Canadian National Railway

Canadian National finalizes acquisition of Iowa Northern

MONTREAL — Canadian National Railway and Iowa Northern Railway have officially joined operations, CN said Monday.

“This additional investment in the United States underscores our dedication to delivering outstanding rail service while driving economic growth,” CN CEO Tracy Robinson said in a press release. “CN customers and partners along this network will benefit from single-line service offering new options and access to new markets.”

Said Derek Taylor, CN’s chief field operating officer, “Both...

https://www.freightwaves.com/news/canadian-national-finalizes-acquisition-of-iowa-northern

Morgan Stanley upbeat on CN’s 2024 growth expectations

Canadian National Railway Co. (CN) on Tuesday reported revenue of CA$3.28 billion ($2.4 billion) in the fourth quarter and adjusted earnings per share of CA$2.02. 

CN (NYSE: CNI) beat analysts’ expectations of EPS of CA$1.99 and revenue of CA$3.25 billion. For the year, the company reported revenue of CA$12.47 billion and profit of CA$4.17 billion, or CA$6.32 per share.

“These are the kind of results we can be very proud of in a challenging environment,” Tracy Robinson, CN president and CEO, said...

https://www.freightwaves.com/news/morgan-stanley-upbeat-on-cns-2024-growth-expectations

CN acquiring Iowa Northern Railway

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Canadian railway CN plans to acquire Iowa Northern Railway (IANR) a short-line railroad that...

https://www.freightwaves.com/news/cn-acquiring-iowa-northern-railway

CN to offer intermodal service via Gulfport

CN, the Mississippi State Port of Authority at Gulfport and Ports America have signed a memorandum of understanding that will enable the Canadian railway to provide a new intermodal service at the Port of Gulfport.

A trial run of the new service “will launch in the coming weeks,” CN said Wednesday.

The new service comes as CN (NYSE: CNI) and other Class I railroads have been seeking to beef up their intermodal options amid efforts to take market share from trucks. J.B. Hunt Transport Services and...

https://www.freightwaves.com/news/cn-to-offer-intermodal-service-via-gulfport

Investment firm acquiring SMBC Rail Services

Acquisitions are continuing apace within the U.S. freight rail industry, with an infrastructure investment firm acquiring SMBC Rail Services and CN taking a stake in Atlanta Canada short-line railroad.

ITE Management affiliate to acquire SMBC Rail Services

An affiliate of ITE Management, a transportation and infrastructure investment firm, plans to acquire SMBC Rail Services, a full-service rail car lessor, the companies announced Tuesday.

As part of the acquisition, SMBC Rail Services’ rail cars...

https://www.freightwaves.com/news/investment-firm-acquiring-smbc-rail-services

Taking market share from trucks will require cross-industry collaboration: CN

The Class I railroads are striving to collaborate more proactively and create a product that can be competitive against the truck markets, CN executives said during the Canadian railway’s earnings call Tuesday to discuss third-quarter 2023 financial results.

The comments echo ones similarly expressed during the third-quarter earnings call for Eastern U.S. Class I rail carrier CSX last week. 

“I think it is a change that we’re seeing in the industry for various reasons,” CN President and CEO Tracy...

https://www.freightwaves.com/news/taking-market-share-from-trucks-will-require-cross-industry-collaboration-cn

CN to split chief operating officer role into 2

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Canadian Class I railway CN is modifying the way the company leads its operations as part of a...

https://www.freightwaves.com/news/cn-to-split-chief-operating-officer-role-into-2

CN prepared for winter despite regulatory uncertainty

Canadian railway CN is prepared to handle low temperatures and heavy snowfall this winter, but it warns that new regulations could test its ability to meet customer demand and keep the supply chain flowing, according to the 2023-2024 winter plan that it recently submitted to the Canadian government.

“As the season and our operational plan evolve, we will continue to collaborate with our customers and supply chain partners to further fine‑tune our plan,” President and CEO Tracy Robinson said in...

https://www.freightwaves.com/news/cn-prepared-for-winter-despite-regulatory-uncertainty

Internet connectivity issues affect CN’s customer service portal

CN confirmed that it is experiencing an internet connectivity issue as of Tuesday afternoon that’s affecting the Canadian railway’s customer service portal.

Passenger rail service via GO trains and VIA trains in and out of Union Station in Toronto, as well as CN’s customer service portal have all been impacted as they all require an internet connection to CN’s servers, the railway said Tuesday afternoon. But CN trains, Montreal’s EXO commuter rail service and Amtrak trains are operating, CN (NYSE...

https://www.freightwaves.com/news/internet-connectivity-issues-affect-cns-customer-service-portal

UP touts faster Falcon Premium service as ‘a big deal’

Inflation and higher labor costs are two concerns for Union Pacific in the second half of this year, but company executives said improved service offerings, such as a reduction in transit time for the Falcon Premium intermodal service, will help it and other railroads win volumes back from trucks.

“We need to bring new business in. … We need to cover what inflation gave us and the extra cost that we have, both from an employee base and structurally,” UP CEO Jim Vena said at Morgan Stanley’s...

https://www.freightwaves.com/news/up-touts-faster-falcon-premium-service-as-a-big-deal

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