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 informationThis 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 PacificCanadian 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
Investment CommunityMaeghan Albiston403email@example.com
Port Saint JohnPaula Copeland506firstname.lastname@example.org
DP WorldAngela Kirkham604email@example.com