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Weak Intermodal Growth Slows CP’s Total Traffic Growth

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Jan. 29 2019, Updated 10:30 a.m. ET

Weak intermodal traffic growth

Due to weak intermodal traffic, Canadian Pacific Railway’s (CP) total rail traffic growth was much lower than rival Canadian National Railway’s (CNI) in Week 3. In the third week, Canadian Pacific’s intermodal traffic fell YoY (year-over-year) to 19,621 containers and trailers from 19,990.

Meanwhile, Canadian National’s intermodal traffic grew 12.2% YoY, the second highest growth among Class I railroads (XTN) after Union Pacific’s 18.3%. In Week 3, Canadian Pacific’s total rail traffic rose 3.6% YoY to 53,482 railcars from 51,644, the third least among Class I railroads. Canadian National’s rail traffic gained the most, by 12.6%, whereas Kansas City Southern’s (KSU) fell the most, by 0.5%.

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Carload traffic

Canadian Pacific’s carload traffic grew 7% YoY in Week 3 to 33,861 units from 31,654. CSX’s (CSX) grew the most, by 13.3% YoY.

Carloads excluding coal, which accounted for 84% of Canadian Pacific’s total carloads, rose 10.1% YoY to 28,548 railcars from 25,938. However, its coal carloads fell 7.1% YoY to 5,313 railcars from 5,716.

Its potash, energy, forest product, chemical, fertilizer, sulfur, plastic, and automotive volumes grew during the week, whereas its coal, metal, and mineral volumes fell. Next, we’ll discuss Kansas City Southern’s rail traffic.

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