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Cp Ships Limited News

12 Aug 2003

CP Ships Commits to Newbuild Charters

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. built by Samsung Heavy Industries of Korea. replace chartered ships with owned ships. growth our requirements have evolved. medium term charter market," commented CP Ships CEO Ray Miles. service its regional trades.

12 Jan 2004

CP Ships Announces 4Q Reporting Date and Webcast

CP Ships Limited plans to announce its fourth quarter 2003 financial results on Thursday 5th February 2004. CEO Ray Miles will host a conference call and presentation to the investment community on 5th February at 11:00 am Eastern time, 4:00 pm London, UK time. The conference call and presentation will be webcast live and can be accessed through the CP Ships website (www.cpships.com). The webcast will also be available in archive through the CP Ships website until Friday 5th March 2004.

03 Feb 2004

CP Ships Appoints Director of Environmental Services

CP Ships Limited has appointed environmental management specialist Dennis Fortune as its first Director of Environmental Services, based in Montreal. Mr Fortune is responsible for leading CP Ships' extensive environmental management program which involves all aspects of the company's operations including marine and terminal activities, hazardous cargo handling, occupational health and safety and compliance with local and international regulations. "We are proud of our environmental management track record and, with Dennis's extensive experience, we look forward to building on our strengths," commented CP Ships' CEO Ray Miles. Mr Fortune has more than 20 years of environmental management experience, most recently as head of his own consultancy, Dennis Fortune Environmental Associates Inc.

05 Feb 2004

CP Ships Reports 4Q Results

CP Ships Limited today announced unaudited fourth quarter 2003 operating income of US $49 million, up from $34 million before exceptional items in fourth quarter 2002 and up from $44 million in third quarter 2003. Basic earnings per share was $0.46 compared with 2002's $0.23 before exceptional items and third quarter's $0.37. Net income available to common shareholders was $41 million, compared to $23 million in fourth quarter 2002. For 2003 overall, operating income before exceptional items was $131 million compared with $83 million in 2002. Basic earnings per share before exceptional items was $1.02 compared with $0.59. Return on average capital employed at 7.3% was up from 5.7% in 2002. Net income available to common shareholders was $82 million compared to $52 million in 2002.

19 Feb 2004

CP Releases Note Pricing Details

CP Ships Limited reached agreement with initial purchasers to issue $175 million of 4% convertible senior subordinated notes due 2024. CP Ships has also offered the initial purchasers the option to buy up to an additional $25 million aggregate principal amount of notes exercisable within 30 days from Feb. 19, 2004. The notes will be convertible into CP Ships’ common shares under certain specified conditions. CP Ships may call the notes for cash at any time after July 3, 2009. Holders of notes may put the notes to CP Ships in exchange for cash on June 30, 2009, June 30, 2014 and June 30, 2019. The notes will be convertible into CP Ships’ common shares at an initial conversion price of approximately $25.22 per share…

23 Mar 2004

CP Ships to Acquire ROE Logistics

CP Ships Limited and Montreal-based ROE Logistics have entered into an agreement for CP Ships to acquire ROE. As a way of leveraging our strong regional positions and adding value to our core container services, we are selectively developing logistics services in markets where it makes sense," commented CP Ships CEO Ray Miles. "Well established in one of our key regions, ROE will enable us to build on the container transport services we offer our Montreal and Vancouver Gateway customers."

25 Mar 2004

CP Ships Closes on $525M Credit Facility

CP Ships Limited has closed on a five-year $525 million secured multicurrency revolving credit facility. and one for $350 million completed in March 2002. general corporate purposes including capital expenditure and acquisitions. Pricing is linked to credit ratings. 0.44% payable on the undrawn portion. the facility, the applicable margin will increase by 0.15%. mandated lead arrangers. banks with extensive experience of lending to the shipping industry.

04 May 2004

CP Ships Expects 1Q Results to Imrpove

CP Ships Limited announced that in the first quarter, overall volume was up 9% on first quarter last year and all market segments grew. Freight rates softened slightly, mostly due to seasonality. "The first quarter is traditionally a difficult one, but we expect to report quarterly results ahead of last year's and maintain our positive outlook for the year as a whole, despite continuing cost pressures," said CEO Ray Miles. CP Ships will announce its first quarter 2004 results on May 11, 2004.

05 May 2004

CP Ships Appoints New Chairman, CEO

Following the Annual and Special Meeting of Shareholders today, CP Ships Limited's Board of Directors appointed Ray Miles as Chairman and Frank Halliwell as CEO. Former Chairman Lord Weir has been appointed lead independent director. Ian Webber continues as CFO. Shareholders approved a change in the by-laws and the Board agreed to extend for a further year the terms of Lord Weir and John McNeil beyond the normal retirement date for non-executive directors of 70 years. The CP Ships Board now consists of the Chairman, six independent directors and two executive directors, all of whom have served since the company was first publicly listed in October 2001.

09 Aug 2004

CP Ships to Restate Previous Finance Results

previously reported financial results. accounting system in January. processes, for which corrective action has been taken and continues. number of balances from 31st December 2003 that need to be written off. There is no effect on cash. The main effect will be on 2003. in the first quarter 2004 report. million and $52 million. revision of net income of about $7 million. reported at $52 million. $6 million from the $8 million originally reported. of $82 million. PricewaterhouseCoopers and, for this, more time is needed. results and restated prior periods on 16th August. 2002 nor on financial statements for first quarter 2004.

17 Apr 2002

CP Ships Posts Modest Loss

CP Ships Limited announced an unaudited first quarter 2002 operating loss of $6 million, down from an operating profit of $31 million in the first quarter 2001 and $35 million before exceptional credits in fourth quarter 2001. Net loss was $11 million compared to net income of $25 million in the same period in 2001. Loss per share was 14 cents compared with basic earnings per share of 32 cents in the same quarter last year. In the seasonally weaker first quarter, volume at 436,000 teu was flat compared with the same period last year. Average freight rates were down 7% from fourth quarter 2001 and 13% lower than first quarter 2001. EBITDA was $14 million and cash flow from operations before restructuring costs was nil in the quarter.

30 Jul 2002

CP Ships Exercises Option to Purchase Four Ships

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.

26 Jul 2002

CP Ships Announces 2Q Results

CP Ships Limited announced an unaudited operating income for second quarter 2002 of $21 million. This was $18 million lower than the same period last year, but a $27 million improvement from the $6 million operating loss in first quarter 2002. Net income for the second quarter 2002 was $16 million compared to $35 million in the same period in 2001 and basic earnings per share was 20 cents compared with 40 cents. "Given difficult market conditions, which lead many of our competitors to sustain losses, we consider our second quarter $21 million operating income to be an excellent result," said CP Ships' CEO Ray Miles. Volume at 498,000 teu, a record for the second quarter, was up 6 percent from the same period last year.

06 Aug 2002

CP Ships Completes Acquisition

CP Ships Limited completed its acquisition of all issued and outstanding shares in Italia di Navigazione from d'Amico Societa di Navigazione S.p.A. for $40 million in cash. The acquisition was announced on May 30, 2002. 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. "We are pleased to welcome Italia as CP Ships' seventh brand," commented CP Ships' CEO Ray Miles. "By purchasing Italia CP Ships continues its strategy of making acquisitions to reinforce our regional leadership position, build trade lane economies of scale and create new opportunities for growth.

15 Nov 2004

CP Ships 3Q Results

CP Ships Limited today announced unaudited operating income for third quarter 2004 of $41 million, up from restated $38 million operating income in third quarter 2003. Net income available to common shareholders was $31 million compared to restated $27 million in the same period 2003. Basic earnings per share was $0.34 compared with restated $0.30 in third quarter 2003. EBITDA(A) was $72 million compared to restated $67 million in third quarter 2003. Free cash flow (B) was $95 million for third quarter 2004 and $130 million for January through September 2004. Volume of 578,000 teu was another quarterly record and was up 4% from third quarter last year, driven by growth in the TransAtlantic and Asia.

07 Dec 2004

CP Ships Reports on Trading Investigation

and chaired by Peter Dey has completed the previously announced investigation into stock trading activities in May and June of this year (2004) by certain officers of the company. investigation addresses, among other things, issues raised in an August 2004 letter from the Ontario Securities Commission concerning these stock trading activities. The Special Committee found that trading in shares of the Company by certain officers in that period should not have taken place. applicable securities laws. It also noted that the trading was done openly and with required internal trading approvals. The Special Committee has requested that the individuals involved, including Chairman Ray Miles, make appropriate restitution to the Company in respect of such trading activity.

16 Dec 2004

CP Ships Strengthens Financial Management

CP Ships Limited announced a strengthened financial management structure, including new senior positions. David Auger joined CP Ships as Group Financial Controller. He previously held senior group finance positions in the UK with ICI and Invensys and also worked with PricewaterhouseCoopers. A new position, VP Business Control, has been assumed by David Nicklin, who has held a number of senior financial management positions at CP Ships. maintenance of the new SAP financial accounting processes. He will also lead the senior level task force established to review and strengthen financial controls and related business processes. Both Auger and Nicklin report to Ian Webber as does Iain Torrens, who continues to be responsible for treasury and tax functions.

06 May 2005

CP Ships Acquires Borg Intl.

CP Ships Limited has acquired Borg International Freight Services Inc. Based in Montreal, Borg specializes in ocean and air freight forwarding and employs 22 people. Its annual gross revenue in 2004 was US $14 million. "The acquisition of Borg is a continuation of our plan to selectively develop logistics services as a way of leveraging strong regional market positions and adding value to our core container services. With Borg's Asian focus, we can build on the platform created by our acquisition of ROE Logistics a year ago," said Chairman Ray Miles. Borg's owner and founder Richard Azoulay is assuming a management role within the CP Ships logistics organization. Andy Wescoat appointed director of ExxonMobil Marine Fuels

10 May 2005

CP Ships Has Good 1Q; Rich Named New Chairman

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.

19 Jul 2005

CP Ships to Double Frequency

CP Ships Limited today announced that one year after launching fortnightly service between Asia and Australia, it plans to double the frequency to weekly through a vessel sharing agreement with Yantai Marine (SYMS). "The agreement with Yantai Marine enables us to build on the success of our first Asia-Australia service efficiently, without adding additional tonnage of our own," commented Juan Manuel Gonzalez, Executive Vice President. Start-up of the joint service is expected in early August with CP Ships and Yantai Marine each contributing two 1700 teu ships. The port rotation will be Chiwan, Hong Kong, Ningbo, Shanghai, Sydney, Brisbane with connections to CP Ships networks in Asia. At 11 days, the transit time between Shanghai and Sydney will be one of the fastest available.

03 Jan 2006

Adrion Appointed CEO of CP Ships

The board of CP Ships Limited has appointed Adolf Adrion new CEO effective 1st January 2006 following the completion of the acquisition of CP Ships by Hapag-Lloyd at the end of 2005 The new CFO will be Ulrich Kranich, effective 1st February 2006. Mr Adrion, also executive board member of Hapag-Lloyd AG, is retaining his previous responsibilities and is taking over from former CP Ships CEO Ray Miles, who stepped down from his post on 31st December 2005. Mr Kranich, also CFO of Hapag-Lloyd AG, will also retain his previous duties. He will succeed current CFO Ian Webber who will leave his post at the end of January. Adolf Adrion joined Hapag in 1957 and assumed various management functions. He was appointed a member of the executive board of Hapag-Lloyd AG in 2004.

03 Jan 2006

Adrion Appointed CEO of CP Ships

end of 2005 The new CFO will be Ulrich Kranich, effective 1st February 2006. Miles, who stepped down from his post on 31st December 2005. duties. end of January. functions. in 2004. Adrion is CEO of Hapag-Lloyd Container Line. container shipping industry associations. area. controlling of ship and container system costs worldwide. process of the integration of the two companies.

12 Aug 2005

CP Ships Announces Deployment of Newbuilds

deployed in its US East Coast-Indian Sub-Continent service. Kanha and Corbett. coming in early January 2006. costly short-term chartered ships. "We have been looking forward to the first of our new ships. service more efficiently. 2003," said Juan Manuel Gonzalez, Executive Vice President. and are currently under construction at Samsung Heavy Industries in Korea. and one in second quarter 2007. Their deployment has not yet been finalized. total to 21 by April 2007. workhorses of our fleet. they arise because of changes in trade demand," Mr Gonzalez added. of a vessel sharing agreement with two other carriers. Colombo, Nhava Sheva, Suez Canal, New York. completes its adoption of a single brand.