Marine Link
Friday, March 29, 2024
SUBSCRIBE

Ray Miles 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.

16 Nov 2001

CP Ships Secure Long-Term Agreement

Canadian Pacific Railway and CP Ships have reached a long-term agreement that will see CPR continue as the shipping company's exclusive Montreal Gateway rail carrier well into the future. The two companies have extended their existing agreement, originally due to run until 2004, for another 10 years to 2014. The new agreement secures CPR's position as the leading rail service provider in the Port of Montreal, handling the majority of the port's containerized rail traffic. CPR and CP Ships had agreed in principle to the terms of the agreement before their recent spin-off from Canadian Pacific Limited."This long-term partnership preserves CPR's strong and secure position in one of North America's busiest container ports," said Rob Ritchie, CPR's President and CEO.

14 Nov 2001

CP Ships to Acquire Nordana Line

CP Ships, one of the world's top ten container shipping companies, has reached agreement with Dannebrog of Denmark to acquire Caribbean/Latin American market specialist Nordana Line. The acquisition includes Nordana's business and services and its 10,000 teu container fleet. roll-on/roll-off ships owned by Dannebrog and the sub-charter of three chartered-in ships. commented Chief Executive Officer Ray Miles. Nordana operates three services with a total annual volume of about 50,000 teu. and the Mediterranean. A third service operates between the US/Central America and North Coast South America in co-operation already with the CP Ships brands, Lykes Lines and TMM Lines. CP Ships first entered Latin American markets with its 1997 acquisition of Contship Containerlines. Latin America.

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.

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."

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.

01 Jun 2004

CP Ships Restructures Executive Ranks

Following the appointment of Frank Halliwell as CEO by the Board of Directors in early May, CP Ships announced a restructured executive management team. Alan Boylan is joining CP Ships as Executive Vice President Commercial for Montreal Gateway, Australasia and Middle East/India. He was previously Senior Vice President responsible for ocean freight activities at Exel, the global logistics company. He joined the shipping industry in 1974 as a marine economist with Ocean Transport & Trading, an Exel predecessor company. He will be based in Gatwick, UK. Juan Manuel Gonzalez has been promoted to EVP Commercial for Americas-Pacific and Gulf/Atlantic. He was formerly Senior Vice President Americas-Pacific. He is based in Tampa, Florida.

20 Nov 2000

CP Ships Continues New Ship Spending Spree

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…

13 Dec 2000

CP Ships, FastShip Announce Agreement

CP Ships has signed an agreement with FastShip to assume commercial and marketing management for FastShip's TransAtlantic services. London-based CP Ships is the TransAtlantic's largest container service operator with twelve separate loops, and the seventh largest world-wide. FastShip, headquartered in Philadelphia, is creating a high-speed Transatlantic transport network. allow for pooling opportunities between FastShip and CP Ships. CP Ships is also taking a small equity position in FastShip. "We see FastShip as a complement to our existing range of TransAtlantic services. By including FastShip as another strong brand among our service offerings we will be able to provide a competitive advantage to customers who require high-speed transport that is less costly than air freight…

30 Jan 2001

Agreement Brings CP Ships Into Europe/Asia Trade

CP Ships has signed a slot charter agreement with CMA CGM that will enable it to enter the trade between Europe and Asia. The two-year agreement starts in March and by the end of the year the slot charter will reach 1,500 TEU per week in each direction. It will cover CMA CGM's three fixed-day weekly services, French Asia Line, North China Express and Mediterranean Express. Ray Miles, CEO of CP Ships said, "We have been seeking a cost-effective entry into the Europe-Asia trade. In CMA CGM, we have a strong partner with a fine reputation and a well-run service. This co-operation offers an excellent opportunity to build our presence." Jacques Saadé, Chairman of Holding CMA-CGM said, "Over the last few years, we have developed a strong strategic partnership with CP Ships.

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.

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.

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

22 Aug 2005

CP Ships Accepts $2B Offer

The CP Ships Limited Board of Directors has unanimously recommended that shareholders accept an offer from TUI AG to acquire CP Ships in an all-cash transaction for US $21.50 per share or about $2 billion on a fully diluted basis. Including the assumption of net debt of $0.3 billion at 30th June 2005, the transaction has a total value of $2.3 billion. The offer price represents a premium of about 28% over CP Ships average closing share price over the past three months. TUI, the parent of Hapag-Lloyd, plans to combine Hapag-Lloyd and CP Ships to create the world's fifth-largest container shipping company with a fleet of 139 ships (and a further 17 on order) for a capacity of approximately 400,000 teu on over 100 routes spanning the globe.

29 Dec 2005

Miles, Webber Step Down from CP Ships

Following the completion of the acquisition by TUI AG of CP Ships and its de-listing from the Toronto and New York stock exchanges, CEO Ray Miles will step down from his position on December 31, 2005, and CFO Ian Webber will leave CP Ships at the end of January 2006. "Throughout his career Ray has had a tremendous influence on our industry. He transformed an underperforming single-route two-vessel shipping line into a consistently profitable top-20 international carrier. And, as the first Chairman of the World Shipping Council, he oversaw the development of the container shipping industry's highly successful cooperative relationship with the U.S. government on maritime security.

30 Dec 2005

CP Ships’ CEO and CFO to Step Down

Following the completion of the acquisition by TUI AG of CP Ships and its de-listing on 20th December from the Toronto and New York stock exchanges, CEO Ray Miles will step down from his position on December 31. CFO Ian Webber will leave CP Ships at the end of January 2006. Miles started his shipping career in 1972 with Ocean Transport & Trading. He subsequently served as Executive Vice President of Barber Blue Sea and Managing Director of Global Equipment Management which promoted the grey-box concept of container fleet management. Council and of the Box Club, was a Director of West of England P&I Club and is a Trustee of the National Maritime Museums in Greenwich and Cornwall. 17 years with PricewaterhouseCoopers, the last five as an audit partner.

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.

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.