CP Ships Denies Reports of Acquisition

Maritime Activity Reports, Inc.

March 3, 2003

CP Ships Limited announced that it does not intend to acquire Kien Hung. Growth through selective acquisition is a well-known element of CP Ships' overall business strategy. Therefore, at any given time a number of possible transactions are likely to be under consideration and there is on occasion rumor of its possible interest in particular businesses. As a matter of policy, CP Ships does not usually comment on such rumors or associated reports. However, in light of a number of recent inaccurate reports of a definitive transaction between CP Ships and Kien Hung, an exception is being made in this case.
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