CP Ships Has Good 1Q; Rich Named New Chairman

Tuesday, May 10, 2005
CP Ships Limited announced unaudited operating income of $29 million for the first quarter 2005, more than double first quarter 2004. Net income was $15 million against $3 million. The quarterly dividend has been increased from $0.04 to $0.06 per share.

The Board of CP Ships Limited also announced that it intends to appoint Nigel Rich as non-executive Chairman. It also confirmed that Ray Miles will continue to exercise overall executive responsibility as acting Chief Executive Officer until the appointment of a new CEO.

"I am delighted that Nigel has agreed to become Chairman. We will benefit greatly from his experience," said Ray Miles. "And I will support him and the company fully until I step down as a director of CP Ships after a new CEO is on board, " said Ray Miles.

Nigel Rich has been a non-executive director of CP Ships since it was publicly listed in 2001 and is currently Chairman of Exel, the UK-listed global logistics business. He is also a director of Pacific Assets Trust and was formerly Chairman of Hamptons Group, a real estate services company, and has previously been a director of Granada and Harvey Nichols. He spent 20 years with the Jardine Matheson group in Asia and was its CEO from 1989 to 1994.

Ray Miles was CEO of CP Ships from 1988 to May 2004 when he became Chairman, but resumed executive responsibility in December 2004 when his successor as CEO resigned. He will chair the Annual Meeting of Shareholders on 10th May in Toronto.

If elected as a director at the Annual Meeting, Mr Rich would become Chairman immediately thereafter.

Maritime Today


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

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

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.0899 sec (11 req/sec)