CALGARY, AB, Oct. 2, 2020 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) achieved its best-ever third quarter for Canadian grain
and grain products shipments, moving 7.72 million metric tonnes
(MMT) in 2020 vs. 6.97 MMT during the previous third-quarter record
in 2014, up 10.8 percent. CP also set a new September record for
shipping Canadian grain and grain products, moving 2.8 MMT and
beating the prior September 2017
record by more than 8.4 percent.
"We are proud of the steadfast commitment and dedication the CP
family has shown throughout the pandemic, which has been critical
to Canada's grain supply chain and
to our customers," said Joan Hardy,
CP Vice-President Sales and Marketing Grain and Fertilizers. "The
CP team showed itself ready for this fall's harvest, supporting
customers and their supply chains to get grain moving off the
combine and to market. Customers tell us the crop that continues to
come off the fields is large, and CP is ready to keep it
moving."
CP's new hopper cars continue to create additional capacity.
CP's average railcar load of wheat for the 2019-2020 crop year was
approximately 1.6 metric tonnes greater compared to the 2017-2018
crop year, before CP began adding the cars to its fleet. CP now has
3,200 new high-capacity hopper cars in its fleet. The new hopper
cars can carry 15 percent more volume and 10 percent more weight
compared to the older cars they are replacing. An 8,500-foot High
Efficiency Product (HEP) train can carry in excess of 40 percent
more grain than the 7,000-foot train model when combined with the
additional capacity of the new hopper cars.
Customers are actively investing in their elevator networks to
accommodate 8,500-foot HEP trains. By year-end, more than 30
percent of the CP-served unit train loaders will be HEP qualified,
increasing capacity and efficiency in the grain supply chain for
customers and stakeholders.
For details on CP's plan to deliver throughout the winter, see
our 2020-2021 Winter Contingency Plan Report.
Note on forward-looking information
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information 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 "will", "anticipate", "believe", "expect", "plan",
"should" or similar words suggesting future outcomes.
This news release contains forward-looking information relating,
but not limited to, our operations, priorities and plans, the
anticipated crop yield and demand for grain shipping for the
remainder of the 2019-2020 crop year, the impacts of COVID-19 on
CP's business, the anticipated capacity and efficiency of the HEP
train model and associated facilities, including anticipated growth
in our high-capacity hopper car fleet in 2020, capital
expenditures, shipment capacity, completion, the anticipated
impacts on capacity and efficiency of the HEP qualification of
CP-served train-loading facilities, and anticipated investments in
elevator networks by third parties.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
North American and global economic growth; commodity demand growth;
agricultural production; commodity prices and interest rates;
performance of our assets and equipment; sufficiency of our
budgeted capital expenditures in carrying out our business plan;
our ability to complete our capital and maintenance projects on the
timelines anticipated; applicable laws, regulations and government
policies; the availability and cost of labour, services and
infrastructure; the satisfaction by third parties of their
obligations to CP; the anticipated impacts of the novel strain of
coronavirus (and the disease known as COVID-19); and capital
investments by third parties. Although CP believes the
expectations, estimates, projections and assumptions reflected in
the forward-looking information presented herein are reasonable as
of the date hereof, there can be no assurance that they will prove
to be correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves 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 associated with 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,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; 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; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. 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 Statements" in CP's annual and interim reports on
Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such 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