VANCOUVER and MONTREAL, June 11 /PRNewswire-FirstCall/ - CN (TSX: CNR) (NYSE: CNI) and TSI Terminal Systems Inc. (TSI) announced today a supply chain collaboration agreement aiming to enhance service levels to their mutual customers and draw greater volumes of container traffic over Port Metro Vancouver. A MOU has been signed that will drive strong mutual focus on system efficiencies, improved communication, and close monitoring of their gateway performance.
The CN-TSI pact is a companion to CN's recent supply chain collaboration agreement with Port Metro Vancouver (PMV) designed to promote balanced accountability among all Port stakeholders.
TSI is the largest container terminal operator in Canada, handling approximately 70 per cent of the containerized cargo moving through its two terminals which it operates under long-term lease at PMV.
Claude Mongeau, president and chief executive officer of CN, said: "TSI is an important partner of CN in serving the international steamship container lines calling at Port Metro Vancouver. This agreement aims to improve supply chain performance at the Port by establishing a close working relationship with TSI in support of increased efficiency and service innovation."
Michael Moore, president and chief executive officer of GCT Global Container Terminals Inc. (GCT), TSI's parent company, said: "We are pleased to be able to partner with a world class railroad for the benefit of our Canadian and American clients. We look forward to reducing dwell time and increasing the fluidity of the Asia Pacific Gateway with this arrangement."
CN - Canadian National Railway Company and its operating railway subsidiaries - 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 metropolitan areas 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 www.cn.ca.
GCT Global Container Terminals Inc. is a wholly-owned subsidiary of the Ontario Teachers' Pension Plan, one of the largest financial institutions in Canada. The Company operates four container terminals through three principal businesses in North America: TSI Terminal Systems Inc. in Vancouver and Delta, British Columbia; New York Container Terminal on Staten Island, New York; and Global Terminal & Container Services in Bayonne, New Jersey. For more information on Global Container Terminals, visit the company's website at www.globalterminals.com
Certain information included in this news release constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. CN cautions that, by their nature, these forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results of performance of the Company or the rail industry to be materially different from the outlook or any future results or performance implied by such statements. Important factors that could affect the above forward-looking statements include, but are not limited to, the effects of general economic and business conditions, industry competition, inflation, currency and interest rate fluctuations, changes in fuel prices, legislative and/or regulatory developments, compliance with environmental laws and regulations, actions by regulators, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, labor negotiations and disruptions, environmental claims, uncertainties of investigations, proceedings or other types of claims and litigation, risks and liabilities arising from derailments, 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 "Management's Discussion and Analysis" in CN's annual and interim reports, Annual Information Form and Form 40-F filed with Canadian and U.S. securities regulators, available on CN's website, for a summary of major risks.
CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable Canadian securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related maters, or any other forward-looking statement.