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.