A CN locomotive sits idle at the CN Stuart Yard west of the West Harbour GO station in Hamilton, Ont., on Aug. 22, 2024. The Canadian Press/Peter Power
Executives at Canadian National Railway Co. say higher demand for energy, potash and other commodities generated by the war in the Middle East work to the company’s advantage, even as rising fuel costs weigh on profits.
The country’s largest railway enjoyed a four percent year-over-year boost in petroleum and chemical revenue in its latest quarter. Grain and fertilizer revenue jumped 13 percent, spurred by a bumper crop and soaring prices for Persian Gulf fertilizers due to the effective closure of the Strait of Hormuz.
