CP - TSI Service Level Agreement adds supply chain momentum

Mar 02, 2011, 12:00 ET from Canadian Pacific

CALGARY and VANCOUVER, March 2 /PRNewswire/ - Canadian Pacific (TSX:CP) (NYSE: CP) and TSI Terminal Systems Inc. (TSI), a subsidiary of GCT Global Container Terminals Inc., today announced the signing of a Service Level Agreement that builds on their productivity and performance agreement announced last June.

The agreement outlines key performance indicators relating to the flow of containers through the Vancouver Gateway. Meeting the performance indicators will improve productivity, enhance reliability, and increase efficiency. The agreement period is three years.

"This Service Level Agreement continues to move us along the path of a high performance, efficient and reliable supply chain to ensure that Vancouver is a preferred intermodal gateway." said Michael E. Moore, President and Chief Executive Officer of Global Container Terminals. "Our partnership with CP and our commitment to collaborate on delivering high-level service to our mutual customers will ensure success."

"Canadian Pacific's customer focused partnerships, upgraded infrastructure, innovative technology and industry leading safety practices give us the means to grow our franchise over the long term," said Fred Green, President and Chief Executive Officer of Canadian Pacific. "As import and export volumes grow through the Pacific Gateway, CP and TSI are mutually committed to service improvements in the world-class Vancouver gateway."

TSI is the largest container terminal operator in Canada, handling more than 70 percent of the containerized cargo that moves through the Vancouver gateway. This is the sixth collaboration agreement announced by Canadian Pacific in the past 12 months.

About Canadian Pacific:

Canadian Pacific (TSX:CP) (NYSE: CP) operates a North American transcontinental railroad providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit cpr.ca and see how Canadian Pacific is Driving the Digital Railway.

About GCT Global Container Terminals Inc.:

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. TSI is the largest container terminal operator in Canada, handling more than 70 per cent of the containerized cargo moving through its two terminals which it operates under long-term lease at Port Metro Vancouver.

For more information on Global Container Terminals, visit the company's website at www.globalterminals.com

SOURCE Canadian Pacific