LONG BEACH, Calif. — It will take at least six months to alleviate monumental intermodal congestion that stretches from Asian ports, across the Pacific to U.S. ports, and on to railroads and their inland terminals. “The intermodal industry is under unprecedented strain … worse than anything I’ve seen in 41 years that I’ve been in […]
LONDON — Activist investor TCI Fund Management has formally requested a special meeting of Canadian National’s shareholders and named four individuals it will nominate for the railroad’s board of directors. “We did not seek a proxy fight,” Chris Hohn, TCI founder and managing partner, said in a Monday press release, “but without urgent action CN’s […]
Q: I’ve heard about a freight train the Atchison, Topeka & Santa Fe operated in the early 1970s and earlier in California called the NCX. The few references I’ve seen indicate it was a hotshot intermodal train. This train sounds interesting, especially since it ran at the same time as the famous Santa Fe Super […]
VANCOUVER, British Columbia — Canadian Pacific and container-ship operator Maersk have opened their new Vancouver transload facility, adjacent to the railroad’s Vancouver Intermodal Facility. Construction was completed in August, with operations beginning Sept. 1 and first containers arriving earlier this week. The facility will allow cargo to be moved between international containers and domestic 53-foot […]
CHICAGO — CSX Transportation is willing to part with its stake in Pan Am Southern if that would alleviate competitive concerns surrounding its proposed acquisition of New England regional Pan Am Railways. “It was our position from day one, if they wanted us to step out of the Pan Am Southern, we were glad to […]
Progress Rail will be part of an agreement between Caterpillar and energy company Chevron to develop a hydrogen-powered locomotive demonstration project, along with hydrogen-powered demonstrations for other transportation and stationary power uses. Caterpillar and Chevron said the project’s goal is to show the feasibility and performance of hydrogen as an alternative fuel for line-haul rail […]
CHICAGO — Surface Transportation Board Chairman Martin J. Oberman stepped up his criticism of Class I railroads on Wednesday, saying the industry’s drive for ever-increasing profits resulted in a loss of market share to trucks over the past 15 years and is restraining growth today. Rail rates fell by 27% between 1985 and 2004, as […]
LONDON — Activist investor TCI Fund Management says it will call for a special meeting of Canadian National shareholders to nominate at least five new members of the board of directors, and has hired shareholder advisory and communications firm Kingsdale Advisors to help halt CN’s pursuit of Kansas City Southern. Chris Hohn, TCI founder and […]
There is no joy in Mudville – er, Montreal – today because the mighty CN has struck out. Canadian National suffered a stinging defeat on Tuesday when U.S. federal regulators effectively killed its proposed merger with Kansas City Southern. CN won’t get to create the first railway connecting Canada, the U.S., and Mexico. And it […]
The Surface Transportation Board took 33 pages to explain why it rejected Canadian National’s request to put Kansas City Southern into a voting trust while their proposed merger would be placed under the regulatory microscope. Buried on Page 31 of the board’s decision is a 105-word passage that – aside from a potential Canadian Pacific-KCS […]
KANSAS CITY, Mo. — Kansas City Southern says it will adjourn its scheduled stockholders meeting, which had been set for Friday to consider Canadian National’s merger agreement, as a result of Tuesday’s Surface Transportation Board decision to deny a voting trust while the CN-KCS plan was undergoing regulatory scrutiny. That meeting is set for 9 […]
MONTREAL – Canadian National’s second-largest investor today urged the railway to drop its bid for Kansas City Southern and called for the resignation of board Chairman Robert Pace and CEO JJ Ruest. TCI Fund Management recommends that Jim Vena – a former CN chief operating officer who most recently headed operations at Union Pacific – be […]
