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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 joins TradeLens blockchain shipping platform

Rail News Home Canadian Pacific 10/9/2020 Rail News: Canadian Pacific
image Canadian Pacific announced yesterday it has joined TradeLens, a blockchain-based platform that enables the secure and transparent transfer of container-shipping documents. The open-API platform will help CP intermodal shippers create, amend and share documents with other supply chain participants, including consignees, beneficial cargo owners, customs agencies, dray operators and steamship lines, CP officials said in a press release. TradeLens was developed by IBM and A.P. Moller-Maersk specifically for use in the container shipping industry. It currently handles more than 700 million events and 6 million documents annually. The system integrates with users' in-house systems via nonproprietary, publicly available APIs designed for ease of setup and use. "Global shipping is a profoundly complex business, and TradeLens is improving the information-sharing processes that support the industry. CP is always innovating for the benefit of its customers, and joining TradeLens is an example of that innovation," said CP Vice President and Chief Information Officer Mike Redeker.  

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Pandemic prompts CP to cancel Holiday Train tour

Rail News Home Canadian Pacific 9/28/2020 Rail News: Canadian Pacific
image CP has operated the Holiday Train since 1999.Photo – cpr.ca

Canadian Pacific will not operate its annual Holiday Train tour this year due to the impact of the COVID-19 pandemic, the Class I announced last week.

Although train visits will not be part of this year's charitable program, CP will donate to food banks in communities along its rail network and host a virtual concert. The modified program will draw attention to food security issues, while ensuring donations go to all food banks that would ordinarily receive them, including those that typically host a Holiday Train event in alternating years, CP officials said in a press release.

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CP opens Montreal transload site, inks pact with Maersk for new Vancouver facility

Rail News Home Canadian Pacific 9/15/2020 Rail News: Canadian Pacific
image CP will operate the Montreal transload facility with TYT Group.Photo – cpr.ca

Canadian Pacific today will officially open its new multi-commodity transload facility in Montreal.

The facility will offer transload services and supplementary intermodal transportation and distribution services from CP's Cote Saint-Luc yard, with more space available for future expansions to provide shippers with access to new markets, CP officials said in a press release.

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CP to build solar energy farm in Calgary

Rail News Home Canadian Pacific 8/13/2020 Rail News: Canadian Pacific
image When completed, the farm will generate up to five megawatts of electricity.Photo – cpr.ca

Canadian Pacific has begun installation of a solar energy farm at its corporate headquarters in Calgary, Alberta.

The farm is expected to generate more power than consumed annually at CP's main headquarters building by early 2021, CP officials announced this week in a press release.

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CP launches first train of international containers from Port of Saint John

Rail News Home Canadian Pacific 8/12/2020 Rail News: Canadian Pacific
image The inaugural train carries containers from the Hapag-Lloyd vessel Detroit Express bound for intermodal terminals on CP's network in Canada and the United States.Photo – cpr.ca

Canadian Pacific yesterday officially launched its international intermodal service through the Port of Saint John, New Brunswick.

The inaugural train carried containers from the Hapag-Lloyd vessel Detroit Express bound for intermodal terminals on CP's network in Canada and the United States, CP officials said in a press release.

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CP's Creel, Premier Higgs discuss economic growth potential

Rail News Home Canadian Pacific 8/7/2020 Rail News: Canadian Pacific
image Premier Blaine Higgs (left) and CP President and CEO Keith Creel met in New Brunswick yesterday to discuss growth opportunities and CP’s return to Atlantic Canada.Photo – cpr.ca

Canadian Pacific officials reaffirmed the railroad's commitment to grow traffic at the Port of Saint John and stimulate economic growth and investment in New Brunswick at a meeting yesterday with Premier Blaine Higgs.

With its recent purchase of the Central Maine & Quebec Railway (CMQ), CP makes its return to Atlantic Canada. Its rail network now more directly connects Atlantic Canada to Montreal, Toronto and the U.S. Midwest to create a competitive transportation service that will support economic growth in New Brunswick and throughout Atlantic Canada, CP officials said in a press release.

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CP achieves record annual Canadian grain haul

Canadian Pacific today announced it hauled more Canadian grain and grain products in the 2019-2020 crop production year than in the railroad's 139-year history.

In total, CP moved 29.52 million metric tons (MMT) this crop year, exceeding last year's record of 26.77 MMT by 10 percent, company officials said in a press release.

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CP mourns death of former exec, board member Fatt

Rail News Home Canadian Pacific 8/4/2020 Rail News: Canadian Pacific
image Canadian Pacific officials today issued statements on the death of former executive and board member William Fatt. Fatt joined the CP board in September 2016. He served as chair of the Finance Committee and a member of the Audit Committee before resigning for health reasons in November 2017. Earlier in his career, he served as the Class I's chief financial officer before taking the helm of Canadian Pacific Hotels and eventually moving the company's properties to the Fairmont Hotels & Resorts banner. "Bill Fatt was a consummate business leader, with the background, financial knowledge and overall gravitas to take on big challenges and turn them into successes," said CP President and Chief Executive Officer Keith Creel in a press release. "He was not afraid to take risks and learn from his successes and mistakes." Through his leadership at CP and Canadian Pacific Hotels, Fatt made "significant contributions to businesses that continue to impact many people," said CP Chair Isabelle Courville. "I am sure I can speak for all who have worked with Bill when I say we are fortunate to have the opportunity to know him," Courville said.  

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CP issues climate change statement

Rail News Home Canadian Pacific 7/30/2020 Rail News: Canadian Pacific
image "CP recognizes the importance of using energy efficiently and reducing the impact or operations have on the environment," said President and CEO Keith Creel.Photo – cpr.ca

Canadian Pacific today released its first public statement on climate change to acknowledge the effects of rising global temperatures.

The statement lays out the Class I's commitment to ongoing efforts to mitigate the impacts of climate change. It also expresses support for the goals of the Paris Agreement and the Pan-Canadian Framework on Clean Growth and Climate Change, which seek to limit global temperature rise to well below 2 degrees C above pre-industrial levels.

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CP reports lower Q2 revenue, record low operating ratio

Rail News Home Canadian Pacific 7/22/2020 Rail News: Canadian Pacific
image Canadian Pacific today announced second-quarter revenue fell 9.6 percent to CA$1.79 billion from CA$1.98 billion a year ago, as the Class I dealt with the COVID-19 pandemic's impact on volume. However, the Class I's precision scheduled railroading operating model helped the company adapt to the unusually challenging conditions, CP officials said in a press release. CP posted diluted earnings per share (EPS) of $4.66, down 10 percent from last year, and adjusted EPS of $4.07, down 5 percent. Operating income for the quarter was CA$770 million, down 6.3 percent, while net income was CA$635 million, down 12 percent. The company's operating expenses totaled CA$1 billion in the quarter, down 11.5 percent. CP's operating ratio reached a second-quarter record of 57 percent compared to 58.4 percent a year ago.  "While economic uncertainty remains, we're controlling what we can control — our costs," said President and Chief Executive Officer Keith Creel. "Our strong bulk franchise, which included record movements for Canadian grain and potash in the first half of the year, helped to offset some of the declines we experienced in other lines of business." Given its cost control measures, execution of PSR and improved clarity on the volume environment, the company now expects positive adjusted diluted EPS growth for the year, Creel said. CP also continues to expect capital expenditures of CA$1.6 billion and a mid-single-digit decline in revenue ton miles. In addition, the Class I's recent acquisition of the Central Maine and Quebec Railway, combined with a "continuing pipeline of unique growth opportunities," provides optimism for the remainder of 2020 and into 2021, Creel said.

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CP broke more grain-carrying records in June, Q2

Rail News Home Canadian Pacific 7/7/2020 Rail News: Canadian Pacific
image The railroad moved an all-time-high 8.41 million metric tons of grain-related products in Q2.Photo – CNW Group/Canadian Pacific

Canadian Pacific today announced it set both a quarterly and June record for the movement of Canadian grain and grain products during what has become a standout crop year for the railroad.

In the second quarter, CP moved an all-time-high 8.41 million metric tons (MMT) of grain-related products, breaking the previous quarterly record of 7.9 MMT set in fourth-quarter of 2019. In June, the railroad moved 2.76 MMT, besting the previous June record of 2.4 MMT set in 2014.

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CP donates $1 million to Minneapolis charities

Rail News Home Canadian Pacific 6/5/2020 Rail News: Canadian Pacific
image Canadian Pacific is donating $1 million to three organizations to support the people of Minneapolis, home to the Class I's U.S. operations, as well as support meaningful positive change nationally. The donation is being given in response to ongoing social unrest and social injustice in the United States, CP officials said in a press release. "George Floyd's death is shocking and heartbreaking, and serves as proof that society as whole still has so much work to do," said CP President and Chief Executive Officer Keith Creel. "With our U.S. operations running out of Minneapolis, it is our responsibility to support our employees, neighbors and friends throughout Minnesota and beyond." Floyd died May 25 after he was arrested and then pinned to the ground by Minneapolis Police Officer Derek Chauvin, who used his knee on Floyd's neck. The incident was recorded on video and led to protests throughout last week and early this week. Chauvin was subsequently fired and has been charged in Floyd's death. The three organizations that will receive the CP funds are the Lake Street Council, East Side Neighborhood Services and Equal Justice Initiative. The charities not only support people in local areas, but also help others in the United States who work to restore and rebuild following social unrest. "To effect change, we have to redouble our efforts on diversity and equality, and as a company working together we are committed to doing so," said Creel.      

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CP sets grain haul record in May, completes CMQ network acquisition

Rail News Home Canadian Pacific 6/3/2020 Rail News: Canadian Pacific
image 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.

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CP logged record grain haul in April

Rail News Home Canadian Pacific 5/5/2020 Rail News: Canadian Pacific
image In July 2018, Paterson Grain’s Foothills Terminal in Bowden, Alberta, loaded the first Alberta-originated 8,500-foot HEP train comprised entirely of CP’s new high-capacity hopper cars.Photo – CNW Group/Canadian Pacific

Canadian Pacific posted a record-setting movement of Canadian and grain products in April, the Class I reported yesterday.

CP moved a best-ever monthly total of 2.8 million metric tons to market, bettering the previous record set in November 2019 by more than 100,000 metric tons, CP officials said in a press release.

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CP donates to pandemic assistance charities

Rail News Home Canadian Pacific 5/4/2020 Rail News: Canadian Pacific
image Canadian Pacific is donating CA$600,000 to two Canadian charities and $400,000 to two U.S. charities working to assist people affected by the COVID-19 pandemic. In Canada, CP will donate CA$350,000 to The Frontline Fund and CA$250,000 to Food Banks Canada. In the United States, the Class I will donate $250,000 to Feeding America and up to $150,000 in matching funds to the American Red Cross, CP officials said today in a press release. "By providing food to North Americans who are in need and critical supplies and support to frontline service providers, these charities are making a difference," said CP President and Chief Executive Officer Keith Creel. "We hope our donations will assist these organizations in reaching those who are most vulnerable and keeping more people safe." The announcement comes a day before Giving Tuesday's special #GivingTuesdayNow, a global day of giving and unity on May 5 in support of charities participating in the emergency response to the pandemic.

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CP's Creel praises those serving others during health crisis

Rail News Home Canadian Pacific 4/24/2020 Rail News: Canadian Pacific
image Canadian Pacific President and CEO Keith CreelPhoto – cpr.ca

Canadian Pacific President and Chief Executive Officer Keith Creel today issued a statement in support of people protecting and serving the public during the coronavirus pandemic.

"To critical health-care workers, frontline service providers, emergency agencies and personnel: Thank you for your ongoing dedication, determination and sacrifice in response to COVID-19," said Creel.

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CP posts record Q1 revenue, updates 2020 outlook

Canadian Pacific yesterday reported record first-quarter revenue and a record-low operating ratio (OR), but updated its 2020 outlook to reflect the impact of the coronavirus pandemic.

CP's first-quarter 2020 revenue climbed 16 percent to CA$2.04 billion from CA$1.77 billion during the same period a year ago. The diluted earnings per share (EPS) fell 4 percent to $2.98 from $3.09; the adjusted EPS rose 58 percent to $4.42 from $2.79 percent.

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