According to Freightwave.com and American Shipper, as of Tuesday (9-21-21) there were approximately 70 container ships loaded with cargo waiting at anchor or drifting off the ports of Los Angeles and Long Beach. While the numbers fluctuate from day to day, there were 70 container ships in the queue on Monday with total capacity of 432,909 twenty-foot equivalent units.
A deal between South Pacific Shipping (SPS) and Oldendorff Carriers has been finalized. “A Post-Panamax will carry underdeck twice the volume of a conventional logger but will not require any fumigation by Methyl Bromide as no logs will be carried on deck.”
With the Canadian National Railway (CN) bid’s withdrawn, the Canadian Pacific Railway (CP) and the Kansas City Southern Lines (KCS) have jointly announced today (9-15-21) that they have entered into a merger agreement. Under the terms, the CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD$31 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.
The Kansas City Southern Railway (KCS) announced on Sunday (9-12-21) the KCS Board of Directors had determined that Canadian Pacific Railways (CP) revised proposal constitutes a “Company Superior Proposal” as defined in the KCS’s merger agreement with Canadian National Railway Company.
With U.S. regulators rejecting a key part of the Canadian National Railway Co’s (CN) bid, the Canadian Pacific Railway Ltd. (CP) has approached the Kansas City Southern Railroad (KCS) board asking them to reaffirm the CP’s interest in taking over the railway. CP Rail has maintained that its $31-billion offer, while worth less than CN’s $33.6-billion proposal, has less regulatory risk.
On Tuesday, August 31, 2021, the U.S. rail regulator rejected a voting trust structure that would have allowed the Canadian National Railway Co. (CN) to proceed with its $29 billion proposed acquisition of U.S.-peer Kansas City Southern Railroad (KCS). The regulator said that the decision was based on antitrust concerns and is a major setback to the deal that would have created the first direct railway linking Canada, the United States, and Mexico.
The Canadian Pacific Railway Limited (CP) and the Kansas City Southern (KCS) announced on Sunday, March 21, 2021 that they have entered into a merger agreement under which CP has agreed to acquire KCS in a stock and cash transaction representing an enterprise value of approximately USD $29 billion, which includes the assumption of $3.8 billion of outstanding KCS debt.
Citing progress in negotiations with both the provincial and federal governments, the Genesee & Wyoming Canada (GWCI) railroad, the parent company of the Huron Central Railway (HCRY), announced on Friday (12/11) that they were extending their drop-service deadline on the HCRY from 12-18-2020 to 6-30-2021.
While still working with and waiting on Ottawa and Queen’s Park to put together a $40 million package for track maintenance and safety upgrades to the 288-kilometer line, which would avert a system wide shutdown, the Huron Central Railway has issued a notice to all 43 employees that their positions will be terminated at the end of December should the railway cease operation.
US retailers are stocking up for what they hope will be an outstanding holiday season. This despite the ongoing COVID-19 pandemic and unemployment numbers continue to edge higher. And, as of yet, no additional economic stimulus or increased unemployment benefits coming from Congress.