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GLIN==> St. Lawrence Seaway closes 47th navigation season



ST. LAWRENCE SEAWAY CLOSES 47TH NAVIGATION SEASON

(Cornwall, January 4, 2006) - The St. Lawrence Seaway officially closed for
the season on December 29th, 2005, with the passage of the Transport
Desgagnés tanker, Maria Desgagnés, through the St. Lambert Lock at 5:40 p.m.
The Seaway's 47th navigation season commenced on March 25th, with the system
remaining open for 280 days, one day shy of the record 281 days set in 2004.

The Welland Canal section closed at 11:11 p.m. on December 30th, with the
transit of the Mississagi, a vessel operated by Lower Lakes Towing.

"Traffic results remained steady this year, retaining the tonnage added in
2004" noted Richard Corfe, President and CEO of The St. Lawrence Seaway
Management Corporation (SLSMC).  "We enjoyed steady flows within our staple
bulk cargo markets, including grain and iron ore.  While we experienced a
decline in imported steel movements of new cargoes, including aluminum and
raw sugar, readily filled in this gap.  We are particularly encouraged by
the results of our incentive tolls program, which we put into place in March
of 2005.  Aimed at capturing / recapturing cargoes, we can attribute some
215,000 tonnes of new movements to this program, resulting in more than
$600,000 of additional revenue."

The wide variety of cargoes witnessed this year highlights the unique and
vital role that the Seaway plays within the Canadian and U.S. economies.
Not only does the marine mode provide the most energy efficient mode of
transportation, project cargoes transiting via the Seaway figure prominently
in the development of new, highly sustainable, industry.  Throughout the
season, shipments of wind turbines fabricated in Europe arrived via Seaway
ports.

"This year may well be looked back upon as a watershed year, marking the
beginning of a new era in Seaway shipping" expounded Corfe.  "Our HwyH2O
marketing campaign, an effort that we have undertaken jointly with the U.S.
Saint Lawrence Seaway Development Corporation and many of the ports within
our system, is generating significant interest.  We have sponsored workshops
this year, aimed at capturing new cargo in a number of sectors including
steel, auto parts, forestry, and containers."

The HwyH2O container conference brought delegates together from a variety of
industries, illustrating the role that the SLSMC plays as a catalyst to
bring about change.  Various speakers outlined the opportunity to harness
the Seaway as a means to deal with the bottlenecks that have emerged over
land during the past five years.  As the marine mode gains exposure, the
Seaway expects to realize the movement of containers from the East Coast to
key inland hub ports.

Raising awareness that the Seaway offers a complementary alternative to our
congested road and rail arteries, resulting in a stronger multimodal
network, is a central goal of the HwyH2O campaign.  Short sea shipping, a
concept that has existed for some time in Europe, is gaining traction here.
Already, short sea movements have begun in earnest on the lower St. Lawrence
River, with aluminum ingots being moved by specially configured tug and
barge from Sept-Îles to Trois Rivières and onward through the Seaway to
Toledo, a harbinger of more good things to come.

The Seaway is now closed for the winter to accommodate annual maintenance on
its 13 Canadian locks and connecting channels. This year's winter works
program encompasses some $23 million in expenditures, divided between the
Montreal / Lake Ontario section ($7 million) and the Welland Canal section
($16 million).

Projects include upgrades to various locks and bridges, including the
conversion of lock gates, valves and ship arrestors to hydraulic operation
for Welland Canal Locks 4, 5 and 6.  Evidence of the Seaway's commitment to
excellence, this investment will ensure that the system continues to offer
carriers over 99% system availability, with the added benefit of lower
annual maintenance costs.

The Seaway is expected to re-open in late March 2006.

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