Port Metro Vancouver and CN (TSX: CNR)(NYSE: CNI) announced today a supply chain collaboration agreement to drive further efficiencies at the port and recognize the importance of balanced accountability.
The agreement sets the framework for the Port, CN and port stakeholders to develop mechanisms to define, measure, monitor and evaluate the performance of each participant at the port against established benchmarks. It also establishes processes to proactively communicate on service-related matters and resolve disputes between CN, the Port and port supply chain participants on a commercial basis.
Robin Silvester, Port Metro Vancouver president and chief executive officer, said: “I am pleased that we were able to work collaboratively with CN on this initiative. The agreement will help align port stakeholders' interests and ensure that each party is accountable for the optimal performance of the Vancouver Gateway.”
Claude Mongeau, CN president and chief executive officer, said: “CN is encouraged that CN and Port Metro Vancouver reached this innovative pact through commercial negotiation. The agreement will focus stakeholders on working together to achieve continuous improvement in supply chain performance at the port.”
Port Metro Vancouver and CN believe that supply chain collaboration is the best way to help increase Canada's commerce with the Asia-Pacific region, enlarge the Gateway's share of Asian containerized imports to North America, and improve Gateway competitiveness for Canadian and North American exports.
Port Metro Vancouver is Canada's largest and North America's most diversified port, trading $75 billion in goods with more than 160 trading economies annually. Port activities generate 129,500 total jobs across Canada, $10.5 billion in GDP and $22 billion in economic output.
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