2009

12 November 2009 Canadian Pacific's Rail Volumes Level Off Any glimmer of hope that a sustained volume recovery was underway at Canadian Pacific Railway Ltd. dimmed yesterday with the country's second-largest railway saying its upward volume trend has levelled off in recent weeks.   "Through the end of [the third quarter] and the first few weeks of [the fourth quarter], we saw an uptick in overall volumes," Brian Grassby, CP vice-president and controller, said at a conference in New York.   "In the past few weeks, that upward trend has stabilized and our volumes have settled."   Looking forward, CP expects the current run rate to continue until the holiday period, when volumes will inevitably slow down, he added.   "Overall, we expect [the fourth quarter] to be similar to [the third quarter]," Mr. Grassby said.   CP has been much more cautious about whether the railroad sector is in the process of a sustainable recovery in volumes than its chief rival, Canadian National Railway Co., which has said it expects to see shipments continue to rise from a bottom in the third quarter.   Scott Deveau.

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