Canadian Pacific To Acquire TMM's Shareholding In Americana Ships

Thursday, December 30, 1999
Canadian Pacific Limited has agreed to acquire the outstanding 50 percent of the Americana Ships joint venture from its partner, Transportacion Maritima Mexicana SA de CV of Mexico. CP Ships and TMM formed Americana Ships in January 1999 as an equal partnership. TMM has now decided to narrow its strategic focus to concentrate on its other activities. Completion of the transaction, which is subject to regulatory approval, is expected early in the new year. It will confer full ownership of the container shipping services operated under the Lykes Lines, TMM Lines and TMG brands to Canadian Pacific's container shipping subsidiary, CP Ships. The transaction also includes the 27,000 teu container fleet owned by TMM and used by Americana Ships. With annual revenue of more than $1 billion and volume of nearly one million teus, Americana Ships ranks among the top 15 largest container shipping businesses worldwide. "The formation of Americana Ships a year ago was a key element in our strategy to leverage liner activities in order to promote growth of our land activities," commented TMM group chairman Josi Serrano. "By selling our interest in the joint venture, we will be able to accelerate this process and achieve our goals more quickly." "TMM's long experience in these markets contributed substantially toward the creation of the strongest, most efficient container shipping group in the Latin American and Atlantic trades," said Ray Miles, CEO of CP Ships. "In this first stage in the evolution of Americana Ships, we realized more than $100 million of cost savings. We improved services, opened new offices, upgraded our fleet and built market share. Thanks to such a good start, Americana Ships has a bright future as part of the CP Ships group."
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

MHI to Change Name of Group Company

Effective November 1 Mitsubishi Heavy Industries, Ltd. (MHI) will change the name of its group company in Singapore from Mitsubishi Heavy Industries Engineering & Services Private Ltd.

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

Kirby Corp. Announces Record 3Q Results

Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability.

Finance

Ensco plc Reports 3Q, 2014 Results

Ensco plcĀ  today reported earnings per share from continuing operations of $1.93 in third quarter 2014, up 16% from $1.66 in third quarter 2013. Adjusted for a $0.

Chevron Announces Quarterly Dividend

The Board of Directors of Chevron Corporation today declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable December 10, 2014,

Exmar Optimistic About Gas Carrier Market into 2015

Belgian gas shipping group Exmar said on Thursday that the market for its very large and midsize gas carriers was at historically high levels in the third quarter

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1225 sec (8 req/sec)