CALGARY,
AB, Feb. 2, 2023 /PRNewswire/ - Canadian
Pacific (TSX: CP) (NYSE: CP) moved 2.29 million metric tonnes (MMT)
of Canadian grain and grain products in January 2023, setting a new record for the month.
CP has moved more than 15 MMT of Canadian grain and grain products
thus far in the 2022-2023 crop year, exceeding the amount shipped
by this time in the 2021-2022 crop year by more than 45
percent.
"CP's grain performance through January demonstrates the
strength of our customers' supply chains, and the strong resiliency
of our railway operations and effective winter planning, allowing
CP to deliver for our customers," said Joan
Hardy, CP Vice-President Sales and Marketing, Grain and
Fertilizers. "CP, our customers and other supply chain participants
were able to ship nearly double the volume of grain and grain
products compared to January 2022,
despite slowed grain vessel loading because of rain in Vancouver, holiday closures and periods of
extreme winter operating conditions."
"CP is dedicated to grain; we have invested more than
$500 million in new high-capacity
hopper cars, and we are working with our customers to boost supply
chain capacity," added Hardy. "We are pleased to see a strong crop
for Canadian farmers and the Canadian economy."
CP has called on the government and industry to improve the
ability to load grain vessels in the rain at west coast terminals.
This problem in Vancouver is
causing significant capacity constraints for Canada's export of grain and agricultural
products. Persistent rain delays in Vancouver disrupt the efficient, balanced
cycling of rail cars from the Port of Vancouver back to the in-country grain
elevators on the Prairies, where they are re-loaded with grain and
transported back to the West Coast. These delays unavoidably reduce
the grain supply chain's velocity and export capacity.
"CP appreciates the attention of both government and industry to
this matter, and looks forward to stakeholders finding pragmatic
and safe solutions to maximize throughput for Canada's export grain supply chain," said
Hardy.
CP voluntarily publishes a weekly Canadian grain and grain
product supply chain scorecard. The scorecard outlines CP's
performance for the previous grain week and includes detailed
information on any internal or external factors affecting grain
movement. More information is available on CP's website.
Effective crop year and winter planning helps prepare CP to
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