CP Ships Expects 1Q Results to Imrpove

CP Ships Limited announced that in the first quarter, overall volume was up 9% on first quarter last year and all market segments grew. Freight rates softened slightly, mostly due to seasonality. "The first quarter is traditionally a difficult one, but we expect to report quarterly results ahead of last year's and maintain our positive outlook for the year as a whole, despite continuing cost pressures," said CEO Ray Miles. CP Ships will announce its first quarter 2004 results on May 11, 2004.