CP Ships Completes Acquisition
CP Ships Limited completed its acquisition of all issued and outstanding shares in Italia di Navigazione from d'Amico Societa di Navigazione S.p.A. for $40 million in cash. The acquisition was announced on May 30, 2002. As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes. "We are pleased to welcome Italia as CP Ships' seventh brand," commented CP Ships' CEO Ray Miles. "By purchasing Italia CP Ships continues its strategy of making acquisitions to reinforce our regional leadership position, build trade lane economies of scale and create new opportunities for growth.
CP Ships Announces 4Q Reporting Date and Webcast
CP Ships Limited plans to announce its fourth quarter 2003 financial results on Thursday 5th February 2004. CEO Ray Miles will host a conference call and presentation to the investment community on 5th February at 11:00 am Eastern time, 4:00 pm London, UK time. The conference call and presentation will be webcast live and can be accessed through the CP Ships website (www.cpships.com). The webcast will also be available in archive through the CP Ships website until Friday 5th March 2004.
CP Ships to Announce 2Q Results
CP Ships’ CEO Ray Miles will host a conference call and presentation to the investment community on 31st July at 9:30 am Eastern time, 2:30 pm London, UK time. The conference call and presentation will be webcast live and can be accessed through the CP Ships website (www.cpships.com). The webcast will also be available in archive through the CP Ships website until Sunday, 31st August 2003.
TUI to Cut 2,000 Jobs at CP Ships
TUI AG plans to cut 2,000 jobs at the CP Ships cargo shipping company it acquired last year, Forbes reported. The job cuts will be spread across 200 CP Ships locations worldwide. However, it will not cut any jobs in Germany. CP Ships belongs to TUI's Hapag-Lloyd AG shipping unit, which will have a total of 7,000 employees. This total includes 3,000 CP Ships employees who will retain their positions within the merged entity. (Source: Forbes)
CP Ships to Double Frequency
CP Ships Limited today announced that one year after launching fortnightly service between Asia and Australia, it plans to double the frequency to weekly through a vessel sharing agreement with Yantai Marine (SYMS). "The agreement with Yantai Marine enables us to build on the success of our first Asia-Australia service efficiently, without adding additional tonnage of our own," commented Juan Manuel Gonzalez, Executive Vice President. Start-up of the joint service is expected in early August with CP Ships and Yantai Marine each contributing two 1700 teu ships. The port rotation will be Chiwan, Hong Kong, Ningbo, Shanghai, Sydney, Brisbane with connections to CP Ships networks in Asia. At 11 days, the transit time between Shanghai and Sydney will be one of the fastest available.
CP Ships and Dannebrog Agree To End Nordana Acquisition
CP Ships and Dannebrog have decided not to proceed with the planned acquisition of Nordana Line by CP Ships. In the month since the acquisition plan was announced on November 14, further discussions revealed a number of issues that prevented the transaction from being completed to both parties' satisfaction. CP Ships remains committed to its strategy of making selective acquisitions to reinforce its position in its principal regional markets.
CP Ships to Acquire ROE Logistics
CP Ships Limited and Montreal-based ROE Logistics have entered into an agreement for CP Ships to acquire ROE. As a way of leveraging our strong regional positions and adding value to our core container services, we are selectively developing logistics services in markets where it makes sense," commented CP Ships CEO Ray Miles. "Well established in one of our key regions, ROE will enable us to build on the container transport services we offer our Montreal and Vancouver Gateway customers."
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.
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.
CP Ships Continues New Ship Spending Spree
CP Ships has taken the next step in its major fleet re-building program by signing a contract with China Shipbuilding Corporation of Taiwan for the construction of five geared 3,200 TEU containerships. They are designed to be employed in CP Ships' South American services. Delivery of the newbuildings will take place between mid-2002 and early 2003. The ships will measure 243 m long by 32.2 m wide, and will be equipped with 400 reefer plugs and operate at a service speed of 22.5 knots. Several containerships built by China Shipbuilding Corp already serve in the CP Ships fleet. With the China Shipbuilding contract, CP Ships has passed the half-way point in a series of retonnaging commitments…
CP Releases Note Pricing Details
CP Ships Limited reached agreement with initial purchasers to issue $175 million of 4% convertible senior subordinated notes due 2024. CP Ships has also offered the initial purchasers the option to buy up to an additional $25 million aggregate principal amount of notes exercisable within 30 days from Feb. 19, 2004. The notes will be convertible into CP Ships’ common shares under certain specified conditions. CP Ships may call the notes for cash at any time after July 3, 2009. Holders of notes may put the notes to CP Ships in exchange for cash on June 30, 2009, June 30, 2014 and June 30, 2019. The notes will be convertible into CP Ships’ common shares at an initial conversion price of approximately $25.22 per share…
CP Ships Accepts $2B Offer
The CP Ships Limited Board of Directors has unanimously recommended that shareholders accept an offer from TUI AG to acquire CP Ships in an all-cash transaction for US $21.50 per share or about $2 billion on a fully diluted basis. Including the assumption of net debt of $0.3 billion at 30th June 2005, the transaction has a total value of $2.3 billion. The offer price represents a premium of about 28% over CP Ships average closing share price over the past three months. TUI, the parent of Hapag-Lloyd, plans to combine Hapag-Lloyd and CP Ships to create the world's fifth-largest container shipping company with a fleet of 139 ships (and a further 17 on order) for a capacity of approximately 400,000 teu on over 100 routes spanning the globe.
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…
CP Ships Denies Reports of Acquisition
CP Ships Limited announced that it does not intend to acquire Kien Hung. Growth through selective acquisition is a well-known element of CP Ships' overall business strategy. Therefore, at any given time a number of possible transactions are likely to be under consideration and there is on occasion rumor of its possible interest in particular businesses. As a matter of policy, CP Ships does not usually comment on such rumors or associated reports. However, in light of a number of recent inaccurate reports of a definitive transaction between CP Ships and Kien Hung, an exception is being made in this case.
CP Ships Takes Delivery of TMM Colima
CP Ships Limited has taken delivery of the 3200 teu TMM Colima. It was delivered on schedule by China Shipbuilding Corporation in Kaohsiung, Taiwan. TMM Colima is the third new containership to be delivered under CP Ships' four-year $800 million ship replacement program. It was preceded by sister ship Lykes Ranger delivered in June 2002 and Contship Aurora delivered in September 2002. It is being deployed in the Asia-Americas trade lane. CP Ships is more than halfway through its overall ship replacement program. By the middle of 2003, ten new, 13 used and six long-term charters will have replaced ships on short to medium-term charter. This will increase the owned and long-term committed fleet to more than 70% of total capacity from about 30% when the program started in 2000.
CP Ships Announces 2002 Annual Report
CP Ships Limited's 2002 Annual Report and Management Proxy Circular have been posted on the company's website and are being mailed to shareholders. CP Ships' Annual Meeting of Shareholders is scheduled for April 23 at the Fairmont Royal York Hotel, 100 Front Street West, Toronto, Ontario at 2:00 pm. CP Ships plans to announce its first quarter 2003 financial results the same time as well. CEO Ray Miles will host a conference call with the investment community starting at 9:00 am Toronto time. The conference call will be webcast live through the CP Ships website and be available in archive through May 23.
CP Ships Appoints Communications Director
CP Ships Appoints Corporate Communications Director Elizabeth Canna has been appointed CP Ships Director of Corporate Communications. She reports to Jeremy Lee, Vice President, Investor Relations. Mrs. Canna joins CP Ships from The Wordsmith Inc, a communications consultancy she founded in 1995. CP Ships has been one of Wordsmith's clients since then. Before forming Wordsmith, she was deputy editor of American Shipper Magazine for eight years. She previously served with Barber Blue Sea, first as manager of market research and subsequently, as manager of advertising and public relations.
CP Ships Takes Delivery Of Contship Aurora
CP Ships Limited has taken delivery of the 4100 teu Contship Aurora. It is the second in a series of new containerships being built under the company's $800 million ship replacement program and the first of three specially designed to carry a high proportion of refrigerated containers. Built by Daewoo in South Korea, Contship Aurora is destined for the Europe-Australasia trade lane where Contship Containerlines, one of CP Ships' seven brands, is upgrading its services with faster transit times, improved frequency and increased ability to serve customers' needs for greater refrigerated capacity. CP Ships is more than halfway through its overall ship replacement program, which remains on schedule.
CP Ships Closes on Purchase of Four Ice Strengthened Ships
CP Ships Limited has closed on its purchase of four ice-strengthened containerships which were previously bareboat chartered. The closing price was $181.5 million. As previously announced, the purchase was paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes. The ships are Canmar Fortune and Canmar Courage which have operated in the CP Ships fleet since 1996 and Canmar Pride and Canmar Honour which joined the fleet in 1998.
CP Ships Announces Deployment of Newbuilds
deployed in its US East Coast-Indian Sub-Continent service. Kanha and Corbett. coming in early January 2006. costly short-term chartered ships. "We have been looking forward to the first of our new ships. service more efficiently. 2003," said Juan Manuel Gonzalez, Executive Vice President. and are currently under construction at Samsung Heavy Industries in Korea. and one in second quarter 2007. Their deployment has not yet been finalized. total to 21 by April 2007. workhorses of our fleet. they arise because of changes in trade demand," Mr Gonzalez added. of a vessel sharing agreement with two other carriers. Colombo, Nhava Sheva, Suez Canal, New York. completes its adoption of a single brand.
Hapag-Lloyd Container Line Expands Management and Organization
In line with its integration of CP Ships, Hapag-Lloyd is enlarging its organization from three to five regions. The management will also be expanded accordingly with the inclusion of CP Ships executives Juan Manuel Gonzalez, Glenn Hards and Alan Boylan. Hapag-Lloyd, based in Hamburg, currently manages its business from three Region headquarters Hamburg (for Europe), Singapore (for Asia and Australasia) and New York (for America). After acquiring CP Ships at the end of last year, Hapag-Lloyd is now setting up two new regions: "South Europe", based in Genoa, and "Latin America", based in Tampa, Florida. Glenn Hards, as Executive Vice President Operations at CP Ships responsible for the ship and container fleet…
In line with its integration of CP Ships, Hapag-Lloyd is enlarging its globally standardized organization from three to five regions. The management will also be expanded accordingly with the inclusion of CP Ships executives Juan Manuel Gonzalez, Glenn Hards and Alan Boylan, all of whom will become members of the executive body of Hapag-Lloyd Container Line (Excom). Hapag-Lloyd, based in Hamburg, currently manages its business from three region headquarters: Hamburg (for Europe), Singapore (for Asia and Australasia) and New York (for America). After acquiring CP Ships at the end of last year, Hapag-Lloyd is now setting up two new regions: "South Europe," based in Genoa, and "Latin America," based in Tampa, Florida.
CP Ships Focuses on U.S.
CP Ships yesterday re-flagged the 3200 teu CP Yucatan to US flag and changed its name to CP Yosemite in recognition of the ship's enrolment in the US government's new Maritime Security Program which comes into effect 1st October 2005 and under which CP Ships is expanding its participation compared with the previous MSP. This week, CP Ships also opened a new office in Washington, D.C. to ensure more efficient management of its US-flag business. CP Yosemite is one of five vessels operating on the TransAtlantic which CP Ships is committing to MSP and which will be named after US national parks. In due course, the remaining four ships will be renamed CP Everglades, CP Denali, CP Shenandoah and CP Yellowstone.