Through the facilities of Port of Sept-Îles’ multi-user terminal, Champion Iron Limited announced that its subsidiary, Quebec Iron Ore Inc. shipped its tenth million tonne of high-grade 66.2% Fe iron concentrate from its Bloom Lake Iron Mine (“Bloom Lake”), located near Fermont, Quebec.
The achievement of this significant milestone occurred less than eighteen months after Bloom Lake was recommissioned, and achieved its annual full nameplate capacity of 7.4 metric tonnes per annum in its first year of operation. Champion benefits from access to world class infrastructure at the port, including access to a deep-water terminal where a Capesize vessel can be loaded in less than 40 hours. The delivery and sale of the Bloom Lake high-grade iron ore concentrate to end-users in Asia, Europe and the Middle East is being completed at a time of rising demand for high-grade iron ore concentrate with low impurities. (more…)
Both of Canada’s major railways announced second quarter results for the period ended June 30, and both produced great results, particularly CP. At CP, quarterly revenues rose 13 per cent, while CN’s revenues rose 11 per cent. However, while CN’s operating income rose 11 per cent, CP’s rose by 31 per cent.
At CN, operating expenses as a percentage of revenues declined slightly from 58.2 to 57.5 per cent. Cash flow from operations was up slightly to $1.72 billion from $1.68 billion, and “free” cash flow, the amount remaining from operating cash flow after subtracting net investments made during the quarter and dividends paid to investors, fell sharply from $640 million to $126 million. From Jan 1 to June 30, CN spent $864 million repurchasing its own shares (about $140 million less than in 2018), and paid $776 million in dividends. The total of these discretionary cash outflows ($1.64 billion) and the total spent on property additions and acquisitions ($2.08 billion) exceeded CN’s cash generated from operations, which caused the carrier to be a net borrower during the period. As of June 30, the company’s equity stood at $18.0 billion (as compared to $17.6 billion as at December 31, 2018). Total debt increased to $25.02 billion from $23.5 billion (Dec 31, 2018). (more…)
By Brian Dunn
As Laura Dawson, Director of the Wilson Centre’s Canada Institute, Washington, DC, sees it, a combination of U.S. unilateralism, a softening demand for Chinese exports and imports and the Brexit fiasco, has resulted in global instability. To make matters worse, President Donald Trump will probably get re-elected in 2020 as there’s no viable alternative.
“We feel Canadian trade representatives are doing a very good job (in the U.S.) and it’s a relationship to be managed, not cured. Our organization is non-partisan and we work with Canadian businesses to make sure Canada is not part of any collateral damage,” she said during the 18th annual conference of the Shipping Federation of Canada in Montreal on May 22. (more…)
Ray-Mont Logistics has announced that a new facility for bagging plastic pellets in containers and shipping them out of the port of Prince Rupert is currently being built. The project’s first phase is currently under construction and is expected to be completed by the end of August 2019. Once the first phase is completed, the multi-million dollar facility will improve the speed and efficiency of plastic pellet exports in containers for producers in Alberta served by CN. Having the ability to bag their product locally at the port, producers will now have direct access to the shipping lines that call on this key Canadian West Coast gateway, accessing the global market. (more…)
By Tom Peters
Halterm Container Terminal at the Port of Halifax has been acquired by one of the world’s leading terminal operators.
Singapore-based PSA International Pte Ltd (PSA) announced in early August that it has acquired Halterm from Macquarie Infrastructure Partners. The price has not been disclosed.
PSA is a leading global port group with flagship operations in Singapore and Antwerp. PSA’s portfolio comprises a network of over 50 coastal, rail and inland terminals in 18 countries. (more…)
By Joe Spears and Monica Ahlroos
The Finns know a thing or two about icebreakers, having constructed Arctic-capable icebreakers for well over 150 years even for the Russians, and it is not every day that they award medals for ice navigation to Canadians. In April 2018 at the Canadian Embassy in Finland, David (“Duke”) Snider, FNI, MM, President of Martech Polar Consulting Ltd. based in Victoria, British Columbia received the Canada-Finland medal metal recognizing his outstanding contributions for fostering good relations via arctic operations and navigation. Martech Polar was recognized by International Transport News Maritime & Shipping Awards 2018 as “Best Global Ice Pilotage and Navigation Specialists” and by CV Magazine’s Canadian Business Awards 2019 as “Best Polar Ice Navigation and Pilotage Specialists” (more…)