Marine Link
Friday, March 29, 2024
SUBSCRIBE

Roe Logistics News

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."

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.

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