaders segments, and increased customer demand in the Product Tankers segment. Net earnings declined to $50.9 million from $58.8 million in 2017. However, net earnings from continuing operations, which excludes income from discontinued real estate operations in 2017, increased from $35 million to $50.9 million. Earnings in 2018 include a gain of $10.2 million related to the cancellation of four shipbuilding contracts. In December of 2018 the Company received a full refund, including interest, for one of the cancelled contracts and early in 2019, instalments on the remaining three contracts were refunded with interest. (more…)

ZIM Integrated Shipping Services’ new call to Port of Prince Rupert

CN, Prince Rupert Port Authority and DP World Prince Rupert have announced a new weekly marine carrier service at the Fairview Container Terminal.

ZIM Integrated Shipping Services (ZIM) partnered with 2M Alliance and has added Prince Rupert as one of its destinations. With a global reach to over 100 countries, the new ZIM service made its inaugural call at the Port of Prince Rupert on March 27, 2019 with the arrival of ZIM containers on the Maersk Altair vessel. (more…)

CN and CP announce first quarter 2019 results

Both of Canada’s major railways felt the effects of a poor weather and cold temperatures, and produced similar financial results. As is evident from the table, net income as a percentage of revenues tumbled dramatically from 34 per cent in the first quarter of 2016 to 21 per cent in 2018 at CP, but recovered to 24.6 per cent in the first quarter of 2019.  At CN, net income as a percentage of revenues dropped from 26.7 per cent in 2016 to 23.2 per cent in 2018, and further declined to 22.2 per cent in Q1 of 2019. Both carriers eased up on their share repurchasing activities. Stock repurchases increase earnings per share numbers, as earnings are divided by a reduced number of outstanding shares. (more…)

CN maximizing the use of rail into Port of Prince Rupert, and reports record grain shipments in April

CN maximizing the use of rail into Port of Prince Rupert, and reports record grain shipments in April

The first train of thermal coal from Coalspur’s Vista Mine in Hinton, Alberta has shipped to Ridley Terminals. CN is also delivering the first unit train of propane from Alberta for export via the new AltaGas Ridley Island Propane Export Terminal.

“I’m very proud to announce the start of these new export supply chains to Asia,” said JJ Ruest, CN’s President and CEO. “Our objective is to help create export supply chains that get national resources to the best markets for our customers.  These projects support jobs and increase Canada’s role as an international energy provider into Asia. As these new projects and our record grain movements for the month of April demonstrate, our capital investments are strengthening our existing network and expanding our capacity to move more western Canadian natural resources to market safely and efficiently.” (more…)

The Game of Shipping

The Game of Shipping

By Guy M. Tombs

“An old military adage has it that amateurs concern themselves with tactics, but professionals worry about logistics.” So says Richard Fidler in his excellent book Ghost Empire. Reading this recently cheered me, as I am in logistics. But I quickly had the less comfortable thought that clever tactics frequently overwhelm elaborately thought-out logistics. The game we are all in of course demands of us both knowledge and wit. (more…)