CALGARY,
AB, Nov. 3, 2022 /PRNewswire/ - Canadian
Pacific (TSX: CP) (NYSE: CP) broke its all-time monthly record for
shipping Canadian grain and grain products, moving 3.14 million
metric tonnes (MMT) in October 2022.
This makes October 2022 CP's biggest
month ever for moving these products, breaking the previous monthly
record set in October 2020 by more
than 100,000 metric tonnes.
"This remarkable achievement is a testament to the collaboration
between CP and our customers, to our railroaders, and to the hard
work of so many throughout the supply chain," said Joan Hardy, CP's Vice-President Sales and
Marketing Grain and Fertilizers. "Transporting record volumes of
grain would not be possible without the significant investment that
has been made by our customers in new and upgraded grain-handling
capacity and investment made by CP in infrastructure and
high-capacity hopper cars. CP's 8,500-foot High Efficiency Product
(HEP) model is adding much-needed capacity to allow more grain to
move than ever before."
Through the first 13 weeks of the 2022-2023 crop year, CP
shipped more than 6.9 MMT of grain and grain products.
"At Viterra, we've been making steady and targeted investments
in our asset network over the last several years to ensure we can
provide our farm customers with a high level of service," said
Kyle Jeworski, Viterra's CEO for
Canada. "By working closely
together with CP, we aim to keep our supply chain as fluid as
possible and support the efficient movement of commodities through
our network. As we head into winter and critical shipping months
for our industry, it's important that we keep up this momentum and
support Canada's reputation as a
safe and reliable supplier of food ingredients."
This year CP is completing its $500
million investment to acquire 5,900 new high-capacity grain
hopper cars as part of the company's commitment to the agriculture
sector. Including leased hoppers within CP's fleet, CP grain
customers can expect to see more than 7,300 new high-capacity
hoppers in active service by the end of 2022, enabling the
transportation of more grain in each train.
"Canada has a healthy freight
rail system that is safe and efficient, delivering high performance
and strong service to shippers at among the lowest costs in the
world," added Hardy. "The significant volumes of grain and grain
products moving on our railway exceed the supply commitments
outlined in our annual grain plan. It is critical that all supply
chain participants, including customer loading facilities and
terminal operators loading grain into vessels at ports, operate at
full capacity to sustain this strong momentum. We saw that
demonstrated in October, particularly with the unloading success of
terminals on Vancouver's South
Shore."
Effective crop year and winter planning helps prepare the
railway so that CP can serve the needs of its customers, and by
extension, the broader economy. CP has outlined its grain service
outlook and its winter contingency measures in plans
available on cpr.ca.
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,
anticipated growth in our high-capacity hopper car fleet, and
capital expenditures, shipment capacity and completion.
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; 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; the demand environment for
logistics requirements and energy prices, 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