..and I guess the 'Winners' list should be expanded too.
The Town of Lac Megantic.
Which received about $500 million in coerced guilt money from every deep pocket the Canadian government could find.
(Funny how efficient and focused government can be when it wants to cover its own has and cover its tracks....)
And after all that loot, spent on amenities that dying, dismal little place could never have dreamed of before, there are people there demanding that the tracks be rebuilt to BYPASS the town completely...I kid you not.
The more given, the more demanded....Unions live by it. And of all places, Quebec does not need any coaxing.
A pretty good list of "Winners and Losers", per David Thomas.
• The honor of rail and hazmat regulators and elected politicians in Canada and the U.S., for their utter failure to address the known root cause of oil train explosions.
• The railroads, for allowing themselves to be painted as perpetrators of oil train explosions, instead of victims, forced by law, to haul demonstrably unsafe cargo in inadequate conveyances.
• Three lowly railroad operating employees facing criminal charges for the consequences of following company rules against setting automatic train brakes on a train, left unattended, with the engine running on a downhill grade.
• The sanctity of human life, for losing out to profit margin in the cost-benefit analysis of shipping incidentally (or in the case of bitumen, intentionally) contaminated crude.
• The American Petroleum Institute, for convincing its well-paid legion of political hacks to blame tank cars and track bolts, instead of weaponized crude oil.
• Current and former Transport Canada executives, who escaped public identification and accountability for the still-unexplained exemption of a decrepit railroad from crewing requirements that apply to other railroads.
• Canada’s Transportation Safety Board, for continuing to survive as an investigative body, while defending its continuing failure to recommend that automatic train brakes be set when parking an unattended hazmat consist on a downhill grade—even when its Lac-Mégantic investigation concluded that setting such brakes would, very probably, have prevented the catastrophe."
I would have added one more to his list of Losers:
The Canadian taxpayer, who is on the hook for directly paying $75 million into the Town's 'hush-money' collection, as well as the salaries and benefits of Transport Canada executves that should not only be unemployed, but in jail.
Fred signed a 10 year contract in 2010 to haul Teck's coal for almost no profit...to fend off Bill Ackman. Lacking that "quid pro quo" arrangememt (Teck was the 'major client of record' that stood firmly behind CPs exising management in the proxy fight against Ackman.....Hunh. What were the odds?) , Teck might very well nit have survived this China meltdown.
And CP has achieved all the improvement it has in the past 3 years DESPITE having to honor that idiotic,value-destroying contract.
LIke running the marathon carrying a boulder. And still winning.
Note that Teck's coal is met coal....not thermal coal. It goes into steel making, not thermal electrical generation. That latter one is the filthy, poisonous and future-lacking American coal.
But hey.... coal is coal, right? Ummmm. No, geniuses.
CP has far less portfolio exposure to coal than NS. And it is to the FAR better of the two kinds, terrible as they both are moving forward.
So sock on that and wait for Q2 results...especially the idiotic flightless putz.
Obama pays for an illegal blocking of free market investment in the US under NAFTA..
You should be demanding that his government is charged for envirnomental terrorism, for currently and directly sponsoring the building of a Trans-Africa oil pipeline project.
If pipelines are so hazradous and unsafe for Americans, how are they safe and secure for Africans, Barry?
Hypocrisy, thy name is 'murica.
...since Bayer put Monsanto in its crosshairs, And not a peep of any concern by anyone,,,not even those lawmaking geniuses in Washington. You'd think the FDA would have at least 1/500 the interest in this that the TSB had in the heresy that is putting two rump railways together, end-to-end...to finally accomplish the most obvious thing that a developmentally delayed child glancing at a map would do without hesitation.
But you'd be wrong.
After all, chemicals and food that people put in their stomachs every day isn't something that should get any government oversight or concern. I mean, those lab guys all know what they're doing, right?
It's not like they're coupling two boxcars does. That's just evil...all those letters saying how NS would be reduced to ruin by CP just made me cry.
"....The seeds and agrochemicals industry, long dominated by six large companies, has been jolted by several large deals in the past year as low crop prices and belt-tightening by farmers pressured earnings. Syngenta agreed in February to be acquired by ChemChina for $43 billion, while Dow Chemical and DuPont struck a $130 billion megamerger last year...."
God Bless Murica. Guns for Everyone, and Keep Rail Stupid !
The amount that VW just agreed to pay Americans for playing games with the completely arbitrary, utterly pointless emission standards...games that the US government is completely enraged and indignant about.
It also happens to be the same amount that TransCanada is suing the US government for under NAFTA, for denying it the perfectly legal and worthwhile free market investment of Keystone...because Barry-the-Caretaker is an utter failure who needed some trophy from his worthless 8 years in office.
I'm sure the "Jim Call" for Q2 will be hilarious and fascinating.
My drinking game word will be : "unprecedented"
as most anyone with a pulse might have expected.
OR control remains good, forecast to rise to 62 from 60....but CPs Q2 is typically easier than Q1.
When there's just no freight, cost is all management that can control.
And if the very best in the biz couldn't prevent a slide, then I'd suggest some people..ahem.. should be worried.
But kudos to them for having the guts and professionalism to provide the market the heads-up. There are far too many companies where they'd just keep kicking the can down the road, whistling and lying to themselves.
So a big "good luck" to peers NSC and CSX. Far more exposed to the world's worst commodity, efficiency and cost controls never been their 'thing', and a management that just got confirmed as having jobs for life no matter what.
Dear geniuses of Washington, DC:
What is so appealing about this "system" you have of being so utterly victimized by the House of Saud? Is generations of self-imposed economic masochism such fun, or is it that you just don't even remember that you actually could stop ?
Is accessing all the oil you ever wanted from a neurologically stable, politically simpleton nation like Canada so uncomplicated that you just resent it? Or dis you decide to treat Canadian oilsands like the plague out of sheer career boredom?
Mayb e you're just all complete idiots in expensive suits....?
1) Texas Pacific did not operate in the 'Age of Organized Misinformation'.
2) And the 'experience" factor --- as well as full-cycle economics, safety, envronmental, and efficiency factors --- overwhelmingly, unequivocally favors pipelines, not rail.
Myopic, opportunisitic politics is the single opponent.
And it carries the day.
,....Two of Canada’s largest pension funds are teaming up with Mexican infrastructure company IDEAL to create a toll road partnership....
....Canada Pension and Ontario Teachers’ will contribute $1.35 billion.....
...Mexico represents a unique opportunity for the Canadian pension funds, which have a long history of investing in infrastructure assets around the globe.....
It's trucks, idiots. That's where the opportunity is.
Which is what Harrison was trying to tell your and NSC's idiot, incompetent, myopic, self-interested managements.
...In a normal market the rational decision would be to remove loss-making ships from the fleet, but this is anything but a normal market. The world shipping fleet is drowning in debt.
...(he) describes how ship owners who have financed their fleets with 60% debt and 40% equity have seen that equity become worthless.
...the situation might be about to get a lot worse for loans to the shipping industry. The calculation of loan repayments and the rate of interest depend on the historic residual value of the ship at the end of the life of the loan. ....The collapse in prices for secondhand vessels will blow a hole in the balance sheet of any bank or individual that is sitting on those loans.
So "Yay, Panama Canal ! "
It was reportedly two times oversubscribed.
(If you don't understand the market price dynamics/action these past two days, that's your problem..)
So people with real money at stake just ponied up bigtime for stock.... and got their requested allocation cut back.
I'd put more weight in those facts than in the costless opinion of any anonymous BSer on this board.
It's trucks, folks. The freight growth that rail needs, and should have, is currently on trucks.
There just needs to be at least one efficient, trans-continental rail network that can compete for the business.
The industry, a vital link in the world’s supply of manufactured goods, is suffering what could well turn out to be the deepest and longest downturn in its 60-year history....
Container shipping lines have made a series of investments in new, giant vessels, and this glut of capacity has sent freight rates tumbling....
The purchasing of these huge container ships looks ill-timed, given global trade growth has been mainly sluggish since the 2008-09 financial crisis. Amid a slowing world economy, 2016 could be the fifth straight year of subpar expansion in trade.
...is not optimistic about the industry’s future. Noting how expansion of the global container fleet is likely to well exceed “fairly anaemic” trade growth during 2017 and 2018, he says: “The next couple of years look pretty bleak.”.
But hey, why let facts interfere with your BS optimism? If CSX management can completely deny reality and tell you that everything looks great, why can't you too?