CHICAGO, June 17, 2015 /CNW/ - CN (TSX: CNR) (NYSE: CNI)
today signed a memorandum of understanding (MOU) with the Port of
New Orleans that will see the
parties develop greater supply chain efficiencies aimed at drawing
more container traffic over the port to North American markets.
JJ Ruest, CN executive vice-president and chief marketing
officer, said: "We and our Port of New
Orleans gateway partners have a mutual interest in ensuring
a more competitive rail movement of containerized goods through the
gateway and into the Midwest and mid-continent."
Gary LaGrange, president and
chief executive officer of the Port of New Orleans, said: "We are pleased to build
upon our long-standing relationship with CN. This MOU reflects a
genuine interest in mutually developing better service that will
help us capture greater market share and optimize throughput, with
the ultimate goal of providing the best service possible to our
customers."
The Port of New Orleans has an
intermodal rail terminal adjacent to its Napoleon Avenue Container
Terminal providing on-dock access for all rail shipments. The new
Mississippi River Intermodal Terminal is now under construction.
The US$25-million project, when
completed in the first quarter of 2016, will result in a modern,
efficient intermodal container transfer terminal located within the
container yard, offering on-dock access and improving CN's link to
the terminal and helping grow its container volumes.
The New Orleans Public Belt Railroad (NOPBR), a switching
railroad with the primary mission of serving the Port of
New Orleans and local industries,
also signed the CN-Port of New Orleans MOU.
Jeff Davis, general manager and
chief executive officer of the NOPBR, said: "The New Orleans Public
Belt is excited about the efficiency gains that the new intermodal
yard will provide. New Orleans is
a natural intermodal gateway and we look forward to growing
business with CN."
CN's Port of New Orleans MOU follows the recent signing of a
similar agreement with the Alabama State Port Authority, which owns
the public terminals at the Port of Mobile, and reflects the railway's continued
focus on developing highly efficient Gulf
of Mexico gateways for international trade.
Ruest concluded: "The expanded Panama Canal is expected to offer
greater freight traffic opportunities to the ports of New Orleans and Mobile. Our plan to implement level-of-service
agreements at these two ports and raise their involvement in rail
transportation should help them take advantage of rising container
trade with Asia and South America."
Forward-Looking Statements
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 or 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 and
assumptions 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 matters, or any
other forward-looking statement.
CN is a true backbone of the economy, transporting more than
C$250 billion worth of goods annually
for a wide range of business sectors, ranging from resource
products to manufactured products to consumer goods, across a rail
network spanning Canada and
mid-America. CN – Canadian National Railway Company, along with its
operating railway subsidiaries -- serves the cities and ports of
Vancouver, Prince Rupert, B.C., Montreal, Halifax, New
Orleans, and Mobile, Ala.,
and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth,
Minn./Superior, Wis., 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.
SOURCE CN