MONTREAL – CN (TSX: CNR) (NYSE: CNI) reported that it has set a new record for the movement of Canadian grain and processed grain products via carload with over 31 million metric tonnes moved during the 2020-2021 crop year.
This record exceeds the previous record for carload movement of 29.4 MMT set in the 2019–2020 crop year. CN also moved over 1.1 MMT of grain from Western Canada via containers, with grain volumes moved from Eastern Canada in addition to these levels.
“As an essential transportation service to the economy, to our customers, supply chain partners, and the communities we serve, we remain committed to making capacity-enhancing investments to our network and to upgrade our rolling stock. These investments benefit our grain customers, as well as all those from the other sectors we serve. CN’s grain movement has been resilient during the pandemic, achieving 14 straight months of Canadian grain volume shipment records. We recognize that growing conditions across much of the Prairies have been very challenging as many producers face extremely hot and dry weather this year. Our dedicated team of railroaders will continue to work tirelessly with Canadian farmers, agri-organizations and grain customers to have the resources in place to move the upcoming harvest for the communities we proudly serve.” – JJ Ruest, President and Chief Executive Officer, CN
In May 2021, CN announced its plans to acquire 1,000 new-generation, high-capacity, grain hopper cars. These innovative railcars will help meet the growing needs of grain farmers and grain customers, and are part of a larger 3,500 hopper car fleet renewal program over the next three years. Building on CN’s on-going grain hopper car fleet renewal program that began in 2018, CN’s new generation fleet will grow to 6,000 hopper cars. During the last five years, CN has invested more than C$15 billion in capital equipment and infrastructure to ensure it has the network capacity to meet the needs of our customers. CN’s overall investment plan reflects its determination to play a leading role in the economic recovery and to be part of the climate solution.
The proposed CN-Kansas City Southern combination will introduce new options for Canadian farmers and grain costumers to ship both grain and processed grain products. It will create a new single-line service to a wider array of destinations in the U.S. and Mexico, and will also create an end-to-end transportation network across North America, enhancing competition, spurring economic growth and delivering benefits to the local communities in which both railroads operate.
CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.
CN’s largest shareholders include Bill Gates and now separately Melinda Gates through Cascade Investment LLC and the Bill & Melinda Gates Foundation Trust.
We seek Safe Harbor.