CP Ships Commits to Newbuild Charters

Tuesday, August 12, 2003
CP Ships Limited today announced its agreement to the long-term charter of nine 4250 teu newly built containerships from Seaspan Container Lines for a term of up to ten years. Scheduled for delivery between late 2005 and early 2007, the ships will be built by Samsung Heavy Industries of Korea. "We recently completed a four-year $800 million ship investment program to replace chartered ships with owned ships. But with the addition of Italia Line last year, various service expansions and the prospect for future trade growth our requirements have evolved. These new long-term charters will ensure we have the right ships when we need them and reduce further our reliance on the volatile, and through the cycle more expensive, short to medium term charter market," commented CP Ships CEO Ray Miles. "Furthermore, the charter rate is close to our equivalent cost of ownership including financing." CP Ships already has six similar 4100 teu ships in its fleet and this ship size will represent a core element of the long-term fleet required to service its regional trades.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Container Ships

Drug Interception at Red Hook Container Terminal

Approximately 121 pounds of heroin and eight pounds of cocaine were discovered in a shipping container of vegetables that was moving from Ecuador to Miami, Fla.

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0614 sec (16 req/sec)