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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Turkey Detains 4 in Connection with Capsized Migrant Boat

Turkish police have detained four Syrians suspected of involvement in organising the passage of a boat which capsized, drowning 12 people including a toddler, as

Singapore Becomes Sea-Dispute Settlement Centre

The government of Singapore has become a venue in Asia to settle maritime disputes for proceedings before the International Tribunal for the Law of the Sea (ITLOS).

USN's Fourth MUOS Satellite Launched

After a two-day delay due to tropical storm conditions, the Navy's fourth Mobile User Objective System (MUOS) satellite launched at 6:18 a.m. EDT from Space Launch Complex 41.

Finance

Greece Wants EU Funding to Tackle Migrant Influx

Greece will ask the European Union for about 700 million euros to build infrastructure to shelter the hundreds of refugees and migrants arriving on its shores daily, the government said on Thursday.

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 2.0619 sec (0 req/sec)