Canadian Pacific Railway (CP) hauled more carloads of Canadian grain in its first quarter of 2016 compared to the same period last year — but for less revenue per car. Calgary-based CP on Wednesday reported overall net income of $540 million on revenues of $1.591 billion for its quarter ending March 31, up from $320 […] Read more
CP pulls more grain for less in first quarter
CP scraps plans to buy Norfolk Southern
Reuters — Canadian Pacific Railway said on Monday it had scrapped efforts to buy Norfolk Southern, almost six months after it launched its unsolicited US$28 billion bid for the fourth-largest U.S. railroad operator. The announcement comes days after the U.S. Justice Department urged the Surface Transportation Board to reject a voting trust arrangement CP had […] Read more
U.S. Justice Dept. urges rejection of CP voting trust
Reuters — The U.S. Justice Department on Friday urged a regulator to reject a voting trust Canadian Pacific Railway (CP) has proposed as part of its takeover bid for U.S. railway Norfolk Southern, saying it could hurt competition and would violate rules. In mid-November, CP disclosed a $28 billion offer for the Virginia-based company, which […] Read more
ADM suing CP over 2013-14 rail service disruptions
Chicago | Reuters –– Archer Daniels Midland has filed a lawsuit against Canadian Pacific Railway over service disruptions in 2013 and 2014 at crop-processing plants in North Dakota and Minnesota, alleging they stemmed partly from cost-cutting and the Canadian railroad’s pursuit of merger partners. Chicago-based ADM, one of the world’s largest grain traders and processors, […] Read more
Farm groups rail against revenue cap proposal
CNS Canada –– A key proposal in the recently released Canada Transportation Act review on Canada’s transport systems is getting thumbs down from several Prairie farm groups. The Agricultural Producers Association of Saskatchewan (APAS) disagrees with the report’s recommendation for a seven-year phase-out of the maximum revenue entitlement (MRE), an annual upper limit on the […] Read more
CP mulls litigation over opposition to Norfolk Southern deal
Reuters — Canadian Pacific Railway (CP) said Wednesday it is looking at all legal options in response to what it described as concerted efforts by certain U.S. railroads to block its proposed merger with Norfolk Southern. “It is unfortunate that CP must consider the use of litigation to ensure a level playing field and protect […] Read more
Paterson to build new central Alta. elevator
Winnipeg’s Paterson Grain has lined up property off the QE2 Highway in central Alberta for its next inland grain terminal. The company announced Monday it would start construction “immediately” at a site near Bowden, Alta., about 40 km south of Red Deer, to start taking grain in 2017. The facility, when complete, will have storage […] Read more
Transport review urges scrapping railway grain revenue cap
Winnipeg | Reuters — Ottawa should phase out over seven years its cap on the amount of revenue railways can earn transporting grain, a study for the Canadian government recommended Thursday, a move long urged by railways and opposed by farmers and grain handlers. A review of Canadian transportation laws, aimed at modernizing the system, […] Read more
CP cuts raise worry over potential slowdown
CNS Canada –– Canadian Pacific Railway’s decision to cut 1,000 jobs has caught the attention of two Prairie farm leaders. Norm Hall, president of Agricultural Producers Association of Saskatchewan, worries the move is short-sighted and may catch up with the railway in months and years to come, when commodity prices catch fire again. “You dump […] Read more
CN’s 2015 grain handle down, grain revenue up
Canadian National Railway’s (CN) fourth-quarter and full-year ledgers show lower traffic, but increased revenue, from its grain and fertilizer business in 2015, en route to record full-year earnings. Montreal-based CN on Tuesday reported overall net income of $3.538 billion on $12.611 billion in total revenues for 2015, up from $3.167 billion on $12.134 billion for […] Read more
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