CALGARY,
AB, April 25, 2022 /PRNewswire/ - Canadian
Pacific (NYSE: CP) (TSX: CP) and Hapag-Lloyd AG (XETR: HLAG) (FWB:
HLG) today announced an additional call into Port Saint John, N.B., via a seasonal extra loader
in another step forward for the growing Atlantic Canada port.
This additional call follows their inaugural service call into
Port Saint John in May 2021,
connecting via CP rail service to inland markets in Canada and the
United States.
"We are thrilled to see Hapag-Lloyd add a second solution into
Port Saint John, further unlocking the port's potential for CP
customers and the North American supply chain," said John Brooks, CP Executive Vice-President and
Chief Marketing Officer. "Port Saint John offers a congestion-free
gateway to Canadian and U.S. markets. In combination with DP World,
CP's East Coast Advantage provides the fastest and most reliable
transit into Montreal,
Toronto and Chicago."
CP regained access to Port Saint John in June 2020 with the strategic acquisition of the
Central Maine & Quebec
Railway, which has connections with the Eastern Maine and New Brunswick Southern
railways. This vital link to Port Saint John provides the shortest
route between Atlantic Canada and
North American inland markets, including a 269-mile advantage over
our competition to Montreal,
Toronto and Chicago, creating value for shippers across
North America.
"We are excited to be able to offer another product to our
customers both in the U.S. and Canada," said Uffe
Ostergaard, President of Hapag-Lloyd Americas. "This
seasonal product will be particularly beneficial in connecting
customers in inland locations in the U.S. Midwest and throughout
Canada with key North European
ports."
Port Saint John has embarked on an enhanced modernization
program that will increase container capacity to 800,000 TEUs and
provide additional on-dock rail capacity in the coming months and
years.
"We are pleased to welcome Hapag-Lloyd's second connection at
Port Saint John, linking this Port with markets in Northern Europe," said Craig Bell Estabrooks, CEO, Port Saint John.
"Choosing the Port for this product highlights the importance of a
diversified supply chain. Through modernizing our infrastructure,
adding DP World, a world-class terminal operator, and being
reconnected to CP's network, we have solidified our place amongst
the major container ports in Canada."
Port Saint John is Eastern
Canada's largest port by volume and has a diverse cargo
base, handling an average of 28 million metric tonnes of cargo
annually, including dry and liquid bulks, break bulk and
containers. With 56 acres of terminal area, DP World Saint John
offers year-round, ice-free access, with a deep draft and no air
draft restrictions.
"Together with our partners across the supply chain, we are
pleased to welcome this additional seasonal service from
Hapag-Lloyd to DP World Saint John," said Matthew Leech, Chief Executive Officer and
Managing Director, Americas Region, DP World. "As an end-to-end
logistics solutions provider, DP World Saint John has ample
capacity to provide reliable, congestion free service for carriers
and shippers. This service will help to further strengthen the
global supply chain while generating sustainable economic growth
for the region. This is another way we are helping Canadians to get
the goods they need by enabling the flow of trade to be smarter,
faster and more sustainable."
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, the
anticipated timely performance by us and Hapag-Lloyd AG of our
respective obligations, the anticipated timing and use of, and
impacts and benefits to, the Port of Saint John by Hapag-Lloyd AG and the
anticipated and future benefits of CP's rail network from the Port
of Saint John to businesses in
Atlantic Canada, CP's customers
and the supply chain.
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; 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
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SOURCE Canadian Pacific