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CP Ships Appoints Torrens VP

Maritime Activity Reports, Inc.

January 14, 2002

Iain Torrens has been appointed vice president, treasurer for CP Ships. He is based at the company's management headquarters in London and reports to CFO Ian Webber. In his new role Torrens will be responsible for group treasury and taxation activities. Graham Lambert continues with his treasury responsibilities reporting to Iain Torrens. Torrens was previously Deputy Group Treasurer for Cookson Group plc, the U.K. international materials technology company.

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