CALGARY, AB, Nov. 3, 2022 /PRNewswire/ – Canadian Pacific (TSX: CP) (NYSE: CP) broke its all-time monthly record for delivery Canadian grain and grain merchandise, shifting 3.14 million metric tonnes (MMT) in October 2022. This makes October 2022 CP’s largest month ever for shifting these merchandise, breaking the earlier monthly record set in October 2020 by greater 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,” stated 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 primary 13 weeks of the 2022-2023 crop yr, CP shipped greater than 6.9 MMT of grain and grain merchandise.
“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,” stated 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 yr CP is finishing its $500 million funding to amass 5,900 new high-capacity grain hopper vehicles as a part of the corporate’s dedication to the agriculture sector. Including leased hoppers inside CP’s fleet, CP grain prospects can count on to see greater than 7,300 new high-capacity hoppers in lively service by the top of 2022, enabling the transportation of extra grain in every prepare.
“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 yr and winter planning helps put together the railway in order that CP can serve the wants of its prospects, and by extension, the broader economy. CP has outlined its grain service outlook and its winter contingency measures in plans accessible on cpr.ca.
Note on forward-looking data
This information launch accommodates sure forward-looking data and forward-looking statements (collectively, “forward-looking information”) throughout the which means of relevant securities legal guidelines. Forward-looking data consists of, however isn’t restricted to, statements regarding expectations, beliefs, plans, objectives, goals, assumptions and statements about attainable future occasions, circumstances, and outcomes of operations or efficiency. Forward-looking data could comprise statements with phrases or headings corresponding to “will”, “anticipate”, “believe”, “expect”, “plan”, “should” or related phrases suggesting future outcomes.
This information launch accommodates forward-looking data relating, however not restricted to, our operations, priorities and plans, anticipated development in our high-capacity hopper automotive fleet, and capital expenditures, cargo capability and completion.
The forward-looking data contained in this information launch is predicated on present expectations, estimates, projections and assumptions, having regard to CP’s expertise and its notion of historic developments, and consists of, however isn’t restricted to, expectations, estimates, projections and assumptions regarding: North American and international financial development; commodity demand development; agricultural manufacturing; commodity costs and rates of interest; efficiency of our property and tools; sufficiency of our budgeted capital expenditures in finishing up our business plan; our skill to finish our capital and upkeep tasks on the timelines anticipated; relevant legal guidelines, rules and authorities insurance policies; the provision and price of labour, companies and infrastructure; the satisfaction by third events of their obligations to CP; and capital investments by third events. Although CP believes the expectations, estimates, projections and assumptions mirrored in the forward-looking data introduced herein are affordable as of the date hereof, there may be no assurance that they are going to show to be appropriate. Current circumstances, financial and in any other case, render assumptions, though affordable when made, topic to better uncertainty.
Undue reliance shouldn’t be positioned on forward-looking data as precise outcomes could differ materially from these expressed or implied by forward-looking data. By its nature, CP’s forward-looking data entails inherent dangers and uncertainties that would trigger precise outcomes to vary materially from the ahead wanting data, together with, however not restricted to, the next elements: adjustments in business methods; normal North American and international financial, credit score and business circumstances; dangers related with agricultural manufacturing, corresponding to climate circumstances and bug populations; the provision and worth of vitality commodities; the results of competitors and pricing pressures; trade capability; shifts in market demand; adjustments in commodity costs; uncertainty surrounding timing and volumes of commodities being shipped through CP; inflation; adjustments in legal guidelines, rules and authorities insurance policies, together with regulation of charges; adjustments in taxes and tax charges; potential will increase in upkeep and working prices; adjustments in gas costs; uncertainties of investigations, proceedings or different varieties of claims and litigation; labour disputes; dangers and liabilities arising from derailments; transportation of harmful items; timing of completion of capital and upkeep tasks; foreign money and rate of interest fluctuations; commerce restrictions or different adjustments to worldwide commerce preparations; local weather change; varied occasions that would disrupt operations, together with extreme climate, corresponding to droughts, floods, avalanches and earthquakes, and cybersecurity assaults, in addition to safety threats and governmental response to them, and technological adjustments; the demand surroundings for logistics necessities and vitality costs, fiscal and financial coverage responses by governments and monetary establishments, and disruptions to international provide chains. The foregoing listing of things isn’t exhaustive. These and different elements are detailed on occasion in studies filed by CP with securities regulators in Canada and the United States. Reference must 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 studies on Form 10-Ok and 10-Q.
The forward-looking data contained in this information launch is made as of the date hereof. Except as required by legislation, CP undertakes no obligation to replace publicly or in any other case revise any forward-looking data, or the foregoing assumptions and dangers affecting such forward-looking data, whether or not because of new data, future occasions or in any other case.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the United States with direct hyperlinks to main ports on the west and east coasts. CP supplies North American prospects a aggressive rail service with entry to key markets in each nook of the globe. CP is rising with its prospects, providing a set of freight transportation companies, logistics options and provide chain experience. Visit cpr.ca to see the rail benefits of CP. CP-IR
SOURCE Canadian Pacific