CP Announces Best-Ever Quarter
More than 2,700 new high-capacity hopper cars are now in service
Canadian Pacific has announced its best-ever quarter and June for moving Canadian grain and grain products. The two records are the latest in a standout crop year of linking Canadian producers to worldwide markets.
"The collaborative relationships CP has built with its customers, combined with responsive rail service, have contributed to another quarter of record-breaking grain movements," said Joan Hardy, CP's Vice-President Sales and Marketing Grain and Fertilizers. "We thank our customers and CP family members who work safely and with purpose each day to keep this essential service moving in support of the Canadian agricultural industry. I am proud to be a CP railroader."
The two latest records are:
- In 2020's second quarter, CP moved 8.41 million metric tonnes (MMT) of Canadian grain and grain products. This broke the previous record of 7.9 MMT in the fourth quarter of 2019.
- In June 2020, CP moved 2.76 MMT of Canadian grain and grain products. This broke the previous June record of 2.4 MMT set in 2014.
CP has consistently delivered for Canadian farmers since the start of the 2019-2020 crop year amid high demand for transportation services. CP's strong fall and winter performance established momentum going into spring. By March 31, CP was 6 percent ahead of where it was at the same point in the record-setting 2018-2019 crop year, and has continued to build on that momentum. Crop-year volumes to date are now 8.8 percent ahead of last year's pace.
"CP continues to reliably deliver for the Canadian producers whose products feed the world," Hardy said. "The strength of the CP network and operating model continue to show themselves in these achievements. We stand ready to meet what we expect will be strong demand in the final month of the 2019-2020 crop year."
This year's successes also attest to the efficiency of the 8,500-foot High Efficiency Product (HEP) train model. An 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 new high-capacity hopper cars. Customers are actively investing in their elevator networks to accommodate 8,500-foot trains. By year-end, more than 30 percent of the CP-serviced unit train loaders will be 8,500-foot HEP qualified, increasing capacity and efficiency in the grain supply chain for customers and stakeholders.
More than 2,700 new high-capacity hopper cars are now in service. These cars can carry 15 percent more volume and 10 percent more weight compared to the older cars they are replacing.