Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Canadian National Railway Company
  6. News
  7. Summary
    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Alcohol and auto parts: Canada's warehouses fill up as floods stop flow of goods

11/23/2021 | 03:40pm EST
FILE PHOTO: Rainstorms cause flooding in the western Canadian province of British Columbia

OTTAWA (Reuters) - Canada's warehouses are filling up with everything from furniture to alcohol, after floods in British Columbia washed out critical rail and road lines, disrupting already strained supply chains.

A week after a phenomenon known as an atmospheric river brought a month's worth of rain in two days to the Pacific coast province, road traffic between Vancouver's port, Canada's busiest, and the rest of the country remains largely suspended.

Canadian Pacific Railway is set to restart service on Tuesday, while Canadian National Railway plans to reopen to limited traffic on Wednesday.

Shippers, meanwhile, are seeking extra storage space and eyeing alternative routes to move key manufacturing components. The disruptions come ahead of the busy holiday shopping season, with the Retail Council of Canada estimating a "significant" hit to companies.

Love Dodd, who owns three furniture stores on Vancouver Island, said he has containers of stock just sitting on ships in Vancouver and truckloads of mattresses stuck on the side of a flood-hit highway.

"A lot of our Black Friday merchandise was on those trailers. We're going to be short now for our big event for the year," he said, adding he expects a hit of at least C$200,000 ($157,755) on Black Friday sales alone.

From forest fires to floods, natural disasters are exposing Canada's supply chain vulnerabilities, piling pressure on retailers and manufacturers already grappling with global supply chain clogs.

In Vancouver, warehousing and trucking firm 18 Wheels Logistics has filled every inch of its existing storage space with alcohol, auto parts and other goods. It signed a lease for another 180,000 square feet, the equivalent of two city blocks, to deal with excess demand.

"It's quite a bit of space to take on," said Chief Executive Adrian Wen.

Wen's firm is also re-routing trucks laden with perishable goods and high-demand auto parts across the border into Washington state on a more circuitous route to destinations in Alberta and further east in Ontario and Quebec.

He said the trip takes two extra days for a firm relying on 350 drivers.

The infrastructure and emergency cost of the flood alone has been pegged at more than C$1 billion ($787 million), according to local officials. That does not include the hit to farmers, retailers and other businesses.

Logistics firm Volume Freight said it has secured storage in Vancouver for trapped goods from tires to furniture and is arranging for trucks to haul product from the city to provinces further east, via the United States, a costly endeavor.

"Right now, everyone is sitting and waiting... Everyone's just in limbo," said Chief Operating Officer Danica Sabourin, adding even when rail lines reopen, delays will last weeks due to the backlog.

The Port of Vancouver, which moves about C$240 billion of goods a year, said anchorage demand is "high and nearing capacity across all vessel types."

On the other side of the disaster, a driver for Lipsett Cartage was forced to leave his truck loaded down with 94,000 pounds of steel in Kamloops, a city in British Columbia that is north of some of the worst flooding.

The company flew the driver back to Regina, but was unable to make a single shipment to or from Vancouver last week, whereas it usually does 10.

"It's a mess," said office manager Zoe Lipsett. "We're absolutely to the wall, having companies call us, asking 'How are we going to do this?'"

For Toronto-based shopping bag seller Progress Luv2Pak, the floods are the latest hurdle cutting them off from two long-delayed containers stuck at the Vancouver port.

Even when the shipments are released, Progress will have to find an alternative route to get them east, President Ben Hertzman said.

"I'm pretty numb to it by this point. I wake up everyday kind of expecting there to be another piece of chaos in the supply chain," he said.

($1 = 1.2678 Canadian dollars)

(Reporting by Rod Nickel in Winnipeg, Julie Gordon in Ottawa and Nichola Saminather in Toronto; additional reporting by Allison Lampert in Montreal; Writing by Julie Gordon; Editing by Lisa Shumaker)

By Julie Gordon, Rod Nickel and Nichola Saminather


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -2.19% 848.6 Delayed Quote.-7.31%
CANADIAN NATIONAL RAILWAY COMPANY 0.66% 155.93 Delayed Quote.-0.26%
CANADIAN PACIFIC RAILWAY LIMITED 1.11% 98.24 Delayed Quote.6.98%
ENDEAVOR GROUP HOLDINGS, INC. -0.19% 32.15 Delayed Quote.-7.85%
All news about CANADIAN NATIONAL RAILWAY COMPANY
01/14Deutsche Bank Upgrades Canadian National Railway to Buy from Hold, Adjusts Price Target..
MT
01/14CN Rail Raised To Buy From Hold and Target Price Lifted To US$137 from US$129 at Deutsc..
MT
01/14CN RAIL BRIEF : Deutsche Bank Adds This Is Worth Over US$20 Billion In Equity Value at Tod..
MT
01/14CN RAIL BRIEF : Deutsche Bank Says "We estimate CN's existing management and Board have le..
MT
01/14CN RAIL BRIEF : Raised To Buy From Hold and Target Price Lifted To US$137 from $129 at Deu..
MT
01/13CP Rail Says it Will Maintain Existing Level of Service in Response to CN Request to Re..
DJ
01/13Canadian National Asks Regulators to Require Sale of KCS Line
DJ
01/13CN Rail Submits Notice of Intent to File Responsive Application with the Surface Transp..
MT
01/13CN RAIL BRIEF : Submits Notice of Intent to File Responsive Application with the Surface T..
MT
01/13CN Submits Notice of Intent to File Responsive Application with the Surface Transportat..
AQ
More news
Analyst Recommendations on CANADIAN NATIONAL RAILWAY COMPANY
More recommendations
Financials
Sales 2021 14 435 M 11 525 M 11 525 M
Net income 2021 4 774 M 3 812 M 3 812 M
Net Debt 2021 11 826 M 9 442 M 9 442 M
P/E ratio 2021 23,0x
Yield 2021 1,59%
Capitalization 109 B 87 450 M 87 389 M
EV / Sales 2021 8,40x
EV / Sales 2022 8,01x
Nbr of Employees 23 765
Free-Float -
Chart CANADIAN NATIONAL RAILWAY COMPANY
Duration : Period :
Canadian National Railway Company Technical Analysis Chart | CNR | CA1363751027 | MarketScreener
Technical analysis trends CANADIAN NATIONAL RAILWAY COMPANY
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 154,97 CAD
Average target price 163,24 CAD
Spread / Average Target 5,33%
EPS Revisions
Managers and Directors
Jean-Jacques Ruest President, Chief Executive Officer & Director
Ghislain Houle Chief Financial Officer & Executive Vice President
Robert L. Pace Chairman
Dominique Malenfant EVP, Chief Information & Technology Officer
Nayan Bharadwa Vice President-Automated Rail & Technology
Sector and Competitors