CN doubles new Prince Rupert terminal contribution

CN doubles new Prince Rupert terminal contribution    Canadian National Railway Co., said it will double its financial contribution to C$30 million ($24 million) for the new container terminal at the Port of Prince Rupert, British Columbia.
   Maher Terminals of Canada Corp. and the Prince Rupert Port Authority also announced details of their funding for the new terminal.
   CN said it has earmarked C$15 million ($12 million) on the intermodal yard, C$10 million ($8 million) for on terminal trackage, and C$5 million ($4 million) for infrastructure improvements to its B.C. North line, so that it can accommodate double-stack container cars.
   Maher Terminals said it will acquire and install three large container cranes at the terminal, together with supporting container handling equipment and technology, at a cost of approximately C$60 million ($48 million).
   Prince Rupert Port Authority said it is completing bank financing for its C$25 million ($20 million) contribution to the terminal project.
   The first phase of development is expected to be completed during the first quarter 2007, providing initial throughput capacity of 500,000 TEUs per year, with the long-term aim being closer to 2 million TEUs annually.
   “CN is excited with the progress being made toward launching the Prince Rupert container terminal in the first quarter of 2007,” said E. Hunter Harrison, president and chief executive officer of CN. “CN will be ready. It has the capacity, service and transit times to make Prince Rupert a true success. CN’s network will offer fast access from Prince Rupert to the key
markets of Toronto, Montreal, Chicago and Memphis,” he added.
   In April, the Canadian government and the Province of British Columbia said that they will contribute a combined $C60 million ($48 million) to the Prince Rupert container terminal development.