CP Ships Limited has exercised options to purchase for approximately $180 M four ice- strengthened containerships currently
bareboat chartered. As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares
and private placement
of $200 million of senior unsecured notes. The purchase is expected to close in the third quarter.
The ships are Canmar Fortune, Canmar Courage, Canmar Pride and Canmar Honour.