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.
Cananda Chamber of Shipping on Anchorage Operations
The Chamber of Shipping welcomes the federal government’s announcement of details concerning the review and modernization of anchorage operations as part of the Oceans Protection Plan. Commercial shipping results in $30 billion of economic activity annually in Canada and, at 1.8% of the Canadian economy, ships move more than $200 billion worth of goods to and from global markets. From farmers to retailers, many Canadian jobs depend on a healthy and thriving trade environment supported by a robust and fluid marine transportation network.
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…
Australia to Order Two More Patrol Boats
Australian Prime Minister, Malcolm Turnbull, and Timor-Leste Prime Minister, Mari Alkatiri, announced that Timor Leste would take two of Austal’s Guardian Class Pacific Patrol Boats (PPBs). When contracted this will increase the total production quantity to 21 from the 19 already committed. Following on from a visit to Austal’s dedicated patrol boat facility earlier that day, Prime Minister Alkatiri joined Prime Minister Turnbull to make the announcement, heralding a step forward in regional cooperation.
US Navy Rolls out New Measures after Deadly Collisions
The U.S. Navy has introduced new measures aimed at avoiding a repeat of two deadly crashes in the Asia Pacific region involving its warships and commercial vessels following a review of its practices, the Seventh Fleet commander said on Monday. Vice Admiral Phillip Sawyer’s comments come after a U.S. guided-missile destroyer was slightly damaged at the weekend when a Japanese tug drifted into it during a towing exercise off central Japan, the latest incident in the Pacific this year involving ships from the fleet. The U.S.
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.
Wärtsilä Modernizing Vessel for CCG
Wärtsilä will support the 1100 Class High Endurance Multitask Vessels operated by the Canadian Coast Guard, to renew their current propulsion generators. These vessels serve for buoy tending, search and rescue and icebreaking in each of the three Region of the Canadian Coast Guard. The new, more modern propulsion generators will contribute to the vessel's reliability for many years to come. Furthermore, the standards of engineering and fuel consumption for the new engines will lead to reduced operational costs and lower emissions.
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.
Quadrilateral Coalition on the Indo-Pacific
With an eye on China’s activities in the region, India said that the first meeting of its officials with those from the US, Australia and Japan — described as the “quadrilateral” — agreed that a “free, open, prosperous and inclusive Indo-Pacific region serves the long-term interests of all countries in the region and of the world at large”. "Officials from India’s Ministry of External Affairs, Australia’s Department of Foreign Affairs, Japan’s Ministry of Foreign Affairs and United State’s Department of State met in Manila on November 12…
Three-Carrier Strike Force Exercise to Commence in Western Pacific
The USS Ronald Reagan (CVN 76), USS Nimitz (CVN 68) and USS Theodore Roosevelt (CVN 71) strike groups will commence a three-carrier strike force exercise in the Western Pacific, Nov. 11-14. Units assigned to the strike force will conduct coordinated operations in international waters in order to demonstrate the U.S. Navy's unique capability to operate multiple carrier strike groups as a coordinated strike force effort. "It is a rare opportunity to train with two aircraft carriers together, and even rarer to be able to train with three," said U.S. Pacific Fleet Commander, Adm. Scott Swift.
Great Lakes Iron Ore Trade Surges in September
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6.5 million tons in September, an increase of 23.4 percent compared to a year ago, the Lake Carriers' Association (LCA) said. Shipments also bettered the month’s 5-year average by 8.5 percent. According to the LCA, shipments from U.S. ports totaled 6.2 million tons in September, an increase of 25.8 percent compared to a year ago. However, loadings at Canadian terminals in the Seaway dipped by a boatload or so to 303,000 tons.
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…
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.