MONTREAL – Canadian National has set March 22 as the date when shareholders will vote on activist investor TCI Fund Management’s proposal to oust CEO JJ Ruest and four members of the railway’s board. TCI, which argues that CN has underperformed financially and operationally in recent years, has agreed to the date of the special shareholder […]
MONTREAL – Canadian National has fired back at activist investor TCI Fund Management, which has called for a management shakeup at the railway. CN today said TCI has made numerous “false or misleading” claims about CN’s financial performance and the risks related to the railway’s failed pursuit of Kansas City Southern. CN says TCI has not […]
BIRMINGHAM, Ala. — Birmingham and three Mississippi communities will receive Federal Railroad Administration funds from the Southern Rail Commission for station work in preparation for the resumption of Amtrak service between New Orleans and Mobile, Ala. Birmingham will receive $250,000, while Gulfport, Miss., will receive $246,500; Bay St. Louis, Miss., will receive $270,000; and Pascagoula, […]
Surface Transportation Board Chairman Martin J. Oberman ruffled some feathers this month when he said railroads’ drive for ever-increasing profits resulted in a loss of market share to trucks over the past 15 years and continues to restrain growth today. Oberman cited STB figures that show a decline in rail traffic between 2006 and 2019 […]
Part two of a look at the U.S. coal industry. CHARLESTON, W.Va. — The COVID-19 pandemic may have shuttered economies and slowed industrial momentum, but a global rebound is helping coal producers refocus their long game on metallurgical coal investment as a broader initiative to diversify the sector. Met coal is a higher-priced coal used […]
LONDON — Activist investor TCI Fund Management, which is seeking to oust Canadian National’s top management, criticized the railway’s corporate governance practices today after the resignation of one of CN’s board members. “It has come to our attention that Julie Godin, CN’s youngest female director, resigned from the Board on September 16, 2021 — the […]
JACKSONVILLE, Fla. – CG Railway’s new rail ferry, which plies the Gulf of Mexico between Mobile, Ala., and Coatzacoalcos in Mexico, set a speed and volume record on its maiden 1,912-mile round trip this month. The 590-foot Cherokee departed the Port of Mobile on Sept. 12 with 122 freight cars aboard. It arrived at the […]
PORTLAND, Maine — Surface Transportation Board Vice Chairman Robert Primus says railroads need to improve service in order to regain traffic lost to trucks over the years. “One of the biggest areas of concern that I have … is in the area of service,” Primus told the North East Association of Rail Shippers on Thursday. […]
CHARLESTON, W.Va. — High natural gas prices have electric utilities once again relying on railroading’s oldest friend – coal. Natural-gas futures have notched upward to $5.10 per million British thermal units in recent days, reflecting a 95% increase from six months ago when natural gas was $2.61 per million BTUs. This upward trend, which has […]
Canadian Pacific CEO Keith Creel — who last week won a hard-fought, four month merger battle to acquire Kansas City Southern — is fully aware that the first Class I railroad combination in two decades is history in the making. “We’ve got some history that we’re very proud of with Canadian Pacific. We drove the […]
Amtrak plans to add three short-haul routes in Pennsylvania and double both Keystone Service and Pennsylvanian train frequencies, Amtrak President Stephen Gardner told Gov. Tom Wolf and other public officials in a recent online roundtable talk about the company’s ConnectsUS 15-year regional corridor vision. The three routes are: New York City-Scranton, Pa., 136 miles via […]
MONTREAL — Canadian National is fighting back. In the wake of an activist investor’s call for a management shakeup and improved financial results, CN today announced a “Full Speed Ahead” plan to reduce its operating ratio, cut capital spending, and increase shareholder returns through a combination of earnings growth and share buybacks. CN is targeting […]
