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22 September 2009

CP Rail Says Ready for Rebound in Potash Shipments


A Canadian Pacific potash train out of Saskatchewan is shown crossing Joso Bridge at Lyons Ferry, Washington, USA - 21 Sep 2007 Matt Adams.
 
 
Calgary Alberta - Canadian Pacific Railway, the prime hauler of potash exports in Canada, won't predict when the market for the fertilizer will rebound, but it expects a sharp increase when it happens, its chief executive said on Tuesday.
 
Shipping volumes improved during the summer but are still running at about 40 percent to 60 percent of what CP Rail was handling during peak of the recent potash export boom, CEO Fred Green told an investment conference.
 
CP has the locomotives and cars waiting, and has recalled some laid-off train crews so they will be prepared when the business rebounds, even if can't predict when that will happen, Mr. Green told the conference, hosted by Canadian Imperial Bank of Commerce in Toronto.
 
"I think it will come, and it will come hard when it comes", Mr. Green said.
 
CP Rail has an exclusive contract to haul potash for Canpotex, the export marketing arm of Saskatchewan potash producers Agrium Inc., Potash Corp of Saskatchewan, and Mosaic Co.
 
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