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. It also includes the time charter of three roll-on/roll-off ships owned by Dannebrog and the sub-charter of three chartered-in ships.

"The acquisition of Nordana Line is a good example of one of the principal elements of our strategy, making acquisitions to reinforce our position as the container shipping industry's regional market leader," commented Chief Executive Officer Ray Miles. Nordana operates three services with a total annual volume of about 50,000 teu. Two services link the Caribbean and Central America with the US 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. Subsequent acquisitions of Ivaran Line and TMM Lines expanded greatly the company's coverage throughout the Caribbean and Latin America. Today three CP Ships brands offer services in six of the region's trade lanes.

"As with our previous acquisitions, it will introduce new opportunities for synergy and cost savings and strengthen our business based in this region," commented Chief Operating Officer Frank Halliwell. "We look forward to bringing Nordana into our family. It will enable us to expand even further the unique range of choice we offer our customers."

Nordana started in 1957 as a joint venture between Norwegian and Danish interests. Subsequently it became wholly-owned by Dannebrog. The acquisition is expected to close in early 2002 after completion of definitive documentation.