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CP Ships division Canada Maritime agrees to container slot sale.

Brings new business to Montreal Gateway Terminals

CP Ships Limited's division Canada Maritime, along with OOCL, its partner in the St Lawrence Coordinated Service (SLCS), has agreed to charter a fixed number of container slots to members of the CANEX consortium, Maersk Sealand, Mediterranean Shipping Company and P&O Nedlloyd, in the North America-Europe trade via Montreal. The two year agreement takes effect from January 2003.

In addition, to improve operational efficiency, CANEX expects to move its existing service from its current Montreal marine terminal to CP Ships' Montreal Gateway Terminals. The move is expected during the first quarter 2003.

Initially, slots will be taken on three SLCS 2800 teu ice-strengthened ships, Canmar Pride, Canmar Honour and OOCL Belgium which operate on Route 1 Montreal-Thamesport-Antwerp-Le Havre. In the second half of 2003 these ships will be replaced by three 4100 teu ice-strengthened containerships currently being built for the Montreal trade, two for Canada Maritime and one for OOCL.

"The agreement will create greater operating efficiencies and has been facilitated by the planned expansion in capacity of our Canada Maritime services next year, and our five-year US$ 50 million investment program at Montreal Gateway Terminals completed last year, as well as the recent 20-year terminal lease renewal," commented CP Ships CEO, Ray Miles. "It is also further evidence of carriers' commitment to work closer together as operating partners to achieve a better balance between capacity and container trade growth in the highly competitive TransAtlantic market."

All five lines will continue to market their services independently.

About CP Ships: One of the world's leading container shipping companies, CP Ships provides international container transportation services in four key regional markets: TransAtlantic, Australasia, Latin America and Asia. Within these markets CP Ships operates 38 services in 25 trade lanes, most of which are served by two or more of its seven readily recognized brands: ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines. CP Ships has a fleet of 90 ships and 400,000 containers. Its annual volume is 2 million teu, more than 80% of which is North American exports or imports. It also owns Montreal Gateway Terminals, which operates one of the largest marine container terminal facilities in Canada. CP Ships' stock is traded on the Toronto and New York stock exchanges under the symbol TEU. It is listed in the S&P/TSX 60 Index of top Canadian publicly listed companies. For further information visit the CP Ships website, http://www.cpships.com/.

Note: This press release may include forward-looking statements about the operations, objectives and expected financial results of CP Ships and its affiliates. Such statements are inherently subject to uncertainties arising from a variety of factors including, without limitation, legislative or regulatory changes, competition, technological developments and global economic and financial conditions. Actual performance could differ substantially.

CONTACT: Investors: Jeremy Lee, VP Investor Relations, Telephone: + 1 (514) 934 5254; Media: Elizabeth Canna, Director Corporate Communications, Telephone:+44 (0)20 7389 1119 or +41(0) 79 691 3764; or Ian Matheson, Impress Communications Ltd, Telephone: +44 (0)1689 860 660
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Publication:PR Newswire
Geographic Code:4EUUK
Date:Dec 6, 2002
Words:514
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