Canadian Pacific and CN provided export-related updates last week:
Canadian Pacific renews relationship with potash producer Canpotex
Canadian Pacific (NYSE: CP) has secured a seven-year contract with Canpotex to deliver export-bound potash.
The contract, which runs through 2028, is a successor to the current 10-year agreement between CP and potash producer Canpotex that expires in 2022, CP said Thursday.
“We are pleased to have entered into this agreement and incredibly proud to continue our successful relationship with Canpotex,” said CP President and CEO Keith Creel. “Canpotex and CP are like-minded organizations, focused on asset utilization and efficiency. This long-standing relationship makes sense for us both. We look forward to the opportunity to continue serving Canpotex and supporting growth.”
Canpotex President and CEO Gord McKenzie said the new agreement “will provide the safe and efficient rail service we depend on to reliably reach our customers in overseas markets.”
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CN reports return of network capacity in British Columbia
CN (NYSE: CNI) said last Tuesday that the productivity and capacity of its network in British Columbia is nearly back to normal following weather-related washouts in November.
“Despite significant setbacks, including a recent stoppage near Jasper and cold weather in the Prairies, operating metrics are pointing towards successful recovery efforts approximately two weeks after the network reopened,” CN said.
Portions of CN’s network between Kamloops and Vancouver were shut down between Nov. 14 and Dec. 4, with CN experiencing 58 outages over a 150-mile stretch. More than 400 employees and contractors worked on repairing the network. Repairs occurred 24 hours a day and seven days a week, and crews sought to remove 282,000 cubic yards of rock, earth and backfill materials, which CN said was the equivalent of over 25,000 truckloads.
CN had tried to start up a portion of its network in late November between Vancouver and Kamloops, but damages to portions of its network continued to plague the railway. In the interim, CN utilized the Port of Prince Rupert to keep export flows going.
“We could not be prouder of the remarkable work done by our railroaders and suppliers to get goods moving again while also answering the call to help out neighbors in times of need,” said CN President and CEO JJ Ruest. “The strategic capital investments we made in our capacity over the last few years has once again enabled us to be resilient and recover quickly. We know that there remains work ahead of us to get supply chains back in balance. We are committed to getting the job done and we are encouraged by the results to date and the operating metrics, which demonstrate that we are achieving success in restoring close to normal productivity.”
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