CALGARY, Jan. 24, 2019 /CNW/ - Canadian Pacific Railway
Limited (TSX: CP) (NYSE: CP) and Hapag-Lloyd AG (XETR: HLAG) (FWB:
HLAG) today announced an extension of their long-term agreement to
the benefit of the international supply chain, the movement of
cargo through the ports of Montreal and Vancouver, and the overall North American
economy.
"We are incredibly proud to continue to work with Hapag-Lloyd,"
said Keith Creel, CP President and
CEO. "This long-term agreement is built on service, reliability and
trust. On behalf of the 13,000-strong CP family, particularly those
on the ground who ensure we provide exceptional service, we are
excited to continue to work closely with Hapag-Lloyd as their
preferred rail carrier in Canada."
In close collaboration, the two companies have built a track
record of reliable service on sea and on land for their
customers.
"Customers expect reliable supply chains, and in CP we have
found a company that delivers consistently, every day," said
Rolf Habben Jansen, CEO of
Hapag-Lloyd. "With CP we are able to handle more cargo and take
advantage of shorter routes to key markets, and provide long-term
value to our customers."
The agreement will allow Hapag-Lloyd's customers to benefit from
CP's growing network of transload facilities, its innovative
live-lift operation at Portal, North
Dakota, and the fastest transit times between Vancouver and the
Twin Cities, Chicago and
beyond.
From Vancouver and Montreal, CP connects its customers to markets
across Canada and the United States. CP's intermodal franchise
has the lowest on-dock dwell and best on-time performance at the
Port of Vancouver and Port of
Montreal, ensuring faster
end-to-end transits for shippers.
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 "financial expectations",
"key assumptions", "anticipate", "believe", "expect", "plan",
"will", "outlook", "should" or similar words suggesting future
outcomes. This news release contains forward-looking information
relating, but not limited to, the success of our business, our
operations, priorities and plans, as well as anticipated financial
and operational performance, including with respect to CP's network
of transload facilities and anticipated increases in cargo
service.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regarding to CP's experience and its perception
of historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
foreign exchange rates, effective tax rates, land sales and pension
income (including as specified in this news release); North
American and global economic growth; commodity demand growth;
sustainable industrial and agricultural production; commodity
prices and interest rates; performance of our assets and equipment;
sufficiency of our budgeted capital expenditures in carrying out
our business plan; applicable laws, regulations and government
policies; the availability and cost of labour, services and
infrastructure; and the satisfaction by third parties of their
obligations to CP. 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.
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; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; trade restrictions or other changes to international
trade arrangements; climate change; and 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. 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 Information" 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
About Hapag-Lloyd
With a fleet of 222 modern container ships and a total transport
capacity of 1.6 million TEU, Hapag-Lloyd is one of the world's
leading liner shipping companies. The Company has around 12,000
employees and 394 offices in 127 countries. Hapag-Lloyd has a
container capacity of 2.6 million TEU – including one of the
largest and most modern fleets of reefer containers. A total of 120
liner services worldwide ensure fast and reliable connections
between more than 600 ports on all the continents. Hapag-Lloyd is
one of the leading operators in the Transatlantic, Middle East, Latin
America and Intra-America trades.
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SOURCE Canadian Pacific