September 22, 2009 / 5:46 PM / 10 years ago

POTASH-CP Rail says ready for rebound in potash shipments

VANCOUVER, British Columbia, Sept 22 (Reuters) - Canadian Pacific Railway (CP.TO), 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, 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,” Green said.

CP Rail has an exclusive contract to haul potash for Canpotex, the export marketing arm of Saskatchewan potash producers Agrium Inc AGU.TO, Potash Corp of Saskatchewan POT.TO and Mosaic Co (MOS.N). (Reporting by Allan Dowd; editing by Rob Wilson)

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