UPDATE 1-CN Rail faces grain export backlog of 10,000 carloads -CEO [Reuters]
Canadian Pacific Kansas City Limited Common Shares (CP)
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Source: Reuters
CN Rail faces grain export backlog of 10,000 carloads: CEO MONTREAL (Reuters) - Canadian National Railway Co ( CNR.TO ) lost capacity equivalent to 10,000 carloads, or 1 million tonnes of grain exports, in February due to rail blockades by protesters opposed to a pipeline project, Chief Executive Jean-Jacques Ruest said on Tuesday. Activists disrupted passenger and freight traffic last month to show solidarity with the Wet’suwet’en people, who are seeking to stop TC Energy Corp’s ( TRP.TO ) Coastal GasLink pipeline from being built across their land. “In the case of CN we lost the equivalent of 10,000 carloads, or roughly 1 million tonnes,” Ruest said in an interview. “Of all the supply chains the one that will take the longest (to recover) is the grain export.” The lost capacity represents roughly 1% of Canada’s total harvest during the 2019-20 marketing year, which runs from Aug. 1, 2019, through July 31, 2020. Canada relies on CN, the country’s largest railroad, and smaller riv
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