CP Ships Continues New Ship Spending Spree

Monday, November 20, 2000
CP Ships has taken the next step in its major fleet re-building program by signing a contract with China Shipbuilding Corporation of Taiwan for the construction of five geared 3,200 TEU containerships. They are designed to be employed in CP Ships' South American services. Delivery of the newbuildings will take place between mid-2002 and early 2003. The ships will measure 243 m long by 32.2 m wide, and will be equipped with 400 reefer plugs and operate at a service speed of 22.5 knots. Several containerships built by China Shipbuilding Corp already serve in the CP Ships fleet. With the China Shipbuilding contract, CP Ships has passed the half-way point in a series of retonnaging commitments, which when realized, will increase significantly the proportion of owned and long-term chartered ships in CP Ships' fleet. "This retonnaging program will reduce ship system costs, improve operating efficiency and expand capacity throughout the group. It will also reduce our exposure to the short-term charter market and reshape our fleet so that it consists of ships suitable for deployment in many of our trades," commented CP Ships CEO Ray Miles. In the past year, CP Ships' fleet investment commitments have included: * Contract with Daewoo for three x 4100 TEU high reefer content newbuildings for delivery in 2002, to be deployed by Contship Containerlines in its Europe-Australasian trades. * Acquisition of one 3000-TEU ship from CMA-CGM to be deployed under U.S. flag in Lykes Lines' Gulf Atlantic Sprint service. * Acquisition of six 3300-TEU used containerships from Yang Ming for deployment by Americana Ships in 2001. * Acquisition of two RoRos in ANZDL's Trans Tasman trade. * Long-term charter of six x 4100-TEU newbuildings being built by Samsung for deployment starting in 2002. CP Ships has also extended charters on several of its core ships being operated by Contship, Lykes Lines, TMM Lines and ANZDL.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Aussie Tug Engineers take Deal, Cancel Strike

Tug engineers withdrew plans to strike at Port Hedland, Australia's biggest iron ore port, tug operator Teekay Shipping said on Thursday, removing a threat to exports

MoA for APM Terminals in Ghana Port Deal

Port operator APM Terminals, a unit of shipping and oil conglomerate A.P. Moller-Maersk , said on Thursday it had signed a memorandum of understanding with the

Lynden to Provide Barge Service for Tulsequah Mine Project

Lynden Logistics, LLC signed a letter of intent with Chieftain Metals Corp. to provide barge services in support of the construction and production of the Tulsequah Mine in British Columbia.

Tanker Trends

Shipowner Exmar Shelves IPO ... for Now

EXMAR (Euronext: EXM) said that due to unfavorable current capital market conditions, it is delaying the launch of the contemplated initial public offering (IPO)

NAT CEO: Low Oil Prices Benefit the Tanker Market

Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing

CEO Lone: China, India to Dominate Oil Trade

China and India will account for about 35% of global oil trade in the next 10 to 15 years, according to predictions by  Harald Lone, Chairman and CEO of Newport Shipping Group.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.3551 sec (3 req/sec)