OTTAWA (dpa-AFX) - Canadian National Railway Company (CNI), and the National Railroad Passenger Corporation or Amtrak, Wednesday announced that they have signed a new eight-year operating agreement governing Amtrak service on CN owned rail lines.
This agreement resolves the decades long dispute before the Surface Transportation Board or STB concerning the terms and conditions for Amtrak services such as the City of New Orleans, Illini/Saluki, and Wolverine.
The operating agreement establishes an updated framework for both rail companies to work together and includes a revised performance payment system that is closely aligned with the Federal Railroad Administrations or FRA on-time performance standard, that regularly reviews Amtraks schedules and processes to address operational issues and resolve disputes.
Additionally, the parties will work together for Amtrak to equip trains operating on CN's network with Onboard Shunt Enhancers (OSEs), a technology that improves how trains are detected as they approach rail grade crossings.
On Wednesday, CNI shares closed at $119.49, down 1.87% on the New York Stock Exchange.
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