CP Ships Begins Trading on TSE and NYSE
CP Ships, one of the world's top ten container shipping companies, began trading on the Toronto Stock Exchange and the New York Stock Exchange under the symbol TEU. The listings follow the reorganization of the company's former parent, Canadian Pacific Limited, which was completed on October 1, 2001. Effective today, CP Ships is also included in the S&P/TSE 60 Index of top Canadian publicly listed companies, as well as the TSE 300 and the S&P Global 1200. A leader in the majority of its core markets, CP Ships' earnings have consistently exceeded cost of capital throughout the business cycle. It is the only container shipping company to be listed in North America.
CP Ships Secures Financing
CP Ships is in the process of closing a secured five year revolving credit facility. Citibank N.A. has underwritten $ 250 million of the facility, which is expected to be $350 million in total. Closing of the underwritten portion of the facility is expected by the end of the year. The facility, which has been placed with banks with extensive experience of lending to the shipping industry, will be used primarily to finance CP Ships' previously announced $800 million ship investment program. Ships' regional trades. CP Ships also has in place a secured $175 million revolving credit facility, which became effective on August 2, 2001. announced on September 21 by CP Ships' former parent, Canadian Pacific Limited.
Canadian Pacific To Acquire TMM's Shareholding In Americana Ships
Canadian Pacific Limited has agreed to acquire the outstanding 50 percent of the Americana Ships joint venture from its partner, Transportacion Maritima Mexicana SA de CV of Mexico. CP Ships and TMM formed Americana Ships in January 1999 as an equal partnership. TMM has now decided to narrow its strategic focus to concentrate on its other activities. Completion of the transaction, which is subject to regulatory approval, is expected early in the new year. It will confer full ownership of the container shipping services operated under the Lykes Lines, TMM Lines and TMG brands to Canadian Pacific's container shipping subsidiary, CP Ships. The transaction also includes the 27,000 teu container fleet owned by TMM and used by Americana Ships.
CP Ships Secure Long-Term Agreement
Canadian Pacific Railway and CP Ships have reached a long-term agreement that will see CPR continue as the shipping company's exclusive Montreal Gateway rail carrier well into the future. The two companies have extended their existing agreement, originally due to run until 2004, for another 10 years to 2014. The new agreement secures CPR's position as the leading rail service provider in the Port of Montreal, handling the majority of the port's containerized rail traffic. CPR and CP Ships had agreed in principle to the terms of the agreement before their recent spin-off from Canadian Pacific Limited."This long-term partnership preserves CPR's strong and secure position in one of North America's busiest container ports," said Rob Ritchie, CPR's President and CEO.
Canadian Pacific to Acquire TMM's Shareholding in Americana Ships
Canadian Pacific Limited has agreed to acquire the outstanding 50% of the Americana Ships joint venture from its partner, Transportacion Maritima Mexicana SA de CV of Mexico. CP Ships and TMM formed Americana Ships in January 1999 as an equal partnership. TMM has now decided to narrow its strategic focus to concentrate on its other activities. Completion of the transaction, which is subject to regulatory approval, is expected early in the new year. It will confer full ownership of the container shipping services operated under the Lykes Lines, TMM Lines and TMG brands to Canadian Pacific's container shipping subsidiary, CP Ships. The transaction also includes the 27,000 teu container fleet owned by TMM and used by Americana Ships.
Miles, Webber Step Down from CP Ships
Following the completion of the acquisition by TUI AG of CP Ships and its de-listing from the Toronto and New York stock exchanges, CEO Ray Miles will step down from his position on December 31, 2005, and CFO Ian Webber will leave CP Ships at the end of January 2006. "Throughout his career Ray has had a tremendous influence on our industry. He transformed an underperforming single-route two-vessel shipping line into a consistently profitable top-20 international carrier. And, as the first Chairman of the World Shipping Council, he oversaw the development of the container shipping industry's highly successful cooperative relationship with the U.S. government on maritime security.
CP Ships’ CEO and CFO to Step Down
Following the completion of the acquisition by TUI AG of CP Ships and its de-listing on 20th December from the Toronto and New York stock exchanges, CEO Ray Miles will step down from his position on December 31. CFO Ian Webber will leave CP Ships at the end of January 2006. Miles started his shipping career in 1972 with Ocean Transport & Trading. He subsequently served as Executive Vice President of Barber Blue Sea and Managing Director of Global Equipment Management which promoted the grey-box concept of container fleet management. Council and of the Box Club, was a Director of West of England P&I Club and is a Trustee of the National Maritime Museums in Greenwich and Cornwall. 17 years with PricewaterhouseCoopers, the last five as an audit partner.
Bulker Refloated in St. Lawrence Seaway
A 623-foot bulk carrier was refloated in the St. Lawrence Seaway Saturday after running aground near Wellesley Island, N.Y. last Wednesday. The Antigua Barbuda flagged vessel Pacific Huron was refloated under the direction of the Donjon-Smit salvage master, two Canadian tugs, the Evans Mckeil and the Ocean A. Simard. No injuries or pollution have been reported. A pilot boarded Pacific Huron to navigate the vessel to its anchorage location at Mason Point. On Sunday divers conducted an underwater hull survey, and the classification society inspected the ship’s propulsion system.
CP Ships, FastShip Announce Agreement
CP Ships has signed an agreement with FastShip to assume commercial and marketing management for FastShip's TransAtlantic services. London-based CP Ships is the TransAtlantic's largest container service operator with twelve separate loops, and the seventh largest world-wide. FastShip, headquartered in Philadelphia, is creating a high-speed Transatlantic transport network. allow for pooling opportunities between FastShip and CP Ships. CP Ships is also taking a small equity position in FastShip. "We see FastShip as a complement to our existing range of TransAtlantic services. By including FastShip as another strong brand among our service offerings we will be able to provide a competitive advantage to customers who require high-speed transport that is less costly than air freight…
Coast Guard Responds to Grounded Vessel in St. Lawrence Seaway
The U.S. Coast Guard and the Saint Lawrence Seaway Development Corporation are responding to the motor vessel Pacific Huron, loaded with soybean, that ran aground late Wednesday in the Saint Lawrence Seaway near Wellesley Island, New York. The forward portion of the 623-foot motor vessel is aground and their stern anchor is deployed. The vessel is 1,000 feet outside of the channel. There are no reported injuries to the crew, and no reported leaks, pollution, or flooding on the vessel. The seaway is continuing to manage traffic around the vessel through the navigation channel. Inspectors from the SLSDC, the Canadian St. Lawrence Seaway Management Corporation and a marine inspector from the Coast Guard Marine Safety Detachment Massena…
Sunken Canadian Ship Polluting Alaskan Coast
According to a Feb. 24 report from The Gazette, a sunken Canadian steamship that offered luxury cruises for decades along the British Columbia coast, then served a crucial role during the Second World War transporting troops, supplies and Jewish refugees, is now polluting the waters of a major Pacific Ocean inlet. The Princess Kathleen, a Canadian Pacific cruise ship sank in a storm off southeast Alaska nearly 60 years ago and has been identified as the source of a persistent oil slick in waters north of Juneau after U.S. Coast Guard officials dived to the wreck site last week. (Source: The Gazette)
Canada Embarks on Arctic Survey Mission
Canada has launched its 2016 Arctic expedition to collect important scientific information to support the nation’s submission on the extended continental shelf in the Arctic Ocean. This year’s survey is a collaborative effort with Sweden, and Danish scientists will also participate in the research. The Canadian icebreaker CCGS Louis S. St-Laurent left Dartmouth on July 22, 2016, for Tromsø, Norway, where it will take on board personnel from Natural Resources Canada’s Geological Survey of Canada…
MarAd Approves Sale and Transfer of Five Vessels
The Maritime Administration (MarAd) has approved the sale and transfer of five vessels under section 9 of the Shipping Act, of 1916, as amended. MarAd has approved an application filed by Zapata Gulf Pacific, L.L.C., of New Orleans, Louisiana for the sale of the offshore supply Adam Tide Official No. 1062708, to Tidewater Boat Limited, New Orleans, Louisiana, a Cayman Island corporation, and the transfer of said vessel to Vanuatu registry and flag. An application has been approved filed by Twenty Grand Offshore, Inc., of New Orleans, La., for the sale of the offshore supply Ed Kyle Official No. 1135063, to Tidewater Boat Limited, New Orleans, Louisiana, a Cayman Island corporation, and the transfer of said vessel to Vanuatu registry and flag.
S&P Cautions On CP Ship After The Split
Standard & Poor's placed its triple-'B'-corporate credit rating on CP Ships Holdings Inc. and its triple-'B'-minus corporate credit and senior unsecured debt ratings on Legacy Hotels Real Estate Investment Trust on CreditWatch with negative implications. The CreditWatch placements follows Canadian Pacific Ltd.'s announcement that it intends to split into five separate companies (see related press release). Under the proposal, PanCanadian Petroleum, Canadian Pacific Railway, CP Ships, and Fording would become publicly traded companies, each separately owned, operated, and capitalized. Canadian Pacific would then be left with its sole remaining holding of a 100% interest in CP Hotels, constituting the fifth separate company.
Correction: Mississippi River Closed in Iowa after Barge Hits Bridge
The U.S. Coast Guard on Tuesday closed the Mississippi River at Sabula, Iowa, after a barge struck a railroad bridge, said Eric Washburn, bridge administrator for the agency's Eighth District Western Rivers Bridge Branch. The river was closed 1 mile (1.6 km) north and 1 mile south of the site of the accident as of about 3 p.m. CDT (2000 GMT), Washburn said. The barge was stuck in an open position. The contents of the barge were unknown as investigators traveled to the site, he said. "The investigators will have to inspect the bridge and make a determination if it needs repairs," added Tim Marriott, enforcement chief for the Coast Guard's upper Mississippi River sector. The rail bridge was owned by Canadian Pacific Railway Ltd , said company spokesman Ed Greenberg.
Kongsberg Maritime's Double Whammy 200th Anniversary
Kongsberg Geoacoustics informs it has delivered its 200th Geoswath Plus on Kongsberg Maritime’s 200th anniversary. Nick Burchill, Subsea Sales Manager for Kongsberg Maritime in Canada presented a plaque to Denis D'Amours, Director of the Canadian Hydrographic Service's Pacific Region, which uses the equipment, in honour of the occasion. The Canadian Hydrographic Service uses its GeoSwath Plus systems for shallow water mapping when a high rate of coverage is required. According to Ken Halcro…
Human Smuggling Operation Uncovered on West Coast
There may be links between the case of 36 illegal Chinese immigrants found on a container ship here on Tuesday and a similar human smuggling operation uncovered last week in Long Beach, California, Canadian officials said. A Canadian Customs official said it was "highly likely" the two smuggling attempts were connected, but police said they had not confirmed the same smugglers were involved. Both attempts involved hiding the human cargo in squalid shipping containers designed for freight. The containers in which the migrants were found in Vancouver were bound for Long Beach. Canadian immigration officials have begun interviewing the 36 stowaways…
Canadian Warship Collision Forces Return to Port
HMCS 'Algonquin' and HMCS 'Protecteur' return to Esquimalt harbour following their collision while conducting exercise manoeuvres en route to Hawaii. There were no reported injuries. “The Royal Canadian Navy will be conducting an investigation into this unfortunate incident in order to determine exactly what happened,”said Commodore Bob Auchterlonie, Commander of Canadian Fleet Pacific. The two warships were conducting towing exercises, which require close-quarters manoeuvring, when the incident occurred.
NYK Charters 2 LNG Carriers for Freeport LNG Project
Two joint-venture companies that NYK has established with Chubu Electric Power Co. Inc. each concluded a time-charter contract for a new liquefied natural gas (LNG) carrier with Chubu Electric Power Co. Inc. In addition, one of the joint-venture companies, Trans Pacific Shipping 6 Limited, concluded a shipbuilding contract with MI LNG Company Limited,* and other joint-venture company, Trans Pacific Shipping 7 Limited, concluded a shipbuilding contract with Kawasaki Heavy Industries Ltd. These new ships will be managed by NYK after being delivered in 2018 and assigned to transport LNG for a 20-year period from the Freeport LNG Project, in which Chubu Electric Power Co. Inc. has an equity interest.
Japanese Tsunami Casualty Spotted on Canadian Coast
Fishing vessel swept away by the 2011 tsunami found adrift after pacific transit. An aircraft patrolling the seas off British Columbia saw the 15m (50ft) vessel floating 170 miles from the Haida Gwaii islands off the Canadian coast according to BBC News. It is believed to be the first large item from the millions of tonnes of tsunami debris to cross the Pacific. Nobody is believed to be on board the ship, and Japanese officials said the boat was lost from Hokkaido in the north of the country and its owner was listed as missing. The Canadian transport ministry is monitoring the vessel, registered in Hokkaido, Japan, for marine pollution or in case it turns an obstruction.
Polynesian Shipping Sold to Neptune Pacific Line
The Board of Polynesian Shipping Line Limited, Apia informed that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited. The sale is as a going concern and will continue to provide services in the Australian and New Zealand trades to Fiji, the Samoas and the Kingdom of Tonga as well as the interisland trade. In addition, the existing global freight services to the Samoas and Tonga will continue and be developed further. It is informed…
Lewis-Manning VP Canadian Shipowners Association
Bruce Bowie, President of the Canadian Shipowners Association (CSA), announced the appointment of Robert Lewis-Manning as Vice-President, Operations effective November 30. Lewis-Manning holds a master’s degree in Business Administration from Royal Roads, a Bachelor of Arts from Dalhousie, as well as a Command Certification (Masters) from the Naval Operations School in Halifax. He comes to the CSA after a 24-year career in the Canadian Navy where he held positions as Team Leader for the Canadian Forces Transformation Team…
West Coast is Key for Exporting Bigger Canada Crops
Canada needs to invest in shipping more grains and oilseeds off the West Coast as harvests get larger, to avoid the massive transportation backlogs that followed last year's record crops, industry officials said on Wednesday. Last year, 19.3 million metric tons of grain moved in bulk and containers combined through Port Metro Vancouver, British Columbia, the country's biggest port, which connects Canadian commodities with Asian buyers, according to the port. But handling Canadian…