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

Exporters face logistical nightmare as CN yet to restore service to Vancouver port

11/29/2021 | 04:00pm EST

Flooding in southern B.C. continues to present logistical challenges for exporters as Canadian National Railway Co. shut its service along the key freight corridor because of heavy precipitation and traffic is moving slowly through the Port of Vancouver.

"The recovery of the manufacturing sector in general has slowed down and the crisis in B.C. is just going to make it worse," said Dennis Darby, the president of Canadian Manufacturers & Exporters.

He said trains were running at very low rates even before the Montreal-based railway pulled the plug on its reopening efforts.

"We hope ... that this gets back to normal as soon as possible, but it's going to take weeks at least, months probably."

CN said it moved seven trains during the weekend but decided to "proactively close its network" because rain was causing increased debris, washout and landslide activity.

"Our crews are working to find safe and effective ways of managing the waterflow, stabilizing the infrastructure and monitoring the overall state of the network," railway spokesman Mathieu Gaudreault wrote in an email.

CN has been able to divert some rail traffic to the Port of Prince Rupert, which remains fully operational and is not impacted by the severe weather.

But CN said northbound and eastbound traffic to and from Vancouver are still affected by this situation.

Canadian Pacific Railway Ltd. cars loaded with Prairie grain and fuel entered Vancouver last Wednesday for the first time in days after its rail corridor sustained heavy damage in some 30 locations between Vancouver and Kamloops, B.C.

However, the Calgary railway says it needs access to CN tracks on its busiest corridor where they share rail infrastructure in order to maximize capacity.

"As CP resumes operations and moves from restoration to recovery, CP will closely co-ordinate with customers and terminals to clear the backlogs as safely and efficiently as possible," spokeswoman Salem Woodrow wrote in an email.

"As a railway, we recognize how the service we provide impacts people’s lives and businesses, moving fuels we depend on, the food we eat, the vehicles we drive and the clothing we wear."

At the country's busiest port, a high number of cargo ships are anchored and hampered from unloading their loads while empty ship containers are rushed back to Asia empty.

The number of empty containers through October was up 72 per cent from a year ago while exports were down 11 per cent, says GCT Global Container Terminals Inc.

Port of Vancouver president Robin Silvester says insufficient land for container storage and transloading is accentuating the problem with shipping carriers unwilling to wait for containers to be filled in Canada.

"Without land close to the port to do this quickly and efficiently, shipping lines are simply rushing containers back, empty, to Asia, leaving Canada’s exporters empty-handed," he recently said in a speech to the Greater Vancouver Board of Trade.

The situation is especially difficult for exporters and is causing companies to lay off staff or shut down production since 32 per cent of Canada's GDP is exports and three-quarters of manufactured goods are exported, Darby said in an interview.

"So yes, this is real, and pretty soon it'll start to be measurable, I'm sure," he said. "It's a tragic situation.

This report by The Canadian Press was first published Nov. 29, 2021.

Companies in this story: (TSX:CNR, TSX:CP)

© 2021 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
CANADIAN NATIONAL RAILWAY COMPANY 0.55% 154.89 Delayed Quote.-2.09%
CANADIAN PACIFIC RAILWAY LIMITED 0.54% 95.43 Delayed Quote.4.32%
All news about CANADIAN NATIONAL RAILWAY COMPANY
01/19North American railroad operators to lay bare volumes slump
RE
01/19Canadian Rails Valuation Premium Justified, Scotiabank Says
MT
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
More news
Analyst Recommendations on CANADIAN NATIONAL RAILWAY COMPANY
More recommendations
Financials
Sales 2021 14 434 M 11 581 M 11 581 M
Net income 2021 4 773 M 3 829 M 3 829 M
Net Debt 2021 11 847 M 9 505 M 9 505 M
P/E ratio 2021 22,9x
Yield 2021 1,60%
Capitalization 109 B 86 984 M 87 295 M
EV / Sales 2021 8,36x
EV / Sales 2022 7,97x
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 154,05 CAD
Average target price 163,24 CAD
Spread / Average Target 5,96%
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 Assistant Vice President-Operational Technology
Sector and Competitors