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Canadian Pacific sets new record with October grain haul

Rail News Home Canadian Pacific 11/3/2020 Rail News: Canadian Pacific
image The achievement exceeds the highest-ever record for a month, set in April.Photo – cpr.ca

Canadian Pacific set a new record for shipping Canadian grain and grain products in October at 3.04 million metric tons (MMT) moved, the first time CP exceeded 3 MMT in a month.

The achievement exceeds the highest-ever record for a month, set in April 2020, by 6.9%. It also represents a 14.2% increase from the previous October record of 2.66 MMT set in in 2019, CP officials said in a press release.

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CP honors U.S., Canadian 'Elevators of the Year'

Rail News Home Canadian Pacific 10/23/2020 Rail News: Canadian Pacific
image For the 2019-2020 crop year, CP recognized elevators on both sides of the Canada-U.S. border.Photo – cpr.ca

Canadian Pacific yesterday announced two winners of its Elevator of the Year award: Viterra Gull Lake (Canada) and CHS Northland Grain Hazel (U.S.).

The Class I presents the award annually to grain elevators that achieve high volumes from a single loading point while consistently demonstrating efficient rail-car loading and a strong commitment to safety, CP officials said in a press release.

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CP inks multiyear agreement with AP Moller-Maersk

Rail News Home Canadian Pacific 10/21/2020 Rail News: Canadian Pacific
image Canadian Pacific yesterday announced a strategic, multiyear agreement with A.P. Moller-Maersk to move freight through the ports in Vancouver and Montreal in Canada. The agreement is in addition to CP's agreement with Maersk, announced Sept. 15, to build and operate a transload facility in Vancouver, British Columbia, to expand the railroad's and Maersk Canada's supply chain options for customers. "We are proud to provide safe and efficient rail service to the world's largest shipping company, and with Maersk we see a strong relationship developing," said CP President and Chief Executive Officer Keith Creel in a press release. Under the latest agreement, CP is expected to begin moving Maersk traffic on March 1. The pact applies to both dry and refrigerated cargo.  

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CP posts lower revenue, earnings in Q3

Rail News Home Canadian Pacific 10/20/2020 Rail News: Canadian Pacific
image "Following our record Q2 performance, we steadily built momentum through the quarter and finished strong," said CP President and CEO Keith Creel.Photo – cpr.ca

Canadian Pacific today reported third-quarter 2020 revenue decreased 6% to CA$1.86 billion, diluted earnings per share (EPS) fell 1% to $4.41 and adjusted EPS dropped 11% to $4.12 compared with the same period a year ago.

The Class I posted an operating ratio of 58.2%, up from 56.1% in Q3 2019.

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CP to acquire full ownership of Detroit River Rail Tunnel

Rail News Home Canadian Pacific 10/16/2020 Rail News: Canadian Pacific
image Canadian Pacific announced today it will acquire full ownership of the Detroit River Rail Tunnel for $312 million under an agreement with OMERS, the Ontario benefit pension plan. CP previously owned a 16.5% stake in the tunnel through a partnership with OMERS. The Class I will continue to operate the 1.6-mile tunnel linking Windsor, Ontario, and Detroit. The tunnel acquisition will reduce railroad's operating costs related to movements through the tunnel, CP officials said in a press release. "This strategic acquisition combined with our recent purchase of the [Central, Maine & Quebec Railway] will further integrate the eastern part of our network and create value for our shareholders," said CP President and Chief Executive Officer Keith Creel. OMERS first invested in the Detroit River Tunnel partnership in 2001. "Our work with CP represents a strong example of our global investment approach in action — collaborating with a trusted strategic partner as long-term owners and developers of a major international transportation link," said Michael Ryder, the pension plan's senior managing director.  The sale, which is subject to regulatory and customary closing conditions, is expected to be wrapped up by year's end.

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