The long awaited announcement from Canadian National as to which international shipping line would be selected to serve the Fairview port has finally been made.
Starting in the fall of this year containers routed through the Port of Prince Rupert will be loaded and unloaded onto COSCO container ships.
CN Rail released the details today of their agreement with COSCO, making it the first line to service the new Fairview Container port later this year.
Starting in the fall of this year containers routed through the Port of Prince Rupert will be loaded and unloaded onto COSCO container ships.
CN Rail released the details today of their agreement with COSCO, making it the first line to service the new Fairview Container port later this year.
COSCO, the China Ocean Shipping (Group) Company has a headquarters in Beijing, China and is one of the major players in international transportation between North America and Asia.
CN signs up COSCO to route Asian container traffic via new Port of Prince Rupert container terminal
MONTREAL, QUEBEC
(CCNMatthews - May 14, 2007)
CN (TSX:CNR) (NYSE:CNI) announced today it has signed a contract with COSCO Container Lines Americas, Inc., under which COSCO will become the first steamship company to route Asian freight over the new Port of Prince Rupert container terminal and CN's North American rail network.
COSCO will commence service via the Port of Prince Rupert and CN for container shipments between Asia and the North American markets starting in the fourth quarter of 2007.
James M. Foote, CN's executive vice-president, Sales and Marketing, said: "CN is delighted to have COSCO as its first customer to call on the Prince Rupert container terminal, a new North American gateway for Asian trade."
Our partnership with COSCO, and Prince Rupert container terminal operator Maher Terminals of Canada Corporation, is clear recognition of the competitive advantages of the new port facility and CN's rail network reach and superior service offering. The Rupert-CN-Maher combination will inject meaningful port-rail-terminal capacity into the global supply chain, and will offer shippers the fastest, most efficient and most cost-effective routing for Asian traffic destined to and from the interior of North America."
Phase 1 of the Prince Rupert terminal project will have initial throughput capacity of 500,000 TEUs (twenty-foot equivalent containers) annually and is part of a broader plan to build a facility capable of handling two million TEUs per year.
COSCO Container Lines Americas, Inc., is part of China Ocean Shipping (Group) Company, headquartered in Beijing, China. Founded on April 27, 1961, as the pioneer of international shipping carrier in China, together with the reconstruction of national transportation resources on February 16, 1993, COSCO has grown into a US$17 billion corporation by clearly focusing on the goal of enabling commerce around the globe. It is an international giant, specializing in shipping and modern logistics, serving as a shipping agency and providing services in freight forwarding, shipbuilding, ship-repairing, terminal operation, trade, financing, real estate and IT industry as well with an aim at taking one of the leading roles in these areas.
Maher Terminals, Inc., headquartered in New Jersey, is one of the world's largest independent multi-user container terminal operators. Maher is not only a vital link in the cargo movement chain, but it is also responsible for helping its customers compete in the world marketplace by handling their cargo as expeditiously and economically as possible. Founded in 1946, Maher operates the largest multi-user container terminal in North America in New Jersey, with a capacity in excess of two million containers (3.4 million TEUs) per annum.
Strategically located at the North American entry point of the North West Transportation Corridor, the Port of Prince Rupert links the fast-growing Asian markets to one of the world's largest industrial and consumer powerhouses. With modern terminals and the availability of vast industrial development property, congestion free facilities provide transit time and cost-saving opportunities for shippers and producers.
Superior connections mean efficient access to the entire North American continent. With the deepest harbour in North America, the Port of Prince Rupert is set for continuous activity catering to the world's largest vessels. Along the Mid-West Express, the Port of Prince Rupert is the essential link to the New World Economy.
CN - Canadian National Railway Company - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at http://www.cn.ca/.
This news release contains forward-looking statements. CN cautions that, by their nature, forward-looking statements involve risk and uncertainties, including the assumption that, while CN expects a moderate slowdown in the North American economy in the near term, positive economic conditions in North America and globally will continue, and that its results could differ materially from those expressed or implied in such statements. Important factors that could cause such differences include, but are not limited to, industry competition, legislative and/or regulatory developments, compliance with environmental laws and regulations, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, the effects of adverse general economic and business conditions, inflation, currency fluctuations, changes in fuel prices, labour disruptions, environmental claims, investigations or proceedings, other types of claims and litigation, and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to CN's most recent Form 40-F filed with the United States Securities and Exchange Commission, its Annual Information Form filed with the Canadian securities regulators, and its 2006 Annual Consolidated Financial Statements and Notes thereto and Management's Discussion and Analysis (MD&A), for a summary of major risks. www.cn.ca
CN signs up COSCO to route Asian container traffic via new Port of Prince Rupert container terminal
MONTREAL, QUEBEC
(CCNMatthews - May 14, 2007)
CN (TSX:CNR) (NYSE:CNI) announced today it has signed a contract with COSCO Container Lines Americas, Inc., under which COSCO will become the first steamship company to route Asian freight over the new Port of Prince Rupert container terminal and CN's North American rail network.
COSCO will commence service via the Port of Prince Rupert and CN for container shipments between Asia and the North American markets starting in the fourth quarter of 2007.
James M. Foote, CN's executive vice-president, Sales and Marketing, said: "CN is delighted to have COSCO as its first customer to call on the Prince Rupert container terminal, a new North American gateway for Asian trade."
Our partnership with COSCO, and Prince Rupert container terminal operator Maher Terminals of Canada Corporation, is clear recognition of the competitive advantages of the new port facility and CN's rail network reach and superior service offering. The Rupert-CN-Maher combination will inject meaningful port-rail-terminal capacity into the global supply chain, and will offer shippers the fastest, most efficient and most cost-effective routing for Asian traffic destined to and from the interior of North America."
Phase 1 of the Prince Rupert terminal project will have initial throughput capacity of 500,000 TEUs (twenty-foot equivalent containers) annually and is part of a broader plan to build a facility capable of handling two million TEUs per year.
COSCO Container Lines Americas, Inc., is part of China Ocean Shipping (Group) Company, headquartered in Beijing, China. Founded on April 27, 1961, as the pioneer of international shipping carrier in China, together with the reconstruction of national transportation resources on February 16, 1993, COSCO has grown into a US$17 billion corporation by clearly focusing on the goal of enabling commerce around the globe. It is an international giant, specializing in shipping and modern logistics, serving as a shipping agency and providing services in freight forwarding, shipbuilding, ship-repairing, terminal operation, trade, financing, real estate and IT industry as well with an aim at taking one of the leading roles in these areas.
Maher Terminals, Inc., headquartered in New Jersey, is one of the world's largest independent multi-user container terminal operators. Maher is not only a vital link in the cargo movement chain, but it is also responsible for helping its customers compete in the world marketplace by handling their cargo as expeditiously and economically as possible. Founded in 1946, Maher operates the largest multi-user container terminal in North America in New Jersey, with a capacity in excess of two million containers (3.4 million TEUs) per annum.
Strategically located at the North American entry point of the North West Transportation Corridor, the Port of Prince Rupert links the fast-growing Asian markets to one of the world's largest industrial and consumer powerhouses. With modern terminals and the availability of vast industrial development property, congestion free facilities provide transit time and cost-saving opportunities for shippers and producers.
Superior connections mean efficient access to the entire North American continent. With the deepest harbour in North America, the Port of Prince Rupert is set for continuous activity catering to the world's largest vessels. Along the Mid-West Express, the Port of Prince Rupert is the essential link to the New World Economy.
CN - Canadian National Railway Company - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key cities of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at http://www.cn.ca/.
This news release contains forward-looking statements. CN cautions that, by their nature, forward-looking statements involve risk and uncertainties, including the assumption that, while CN expects a moderate slowdown in the North American economy in the near term, positive economic conditions in North America and globally will continue, and that its results could differ materially from those expressed or implied in such statements. Important factors that could cause such differences include, but are not limited to, industry competition, legislative and/or regulatory developments, compliance with environmental laws and regulations, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, the effects of adverse general economic and business conditions, inflation, currency fluctuations, changes in fuel prices, labour disruptions, environmental claims, investigations or proceedings, other types of claims and litigation, and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to CN's most recent Form 40-F filed with the United States Securities and Exchange Commission, its Annual Information Form filed with the Canadian securities regulators, and its 2006 Annual Consolidated Financial Statements and Notes thereto and Management's Discussion and Analysis (MD&A), for a summary of major risks. www.cn.ca
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