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
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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