What Led the Rise in Canadian Pacific’s Carloads Last Week?
Canadian Pacific Railway (CP) reported a 5.2% rise in railcars last week (ended November 11). CP’s railcar volumes that week rose to ~32,500 units.
CNI’s railcar volumes fell 6.9% to ~62,000 units last week (ended November 11), compared with ~67,000 units in the week ended November 12, 2016.
Kansas City Southern (KSU), the US-Mexico railway, registered a 3.1% railcar rise last week (ended November 11), the 45th week of 2017.
Jacksonville-based CSX (CSX) reported a 3.4% carload loss last week (ended November 11), the 45th week of 2017.
Last week, the 45th week of 2017, Norfolk Southern’s carloads rose 2.3% to ~68,000 units, compared with ~66,600 units in the week ended November 12, 2016.
For last week (ended November 11), the 45th week of 2017, UNP reported a minor railcar volume loss of 0.6%, compared BNSF’s 4.2% loss during the same period.
In the week ended November 11, 2017, BNSF Railway (BRK-B) posted a 4.2% loss in railcar volumes.
The overall freight traffic for US rail carriers was 1.2% higher last week (ended November 11) than during the week ended November 12, 2016.
In week 46, which ended on November 17, 2017, Deutsche Bank reduced the target price for Teekay Tankers (TNK) to $2 from $5.
On November 16, 2017, the average bunker fuel price was $407 per ton—compared to $417 per ton on November 9, 2017.
According to Weber’s week 46 report, VLCC rates largely remained range bound. In week 46, 16 VLCC fixtures were recorded in the Middle East market.
In week 46, which ended on November 17, 2017, the BDTI rose from 803 to 809. In week 45, it fell by 40 points.
Last week, there wasn’t major analyst action for US-based steel companies. Several analysts changed their ratings on steel stocks after their 3Q17 earnings.
Steel prices are a key driver of steel companies’ earnings. The prices are crucial for steel investors to follow the trend in spot steel prices.
While China’s demand indicators showed signs of moderation, there isn’t a visible slowdown in the country’s steel production.
Last week was mixed for steel stocks—they followed different trajectories. With gains of 6.6%, AK Steel (AKS) was the biggest gainer.
On November 13, 2017, Deutsche Bank reduced the target price for Teekay Tankers to $2 from $5.
In the third quarter conference call, Teekay Tankers (TNK) gave updates on TNK’s merger with Tanker Investments (TIL).
Teekay Tankers (TNK) generated a net operating cash flow of $66.9 million in the first nine months of 2017, which was 63% lower than the $180.6 million in the same period last year.
Teekay Tankers’ (TNK) central cash costs include voyage expenses and vessel operating expenses.