CALGARY, AB, May 25, 2022 - 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
Source: Canadian Pacific