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Rail News: Canadian Pacific
set a new record for shipping Canadian grain and grain products in May, hauling 2.8 million metric tons (MMT), the Class I announced yesterday.
The new record beats the May 2014 record by more than 300,000 metric tons. As of May 31, CP's grain movement for the 2019-2020 crop year was 24.17 MMT. The record was achieved despite challenges presented by the COVID-19 pandemic, CP officials said in a press release.
"CP's operating teams in the field who serve country elevators and port terminals have risen to the challenge and created an environment of constructive tension that is pushing everyone to deliver," said Mark Redd, CP's executive vice president of operations. "We are finding further efficiencies in every aspect of the business, creating quicker hopper car cycles, longer trains, longer dwell and faster train speeds."
Capacity growth has occurred due to increased efficiencies, fueled in part by CP's investment in hopper cars and the 8,500-foot high efficiency product (HEP) train. CP now has 2,700 new hopper cars in service; they can carry 15 percent more volume and 10 percent more weight compared with the older cars they're replacing. The 8,500-foot 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.
Meanwhile, CP announced today that its acquisition of the Central Maine & Quebec Railway US Inc. (CMQ US) has been completed. Together with its earlier acquisition of the Central Maine & Quebec Railway Canada Inc. (CMQ Canada), this completes CP's purchase of the entire CMQ network, CP officials said in a press release.
The Class I announced its intent to acquire the CMQ network in November 2019. Last month, the U.S. Surface Transportation Board last month approved
CP's acquisition of the U.S. line, which became effective today.