CN (TSX: CNR) (NYSE: CNI) said today Canada’s rail transportation system is ready to accommodate the new harvest with a solid throughput rate in line with the grain supply chain. The supply chain will also be able to address the excess carry-over from last year's extraordinary crop by as early as next spring.
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| CN's president and chief executive Claude Mongeau |
Claude Mongeau, president and chief executive, said: “CN posted a record performance in the 2013-2014 crop-year just ending – our movement of Western Canadian grain was a full 25 percent greater than past average performance.
“We can be proud of our performance and for making good on the commitments we gave the federal government a month before the order-in-council requiring railways to move specific grain volumes took effect last March.
“By virtue of normal commercial incentives, the grain handling and transportation system is now fully back in sync and ready to accommodate the upcoming harvest.
“This positive development is very encouraging and calls for careful balance from the federal government in how it pursues the regulatory agenda it announced in haste in the midst of a very difficult winter," he added.
Mongeau said CN transported record grain volumes last fall until extreme cold weather affected the rail industry’s ability to move grain efficiently between mid-December and early March. In February, CN promised the federal government it would ramp back up to record performance as soon as the weather eased – and it did just that. The weather clearly challenged CN’s operations, but the company’s winter grain shipments ultimately turned out to be only two percent below normal winter volumes.
About CN
CN – Canadian National Railway Company, along with its operating railway subsidiaries -- serves the cities and ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans and Mobile, Ala. and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis. and Jackson, Miss. with connections to all points in North America.
CN (TSX: CNR) (NYSE: CNI) is a true backbone of the economy, transporting approximately C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network spanning Canada and mid-America.
Read more HERE.
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