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.
CP Ships Reports 2Q Results
CP Ships Limited has announced an unaudited operating income for second quarter 2003 of $40 million, nearly double the $21 million operating profit in second quarter 2002 and a $42 million improvement from the $2 million operating loss before exceptional items of $10 million in first quarter 2003. Basic earnings per share was $0.32 compared with $0.20 in second quarter 2002 and basic loss per share before exceptional items of $0.12 in first quarter 2003. Net income was $29 million compared to $16 million in the same period 2002 and a net loss of $11 million before exceptional items in the first quarter 2003. Volume at 558,000 teu was a quarterly record, up 12% from second quarter last year.
CP Ships Announces $34M 4Q Profit
CP Ships Limited today announced unaudited fourth quarter 2002 operating income before exceptional items of US $34 million, unchanged from the third quarter and slightly down from $35 million in fourth quarter 2001. Basic earnings per share before exceptional items was $0.23 compared with last year's $0.30 and third quarter's $0.27. Volume at 550,000 teu was a quarterly record, up 17% from fourth quarter 2001, reflecting both strong growth and the first full quarter of Italia Line. Average freight rates increased 1% from third quarter 2002 but were 4% lower than fourth quarter 2001. Cash from operations before exceptional payments was $29 million or $0.32 per share. Net income available to common shareholders was $23 million, compared to $25 million in fourth quarter 2001.
Contship Joins MedPac Conference
years ago. Livorno, Genoa, Cartegena, Long Beach, Vancouver, Portland and Oakland. fortnightly to a 10-day schedule, with the introduction of larger and faster ships. Israel Navigation. our presence on this important trade. an excellent platform to explore the future development of our brand off the U.S. than 10 years and currently offers a nine-day service operated by five ships.
CP Ships Posts First Quarter Loss
CP Ships Limited announced an unaudited first quarter 2003 operating loss of $2 million before exceptional items, a $4 million improvement on the $6 million operating loss in first quarter 2002 and compared with $34 million operating income before exceptional items in fourth quarter 2002. Basic loss per share before exceptional items was $0.12 compared with last year’s first quarter loss per share of $0.14 and fourth quarter 2002’s earnings per share of $0.23 before exceptional items. loss was $21 million representing a basic loss per share of $0.23 compared with $11 million net loss in the same quarter last year or loss per share of $0.14. Net income for fourth quarter 2002 was $23 million, a basic earnings per share of $0.26.
CP Ships Reports 3Q Results
CP Ships Limited today announced unaudited operating income before exceptional charges for third quarter 2002 of $33 million, which is $1 million lower than operating income before exceptional charges for same period last year, and a $12 million improvement from the $21 million operating profit in second quarter 2002. Net income for the third quarter 2002 was $17 million, compared to a loss of $9 million. Basic earnings per share was $0.26 before exceptional charges and $0.19 after, compared with last year's $0.35 before and a loss of $0.11 after. "Stronger than expected volume particularly in the TransAtlantic and generally improved average freight rates led to better results for the quarter," said CP Ships' CEO Ray Miles.
