CALGARY, AB, Aug. 11, 2020 /CNW/ - Canadian Pacific (TSX:
CP) (NYSE: CP) today officially launched its international
intermodal service through the Port of Saint John, N.B. The inaugural train carries
containers from the Hapag-Lloyd vessel Detroit Express bound
for intermodal terminals on the CP network in Canada and the U.S.
"The new Port of Saint John
service offers shippers a compelling value: a congestion-free port
with a world-class operator, matched with CP's precision scheduled
railroading model," said Keith
Creel, CP President and Chief Executive Officer. "CP has
been without access to a deep-water Atlantic Ocean port for a
quarter-century, and today I'm pleased to deliver a simple message:
We're back."
CP originated westbound train 251-11 this morning for the
Montreal region at Brownville Junction, Maine, with the first
Port of Saint John containers on
connection from the New Brunswick Southern (NBSR) and Eastern Maine (EMRY) railways. From
Montreal, CP will move containers
from the vessel Detroit Express on connecting trains to
destinations that include Toronto,
Winnipeg, Calgary, Edmonton, Vancouver, Chicago and Minneapolis.
The first eastbound intermodal train to the Port of Saint John departed Montreal on Friday,
Aug. 7.
CP gained access to the Port of Saint
John through connections with EMRY and NBSR with CP's
purchase of the Central Maine
& Quebec Railway (CMQ), completed in June. CP has committed to
investing $90 million over three
years into the CMQ property to enhance safety and efficiency over
the corridor. Complementing that investment is the port's
$205 million West Side Modernization
project, which includes a new wharf, a terminal upgrade and a
deeper shipping channel.
CP's route is the shortest between Atlantic Canada and key North American
markets. By year's end, CP anticipates it will be able to offer
24-hour service between Saint John
and Montreal.
"The Port of Saint John
connection gives us the rare opportunity to offer shippers a truly
new and extremely compelling service to reach North American
markets," said Jonathan Wahba, CP
Vice-President Sales and Marketing Intermodal and Automotive. "With
a world-class terminal operator in DP World and CP's investment in
the CMQ, our customers will enjoy an unmatched value proposition
that will benefit beneficial cargo owners for years to come."
Note on forward-looking information
This news release contains certain forward-looking information
and forward-looking statements (collectively, "forward-looking
information") within the meaning of applicable securities laws.
Forward-looking information includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "will", "anticipate", "believe", "expect", "plan",
"should" or similar words suggesting future outcomes.
This news release contains forward-looking information relating,
but not limited to, our operations, priorities and plans,
anticipated investments by CP and third parties, and the impacts of
such investments on CP's business, operations, safety and
efficiency.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
North American and global economic growth; commodity demand growth;
agricultural production; commodity prices and interest rates;
performance of our assets and equipment; sufficiency of our
budgeted capital expenditures in carrying out our business plan;
our ability to complete our capital and maintenance projects on the
timelines anticipated; applicable laws, regulations and government
policies; the availability and cost of labour, services and
infrastructure; the satisfaction by third parties of their
obligations to CP; the anticipated impacts of the novel strain of
coronavirus (and the disease known as COVID-19); and capital
investments by third parties. Although CP believes the
expectations, estimates, projections and assumptions reflected in
the forward-looking information presented herein are reasonable as
of the date hereof, there can be no assurance that they will prove
to be correct. Current conditions, economic and otherwise, render
assumptions, although reasonable when made, subject to greater
uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves inherent risks and
uncertainties that could cause actual results to differ materially
from the forward looking information, including, but not limited
to, the following factors: changes in business strategies; general
North American and global economic, credit and business conditions;
risks associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; uncertainties of
investigations, proceedings or other types of claims and
litigation; labour disputes; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) and resulting effects on economic conditions, the
demand environment for logistics requirements and energy prices,
restrictions imposed by public health authorities or governments,
fiscal and monetary policy responses by governments and financial
institutions, and disruptions to global supply chains. The
foregoing list of factors is not exhaustive. These and other
factors are detailed from time to time in reports filed by CP with
securities regulators in Canada
and the United States. Reference
should be made to "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations -
Forward-Looking Statements" in CP's annual and interim reports on
Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts. CP provides North American customers a competitive
rail service with access to key markets in every corner of the
globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. Visit cpr.ca to see the rail advantages of
CP. CP-IR
View original
content:http://www.prnewswire.com/news-releases/canadian-pacific-launches-first-train-of-international-containers-from-port-of-saint-john-301110317.html
SOURCE Canadian Pacific