Agreement Brings CP Ships Into Europe/Asia Trade

CP Ships has signed a slot charter agreement with CMA CGM that will enable it to enter the trade between Europe and Asia. The two-year agreement starts in March and by the end of the year the slot charter will reach 1,500 TEU per week in each direction. It will cover CMA CGM's three fixed-day weekly services, French Asia Line, North China Express and Mediterranean Express. Ray Miles, CEO of CP Ships said, "We have been seeking a cost-effective entry into the Europe-Asia trade. In CMA CGM, we have a strong partner with a fine reputation and a well-run service. This co-operation offers an excellent opportunity to build our presence." Jacques Saadé, Chairman of Holding CMA-CGM said, "Over the last few years, we have developed a strong strategic partnership with CP Ships. We already work together in several trades including three services between India Pakistan and Europe, U.S. and SE Asia and our Tour de Monde joint service and look forward to this new opportunity to co-operate further." CP Ships intends to use both the Contship Container lines and Lykes Lines organizations to market the service.