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Canadian Pacific
Rail News: Canadian Pacific
12/2/2011
Rail News: Canadian Pacific
CP, Iowa Northern forge mutually beneficial trackage rights pact
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Yesterday, Canadian Pacific announced it reached a trackage rights agreement with Iowa Northern Railway Co. (IANR) that benefits both railroads.
The agreement will expand CP's market reach in Iowa and increase rail business options for customers' agricultural commodities via CP and IANR track, and provide IANR rights to operate over the Class I's line between Garner and Nora Springs, Iowa, CP officials said in a prepared statement.
The results of the transaction will “restore good service and competitive rates to customers who have not enjoyed rail service for several years,” said IANR President Dan Sabin. “In our first three weeks, we have handled more loads off of the [Forest City-to-Belmond] line than had been handled over the past five years.”
The agreement also enables CP to market its transportation services directly to existing and future customers served by IANR.
"The agreement … promotes economic growth within the state of Iowa and builds on CP's commitment to the shippers and communities in this region,” said Jane O'Hagan, CP's executive vice president of marketing and sales, and chief marketing officer. “It is a good example of CP working closely with short-line railroad connections to extend our franchise and develop mutually beneficial growth opportunities.”
In Canada and the United States, CP currently has collaborative arrangements in place with about 100 short lines.
The agreement will expand CP's market reach in Iowa and increase rail business options for customers' agricultural commodities via CP and IANR track, and provide IANR rights to operate over the Class I's line between Garner and Nora Springs, Iowa, CP officials said in a prepared statement.
The results of the transaction will “restore good service and competitive rates to customers who have not enjoyed rail service for several years,” said IANR President Dan Sabin. “In our first three weeks, we have handled more loads off of the [Forest City-to-Belmond] line than had been handled over the past five years.”
The agreement also enables CP to market its transportation services directly to existing and future customers served by IANR.
"The agreement … promotes economic growth within the state of Iowa and builds on CP's commitment to the shippers and communities in this region,” said Jane O'Hagan, CP's executive vice president of marketing and sales, and chief marketing officer. “It is a good example of CP working closely with short-line railroad connections to extend our franchise and develop mutually beneficial growth opportunities.”
In Canada and the United States, CP currently has collaborative arrangements in place with about 100 short lines.
