Prince Rupert Obtains Loan For Export Infrastructure Project
The Prince Rupert Port Authority has received a $110 million (C$150) loan from the Canada Infrastructure Bank (CIB) towards phase one of an export project.
According to the Port Authority, this project will increase capacity and efficiencies for rail-to-container transloading of several export commodities at the Port, improve the country’s overall supply chain, and increase trade.
Work has already started on phase one, with additional funding for phase two of the project expected to be approved later this year. Once construction is done, operations are expected to be open.
U.S. Rail Traffic From the Week Ending May 18th, 2024:
- Weekly data regarding U.S. rail traffic shows 474,886 carloads and intermodal units, a slight increase (0.9%) per AAR data.
- Intermodal volume in the U.S. saw a 6.2% increase (260,794 containers and trailers) from last year.
- Commodities including grain, petroleum and petroleum products, and chemicals all saw increases this week when compared to the same time last year. While coal, metallic ores and metals, and non-metallic minerals all saw decreases.
- For the first 20 weeks of this year, rail volume in North America saw a 2.1% increase (totaling 9,316,665) from last year, the data shows.
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