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CP, in partnership with grain customers, breaks all-time monthly tonnage record
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November 3, 2022
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
. 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
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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