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Wider interest seen in heavy oil hedging as prices rebound
The Globe and Mail
Financial players and rail companies are among those piling into the paper trade of Western Canada's heavy oil, a Calgary brokerage says, as prices snap back from deep discounts that have vexed producers seeking new outlets for Alberta's landlocked crude. Prices for Western Canada Select heavy blend, the key oil sands benchmark, have improved in recent months on expectations that new pipelines and an increase in crude-by-rail shipments will ease chronic export constraints.
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Global Shippers Forum call for global carbon monitoring system
Shipper under increasing pressure to report indirect carbon emissions, (dubbed Scope Three), to customers are urging the International Maritime Organisation to develop a global data collection system to monitor emissions from shipping. To better monitor the environmental impact of shipping they require this information from shipping lines. The Global Shippers' Forum is urging the IMO to make progress on data collection as the European Commission prepares its own proposals.
Major hurdle cleared for allowing in-transit shipments
Canadian Trucking Alliance
The Canadian Trucking Alliance is hailing the fact that a key plank in the Canada-U.S. Beyond the Border Action Plan — the ability for carriers from both countries to conduct in-transit shipments through the other country — is close to being achieved.
The Alliance, a federation of the provincial trucking associations representing over 4,500 trucking companies from across Canada, has been involved in intense discussions with Canadian and U.S. government officials and the American Trucking Associations in an attempt to break a log-jam that threatened to scupper any prospect of in-transit moves in either country.
Canadian Pacific set 4 financial records in 3Q
Strong grain, crude-oil and domestic intermodal traffic, effective cost controls and operational efficiencies in the third quarter helped Canadian Pacific register what the Class I is characterizing as a "record quarter on all accounts."
Revenue rose 8 percent to a record $1.7 billion, operating income jumped 19 percent to an all-time-best $621 million and net income soared 26 percent to a record $400 million, or $2.31 per diluted share, compared with third-quarter 2013 results. Although revenue and earnings narrowly missed analysts' projections, the results showed "substantial improvements" on a year-over-year basis, according to Thomson Reuters.
Canadian Pacific: Merger talks with CSX are over
Canadian Pacific today announced that exploratory merger talks with CSX Corp. have ended and no further discussions are planned.
A week ago, CP had proposed a merger that CSX rejected — according to various media reports — but both Class Is declined to comment on the proposal.
CP proposed an integrated coast-to-coast combination that would improve customer service, promote competition, alleviate congestion in North America — specifically, the key Chicago gateway — and generate significant shareholder value, CP officials said in a press release issued.
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Canadian National Rail will repair Ontario bridge, but wants new deal
Canadian National Rail has offered to repair and re-open the swing bridge across the Kaministiquia River in Ontario if a new deal is signed between the company, the City of Thunder Bay and Fort William First Nation.
The company said it would share its rail deck with vehicular traffic but it would take a significant investment.
CN said neither the city nor Fort William First Nation would have to pay for the improvements, but the company would want to sign a new, modern-day agreement to replace the original agreement from 1906.
Canadian National lands on CDP's top climate-management performers list
Canadian National recently was ranked on "The A List: The CDP Climate Performance Leadership Index 2014" to recognize its efforts to reduce carbon emissions and mitigate the business risks of climate change.
The Class I now has been ranked by the CDP — the world's only global environmental disclosure system — for the sixth consecutive year, CN officials said in a press release.
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Canadian Pacific pursues CSX for merger deal
The Canadian Pacific Railway has approached Florida's CSX about a merger that would form a company worth more than $60 billion, insiders said.
The sources said that CSX was cool to the idea, so although the two big railroad operators have started to discuss the merger possibility, the outcome is uncertain.
Rail traffic is surging in the U.S. due to the shale gas boom, which is creating bottlenecks and delaying other freight.
Phones should be off when driving, trucking instructor says
A Windsor trucking instructor says all drivers should turn off their cell phones if they're behind the wheel. David Kassab works with Academy Truck Driving School where he teaches students about the dangers of texting or calling while driving. Kessab was responding to the news of a 22-year-old man from the United States who died on the I-75 North. His car crashed into the back of a semi-truck owned by a Windsor company called Moe's Transport.
Ontario Transportation Minister calls for entry-level trucker training
Ontario Transportation Minister Steven Del Duca is calling for mandatory entry-level training for truck drivers and a review of road test standards following a Torstar News Service investigation. "We are going to go forward. We're going to move as quickly as we can but we want to make sure that we get it right," Del Duca told Torstar News Service, referring to entry-level training. "I believe it should take place as quickly as possible, but in a manner that actually produces the end result that we all want, which is the safest roads in North America, which is part of my responsibility."
Truck drivers want new port licences to be determined by seniority
The Vancouver Sun
Container truck drivers want Port Metro Vancouver to use a seniority system when determining which drivers will be approved for licences under a new system aimed at slashing the number of trucks at the port. Port Metro Vancouver must not pick and choose which truck drivers will be approved for licences under a new system aimed at slashing the number of trucks by up to 40 per cent at the port, say container truck drivers.
Port Metro Vancouver to reduce trucks allowed to haul containers
Port Metro Vancouver plans to reduce the number of trucks it allows to haul containers in and out of the port by 25 to 40 per cent.
Changing the way the port issues truck licences is part of a new plan to take on issues that brought it — and the moving of billions of dollars in goods — to a near halt for about four weeks last March when truck drivers went on strike.
At the heart of the dispute was the undercutting of standardized per-delivery rates and thin profits for owner-operator drivers, as well as long waiting times to pick up or drop off containers at terminals.
FMC approves 2M alliance of Maersk Line and MSC
The U.S. Federal Maritime Commission has given the go-ahead for the proposed 2M container carrier alliance between Maersk Line and Mediterranean Shipping Company.
FMC announced that it has authorised Maersk Line and MSC to share vessels and engage in related cooperative operating activities in the trades between the U.S. and Asia, North Europe and the Mediterranean.
For a start, the lines will operate approximately 97 vessels in the trade, with nominal capacities ranging from 4,000 teu to 13,000 teu.
Canada pledges $20 million to world-class tanker safety in British Columbia
The Vancouver Sun
The Harper government announced a $20-million, three-year pledge to fund a program that will use information from the University of Victoria's internationally-recognized oceanographic data collection program to help Canada develop a "world-class" tanker safety system.
The contribution, announced at the Vancouver Aquarium by Transport Minister Lisa Raitt, goes to the Smart Ocean Initiative being run by the university's Ocean Networks Canada program.
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Port expert says container terminal unlikely for Nova Scotia
The Chronicle Herald
A Cape Bretoner who is an expert on ports says there is little likelihood a container terminal will be built in Nova Scotia's Sydney Harbour.
Neil MacNeil, a former president and CEO of the Canada Ports Corp. and former executive director of Transport Canada's harbours and ports division, said the global shipping business declined after the 2008 recession but is slowly rebounding.
However, current industry projections are for a slow recovery for at least six years.
Crippled Russian ship arrives in British Columbia
A Russian container ship that was adrift off the coast of British Columbia arrived at Prince Rupert Port and will now undergo repairs to get it back up and running.
"As we understand it, mechanical engine issues will be repaired and Simushir should be underway from Prince Rupert within 48 hours of arrival," the port authority tweeted.
Cathay Pacific exec says airline eyeing Calgary as possible 2016 destination
The prospect of a second non-stop flight between Calgary and Asia was dangled before local business groups by a senior executive with Cathay Pacific. But it won't happen until at least 2016. Tom Owen, Cathay Pacific's senior vice-president for the Americas, told a crowd of business leaders at a luncheon event that Calgary is too small a market to serve with the Hong Kong-based airline's existing fleet of Boeing 777-300s. But he said when Cathay Pacific takes delivery of its new, smaller Airbus 350s in 2016, "long, lean" routes like Calgary to Hong Kong could become economical for the first time.
UPS says some shipping rates will increase by 4.9 per cent in 2015
The Associated Press via Ottawa Citizen
UPS says it is raising rates for a number of its shipping services by an average of 4.9 per cent for 2015. The Atlanta-based company said it is increasing rates for its ground, air, international, UPS Freight and UPS air freight rates within and between the U.S., Canada and Puerto Rico. The increase goes into effect on Dec. 29.
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