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Florham Park, New Jersey, September 6, 2023 – A.P. Moller – Maersk (OTC: AMKBY) and Amazon have finalized a 2023-2024 agreement for the transport of 20,000 FFE containers using green biofuel through Maersk’s “ECO Delivery” ocean product offering. Maersk estimates this purchase will contribute to a reduction in 44,600 metric tons of CO2e vs standard bunker fuel, roughly equivalent to 50 million pounds of coal burned. This is the fourth consecutive year that Amazon and Maersk have arranged container shipping using low GHG fuel options.

The ECO Delivery biofuel option offers emission reductions that enable immediate and externally verified GHG savings for customers, without compensatory measures like offsetting. This year, Amazon will benefit from a new feature of the ECO Delivery product which will be enabled by also using green methanol in addition to the bio diesel as a second green fuel* in the vessel fleet. ECO Delivery is using primary data for fuel consumption in the methodology to report emissions savings with greater precision, inclusive of other greenhouse gases in addition to the CO2. The new model also provides price certainty and stability and is de-linked from the fossil fuel market.

^* Maersk defines ’green fuels’ as fuels with low to very low GHG emissions over their life cycle compared to fossil fuels. Maersk green fuels and its supply chain are verified by the International Sustainability and Carbon Certification (ISCC) . The methodology for accounting emissions is based on GLEC (Global Logistics Emissions Council) and is certified by Smart Freight Center. We ensure auto-generated performance tracking of Maersk ECO Delivery shipments. Maersk ECO Delivery CO2e saving certificates will be issued. The method is audited by PwC in accordance with the International Standard of Assurance Engagements 3410 (ISAE 3410 – Assurance Engagements on Greenhouse Gas Statements), showing CO₂e savings for the scope of the Maersk ECO Delivery agreement.

FILE PHOTO: The Canadian Pacific railyard is pictured in Port Coquitlam.

Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced record second-quarter revenues of $1.98 billion, an increase of 13 percent from last year, and record earnings per share (EPS) with reported diluted EPS of $5.17 or $4.30 on an adjusted diluted EPS basis.

“I commend the team for this record second-quarter performance,” said CP President and Chief Executive Officer Keith Creel. “These results demonstrate the strength of precision scheduled railroading and are a testament to our collective commitment to deliver for our customers and the broader economy.”

SECOND-QUARTER HIGHLIGHTS

Revenues increased by 13 percent to $1.98 billion from $1.75 billion last year
Reported diluted EPS of $5.17, a 70 percent increase from $3.04 last year, and adjusted diluted EPS of $4.30, a 36 percent increase from $3.16 last year
Operating ratio was a second-quarter record 58.4 percent, a 580 basis point improvement over last year’s second-quarter operating ratio of 64.2 percent

“This quarter, we saw revenue growth across every line of business, strong operating metrics, and our best-ever second-quarter performance from a workload perspective, as measured by Gross Ton-Miles,” said Creel. “As has been proven time and again, our operating model can perform well in all economic conditions and we will remain disciplined in controlling our costs and doing what we said we would do. Our strategy for sustainable, profitable growth is working and we look forward to a strong finish to 2019.”

CP will discuss its results with the financial community in a conference call beginning at 9:30 a.m. eastern time (7:30 a.m. mountain time) today.

Conference Call Access

Toronto participants dial in number: 1-647-427-7450

Operator assisted toll-free dial-in number: 1-888-231-8191

Callers should dial in 10 minutes prior to the call.

Webcast

We encourage you to access the webcast and presentation material in the Investors section of CP’s website at investor.cpr .ca
A replay of the second-quarter conference call will be available by phone through to July 30, 2019 at 416-849-0833 or toll-free 1-855-859-2056, password 8144989.

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Maersk finalizes ECO delivery deal with Amazon

Canadian Pacific Railway Reports 33% Rise in Profit

SECOND-QUARTER HIGHLIGHTS

Conference Call Access

Webcast

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