Following CP’s Successful Return to Atlantic Canada, Government of Canada and Province of New Brunswick Announce Critical Supply Chain Investment in Port Saint John and New Brunswick Southern Railway
CALGARY, Alta., May 25, 2022 /PRNewswire/ – Canadian Pacific Railway (TSX: CP) (NYSE: CP) today applauded the announcement by the Government of Canada and the province of New Brunswick to invest in additional capacity expansion in Port Saint John. The need for additional capacity in Port Saint John is driven by CP’s successful return to Atlantic Canada thanks to our acquisition of Central Maine and Quebec Railway, which now connects Atlantic Canada for Montreal, Toronto and the US Midwest with a smoother route operated by a Class 1 railroad that is 200 miles shorter than other shipping options.
“CP is delighted to be back Atlantic Canada and proud of the much-needed competition our return has brought to the freight transport market in New Brunswick,” mentioned Keith Creel, President and CEO of CP. “The additional investment announced today by the federal government and the Province of New Brunswick will have a significant impact for Port Saint John and for from Canada supply chains. The funding will provide Port Saint Jean capacity up to 800,000 TEUs, almost tripling the port’s existing capacity.”
CP also applauds the government of from Canada decision to invest in improving rail infrastructure along the New Brunswick Southern Railway, a vital link between Port Saint John and CP’s North American rail network via the Central Maine and Quebec Railway (CMQ).
“We are proud to work closely with Port Saint John, DP World, JD Irving and the New Brunswick Southern Railway – building momentum in Atlantic Canadaadded Creel. “This strategic investment will help improve the resilience and competitiveness of from Canada export-oriented supply chains and, combined with the increased competition generated by our return, are helping to transform Port Saint John into a truly world-class commercial gateway. »
CP announced in 2020 that it would invest $90 million over three years to upgrade rail infrastructure along the CMQ, improving safety, efficiency and resilience.
CP also recently announced that Hapag-Lloyd would be making an additional seasonal call at Port Saint John, further reconnaissance of the port Saint Jean value. Learn more about CP’s East Coast Advantage at eca.cpr.ca/psj
Note on forward-looking information
This press 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 regarding expectations, beliefs, plans, goals, objectives, assumptions, and statements regarding possible future events, conditions, and results of operations or performance. . Forward-looking information may contain statements with words or titles such as “will”, “anticipate”, “believe”, “expect”, “plan”, “should” or similar words suggesting future results.
This press release contains forward-looking information relating to, but not limited to, funding from the Province of New Brunswick to invest in additional capacity in Port Saint John and funding from the Government of Canada to invest in rail infrastructure along the New Brunswick Southern Railway the planned timing and use, and the impacts and benefits to the Port of Saint Jean of this funding and the anticipated and future benefits of CP’s rail network from the port of Saint Jean to companies of Atlantic CanadaCP customers and the supply chain.
The forward-looking information contained in this press release is based on current expectations, estimates, projections and assumptions, given CP’s experience and its perception of historical trends, and includes, but is not limited to, expectations , estimates, projections and assumptions regarding: North American and global economic growth; growth in demand for raw materials; agricultural production; commodity prices and interest rates; the performance of our assets and equipment; applicable laws, regulations and government policies; the availability and cost of labour, services and infrastructure; the fulfillment by third parties of their obligations to CP; the anticipated impacts of the new strain of coronavirus (and the disease known as COVID-19); and capital investments by third parties. Although CP believes that 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 economic and other conditions render assumptions, while 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 the 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 strategies commercial; general economic, credit and business conditions in North America and around the world; risks associated with agricultural production, such as weather conditions and insect populations; the availability and price of energy products; the effects of competition and pricing pressures; industry capacity; changes in market demand; changes in commodity prices; uncertainty surrounding the timing and volumes of products shipped through CP; inflation; changes in laws, regulations and governmental policies, including rate regulation; 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; labor disputes; risks and liabilities arising from derailments; transport of dangerous goods; schedule for completion of capital and maintenance projects; currency and interest rate fluctuations; trade restrictions or other changes in international trade agreements; climate change; various events that could disrupt operations, including severe weather events, such as droughts, floods, avalanches, and earthquakes, and cybersecurity attacks, as well as security threats and the government response to them. ci, and technological changes; and the pandemic created by the outbreak of the novel strain of coronavirus (and the disease known as COVID-19) and the resulting effects on economic conditions, the demand environment for logistical needs and the energy prices, restrictions imposed by public health authorities or governments, taxation 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 the securities regulators of Canada and United States. See “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 Forms 10-K and 10-Q.
The forward-looking information contained in this press release is made as of the date hereof. Except as required by law, CP undertakes no obligation to publicly update 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 United States with direct connections to major ports on the west and east coasts. CP offers its North American customers competitive rail service with access to key markets around the world. CP grows with its customers, offering a range of freight transportation services, logistics solutions and supply chain expertise. Visit cpr.ca to see CP rail benefits. CP-IR
SOURCE Canadian Pacific