Railroad News

Rail News Home Canadian Pacific 6/1/2022 Rail News: Canadian Pacific
Canadian Pacific yesterday announced a new multiyear agreement with CMA CGM Group in which the Class I will become the shipping company's primary rail provider in Canada, serving the ports of Vancouver, Montreal and Saint John.CP's access to the ports of Vancouver and Montreal, as well as to Port Saint John via New Brunswick Southern Railway, will enable the Class I to move the majority of CMA CGM's freight from Canadian ports to key Canadian and U.S. Midwest inland markets, CP officials said in a press release.The railroad will provide the company with "safe and reliable service that includes the shortest route miles to key markets," said John Brooks, CP's executive vice president and chief marketing officer. "CP's dedication to best-in-class service is enabling supply chain recovery that will drive future growth opportunities for the North American economy," he said.The agreement also recognizes future growth opportunities connected to CP's proposed merger with Kansas City Southern, which would add market reach and create new efficiencies, CP officials said. The proposed merger is under consideration by the Surface Transportation Board.

Rail News Home Canadian Pacific 5/10/2022 Rail News: Canadian Pacific
Canadian Pacific today announced it has received notice of an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase up to 1.5 million common shares of CP, representing approximately 0.16% of the outstanding shares of common stock at a price of CA$88.50 per share.CP does not endorse this unsolicited offer, and advised CP shareholders that the offer has been made at a price of 4.37% and 4.49%, respectively, below market price as of CP's closing price on the Toronto Stock Exchange and the New York Stock Exchange on May 2, the date of the offer, CP officials said in a press release.CP has no association with TRC Capital or its offer, and recommends that shareholders do not tender their CP shares to the offeror, they said.

Rail News Home Canadian Pacific 5/6/2022 Rail News: Canadian Pacific
Canadian Pacific today published its 2021 corporate sustainability data supplement.The 2021 data builds on the company’s 2020 corporate sustainability report by outlining sustainability metrics and performance in the areas of safety, operational excellence and social impact, CP officials said in a press release."Measuring and reporting on our sustainability performance is a critical part of our culture of continuous improvement, enabling CP and our stakeholders to evaluate performance and assess opportunities to further our sustainability objectives," said CP President and CEO Keith Creel.CP's sustainability disclosures are prepared in alignment with the GRI Standards and the SASB-Rail Transportation Framework. CP has also expanded its sustainability disclosure to include reporting aligned with the recommendations from the Task Force on Climate-related Financial Disclosure and the company's contributions toward the United Nations' Sustainable Development Goals.The supplement can be read here.

Rail News Home Canadian Pacific 5/5/2022 Rail News: Canadian Pacific
CP announced in December 2020 it would design and build North America's first line-haul hydrogen-powered locomotive using fuel cells and batteries to power the locomotive's electric traction motors. Photo – cpr.ca

Rail News Home Canadian Pacific 4/25/2022 Rail News: Canadian Pacific
CP regained access to Port Saint John in June 2020 with its acquisition of the Central Maine & Quebec Railway. Photo – CP/Facebook

Rail News Home Canadian Pacific 4/1/2022 Rail News: Canadian Pacific
Canadian Pacific took issue yesterday with the Transportation Safety Board of Canada’s (TSB) report on its investigation into a February 2019 train derailment in which three CP crew members were fatally injured near Field, British Columbia.The derailment involved two locomotives and 99 cars of a 112-car grain train. As a result of the investigation, the TSB issued three recommendations to make cold-weather train operations safer through mountainous territory, the board announced yesterday.It was "extremely disappointing that the TSB misrepresented the facts" at a press conference yesterday and "misunderstood key facts" about the incident in its report, CP officials stated in a press release.The railroad will address its concerns in greater detail with the board, they said. CP’s specific concerns about the TSB report and media presentation can be read here.The TSB report on its investigation can be read here.