CALGARY, AB, May 25, 2022 /CNW/ - Canadian Pacific (TSX: CP)
(NYSE: CP) today applauded the announcement made by the Government
of Canada and the Province of
New Brunswick to invest in
additional capacity expansion at Port Saint John. The need for
additional capacity at Port Saint John is driven by CP's successful
return to Atlantic Canada through
our acquisition of the Central
Maine and Quebec Railway, which now connects Atlantic Canada to Montreal, Toronto and the U.S. Midwest with a more
seamless route operated by a Class 1 railway that is 200 miles
shorter than other shipping options.
"CP is excited to be back in Atlantic
Canada and proud of the much-needed competition our return
has brought to the freight transportation market in New Brunswick," said Keith Creel, CP President and CEO. "The
additional investment announced today by the federal government and
the Province of New Brunswick will
make a significant impact for Port Saint John and for Canada's supply chains. The funding will bring
Port Saint John's capacity up to
800,000 TEUs, almost tripling the Port's existing capacity."
CP also applauds the Government of Canada's decision to invest in improving the
rail infrastructure along the New Brunswick Southern Railway, a
critical link between Port Saint John and CP's North American rail
network via the Central Maine and
Quebec Railway (CMQ).
"We are proud to be working closely with Port Saint John, DP
World, J. D. Irving and the New Brunswick Southern Railway -
building momentum in Atlantic
Canada," added Creel. "This strategic investment will help
to improve the resiliency and competitiveness of Canada's export-driven supply chains, and,
combined with the increased competition generated by our return,
help to transform Port Saint John into a truly global, premier
trade gateway."
CP announced in 2020 that it would invest $90 million over three years to upgrade the
rail infrastructure along the CMQ, improving safety, efficiency and
resiliency.
CP also recently announced Hapag-Lloyd is making an additional
seasonal vessel call to Port Saint John, further recognition of the
Port Saint John's value. Learn
more about CP's East Coast Advantage at eca.cpr.ca/psj
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 funding from the the province of New Brunswick to invest in additional capacity
at Port Saint John and funding from the Government of Canada to invest in rail infrastructure along
the New Brunswick Southern Railway the anticipated timing and use
of, and impacts and benefits to, the Port of Saint John from this funding 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
View original
content:https://www.prnewswire.com/news-releases/following-cps-successful-return-to-atlantic-canada-government-of-canada-and-province-of-new-brunswick-announce-critical-supply-chain-investment-for-port-saint-john-and-new-brunswick-southern-railway-301555179.html
SOURCE Canadian Pacific