CALGARY,
Nov. 6, 2018
/PRNewswire/ - Canadian Pacific (TSX:CP) (NYSE:CP) has broken
all-time records for the shipment of grain, moving 2.64 million
metric tonnes (MMT) of Canadian grain and grain products in
October. This makes October 2018 CP's
biggest month ever for moving Canadian grain, breaking the record
from September 2017. During the month
of October CP also set a new record for biofuels
shipped.
"This accomplishment is a testament to the hard work and
dedication of our operating team and the power of our operating
model," said Joan Hardy, CP's
Vice-President Sales and Marketing – Grain and Fertilizer. "This
requires laser-sharp focus on the supply chain details, and close
collaboration with customers, elevators and ports. Together,
through hard work and open communication, the system has been
operating with maximum velocity and fluidity."
Through 14 weeks of the 2018-19 crop year, CP shipped more
than 7.5 MMT of grain and grain products, and since harvest began
in September has averaged more than 5,500 empty railcars to country
elevators each week. The supply chain has been able to overcome
challenging conditions across the prairies, including an early
blast of winter weather in October which caused significant harvest
delays and resulted in some grain pipeline congestion. CP
reiterates the need for 24/7 operations throughout the entire
supply chain to prevent further congestion.
"Viterra has received steady and reliable service from CP
this fall, resulting in a more fluid and efficient supply chain,"
said Kyle Jeworski, President and
CEO of Viterra North America. "This is what we expect from an
important service provider like CP and by working closely together,
we can continue driving excellence in our supply chain and ensure
that we are well positioned to meet current and future industry
demands."
CP continues to meet its Dedicated Train Program (DTP)
commitments, and is getting positive feedback from its
customers. Under the DTP, customers are incentivized
to load and unload more quickly, driving increased overall grain
movements and benefitting the economy. Customers are investing in
the future by upgrading elevator infrastructure with 8,500-foot
train capable loop track which results in efficiency gains for both
grain shippers and CP. To increase efficiency even more, CP is
investing in new high efficiency hopper cars with 500 being
delivered by the end of this year. These new
cars carry more grain per car, allow for faster
loading and unloading, and need less maintenance.
In preparation for winter, CP is actively deploying
resources and assets and is in the final stages of adding employees
and locomotives to meet the needs of our customers across
North America. This includes
additional remanufactured locomotives and hundreds of new
operations employees making their way through our training
process. Read CP's White Paper:
Railroading in the Canadian Winter for more
information on everything we do for safe winter operations.
CP's Customer Safety Handbook gives
clear direction on safe rail operations to ensure CP employees can
safely access customer sites in winter.
Note on forward-looking
information
This news release contains certain
forward-looking information within the meaning of applicable
securities laws relating, but not limited, to CP's plans and
expectations with respect to transporting grain in the 2018/2019
crop year, capital investment, including with respect to CP's
locomotive and grain hopper fleet, the implementation and results
of CP's sales and marketing, operations and technology initiatives
(including hiring and training new employees) as well as the
Company's operations, priorities and plans, anticipated
performance, business prospects, programs and strategies. This
forward-looking information also includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes. Undue
reliance should not be placed on forward-looking information as
actual results may differ materially from the forward-looking
information. Forward-looking information is not a guarantee of
future performance. By its nature, CP's forward-looking information
involves numerous assumptions, inherent risks and uncertainties
that could cause actual results to differ materially from the
forward-looking information, including but not limited to the
following factors: changes in business strategies; general North
American and global economic, credit and business conditions; risks
in agricultural production such as weather conditions and insect
populations; the availability and price of energy commodities; the
effects of competition and pricing pressures; industry capacity;
shifts in market demand; changes in commodity prices; uncertainty
surrounding timing and volumes of commodities being shipped via CP;
inflation; changes in laws and regulations, including regulation of
rates; changes in taxes and tax rates; potential increases in
maintenance and operating costs; uncertainties of investigations,
proceedings or other types of claims and litigation; labour
disputes; risks and liabilities arising from derailments;
transportation of dangerous goods; timing of completion of capital
and maintenance projects; currency and interest rate fluctuations;
effects of changes in market conditions and discount rates on the
financial position of pension plans and investments; and various
events that could disrupt operations, including severe weather,
droughts, floods, avalanches and earthquakes as well as security
threats and governmental response to them, and technological
changes. The foregoing list of factors is not exhaustive. These and
other factors are detailed from time to time in reports filed by CP
with securities regulators in Canada and the
United States. Reference should be made to "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Information" in CP's
annual and interim reports on Form 10-K and 10-Q.
Readers are cautioned not to place undue reliance on
forward-looking information. Forward-looking information is based
on current expectations, estimates and projections and it is
possible that predictions, forecasts, projections, and other forms
of forward-looking information will not be achieved by CP. Except
as required by law, CP undertakes no obligation to update publicly
or otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
About Canadian Pacific
Canadian
Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts. CP provides North American customers a competitive
rail service with access to key markets in every corner of the
globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit cpr.ca to see the rail advantages of CP.
CP-IR
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SOURCE Canadian Pacific