CALGARY, May 31, 2019 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) and Yang Ming Marine Transport
Corporation (Yang Ming) today
announced a three-year agreement to safely and efficiently connect
Yang Ming customers with
North America, via the Port of
Vancouver.
"On behalf of the 13,000-strong CP family, I would like to offer
a warm welcome to Yang Ming," said
CP President and CEO Keith Creel.
"We are proud to be selected as Yang
Ming's Canadian rail carrier, and we look forward to a long
and successful relationship. This agreement is a testament to our
service, to our network capacity and room to grow at our inland
terminals and to the tireless work we put in to understand our
customers and create win-win solutions for the supply chain and the
broader economy."
Effective January 1, 2020, CP will
handle all of Yang Ming's
Vancouver traffic. The agreement
also provides synergies across THE Alliance, as Hapag-Lloyd, Ocean
Network Express (ONE) and Yang Ming
will now be moving, in whole or in part, on CP out of Canada's largest and most important ocean
terminal, Global Container Terminal's (GCT) Deltaport.
With 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, Yang Ming is well positioned to connect with its
key customers across North
America.
With the Deltaport Rail Expansion Project now complete, CP and
its customers will continue to benefit from increased capacity and
production. Since 2016, CP has steadily increased its market share
at Deltaport and will now become the largest rail provider at
Canada's premier ocean
terminal. CP's intermodal franchise has the lowest on-dock
dwell and best on-time performance at the Port of Vancouver, 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, the anticipated benefits from the
agreement with Yang Ming,
anticipated dwell times and transit times, 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
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SOURCE Canadian Pacific