CP Ships to double frequency of Asia-Australia service
15 Luglio 2005 - 6:28PM
PR Newswire (US)
CP Ships to double frequency of Asia-Australia service GATWICK, UK,
July 15 /PRNewswire-FirstCall/ -- 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 began its first
Asia-Australia service in July 2004 under the Lykes Lines brand.
The service will continue to operate as Lykes Lines until CP Ships
adopts a single brand and begins offering service under the CP
Ships name. The vessel sharing agreement is subject to regulatory
review. ABOUT CP SHIPS: One of the world's leading container
shipping companies, CP Ships provides international container
transportation services in four key regional markets:
TransAtlantic, Australasia, Latin America and Asia. Within these
markets CP Ships operates 39 services in 22 trade lanes, most of
which are served by two or more of its seven brands: ANZDL, Canada
Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines
and TMM Lines. On 28th April 2005, CP Ships announced it will
re-brand its services under the CP Ships name and retire these
brands by the end of 2005. At 31st March 2005, CP Ships' vessel
fleet was 81 ships and its container fleet 454,000 teu. Volume in
2004 was 2.3 million teu, more than 80% of which was North American
exports or imports. CP Ships also owns Montreal Gateway Terminals,
which operates one of the largest marine container terminal
facilities in Canada. CP Ships' is listed on the Toronto and New
York stock exchanges under the symbol TEU and also in the
S&P/TSX 60 Index of top Canadian publicly listed companies. For
further information visit the CP Ships website,
http://www.cpships.com/. FORWARD-LOOKING STATEMENTS: This press
release contains certain forward- looking information and
statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995 relating, but not limited
to, operations, anticipated or prospective financial performance,
results of operations, business prospects and strategies of CP
Ships. Forward-looking information typically contains statements
with words such as "consider", "anticipate", "believe", "expect",
"plan", "intend", "likely" or similar words suggesting future
outcomes or statements regarding an outlook on future changes in
volumes, freight rates, costs, achievable cost savings, the
estimated amounts and timing of capital expenditures, anticipated
future debt levels and incentive fees or revenue, or other
expectations, beliefs, plans, objectives, assumptions, intentions
or statements about future events or performance. Readers should be
aware that these statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to
differ materially from those suggested by the forward- looking
statements. Although CP Ships believes it has reasonable basis for
making the forecasts or projections included in this press release,
readers are cautioned not to place undue reliance on such
forward-looking information. By its nature, the forward-looking
information of CP Ships involves numerous assumptions, inherent
risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecast and other
forward- looking statements will not occur. These factors include,
but are not limited to, changes in business strategies; general
global, political and economic and business conditions, including
the length and severity of any economic slowdown in the countries
and regions where CP Ships operates, including seasonality,
particularly in the United States, Canada, Latin America,
Australasia, Asia and Europe; the effects of competition and
pricing pressures; changes in freight rates; industry
over-capacity; changes in demand for container shipping;
availability and cost of chartered ships; changes in laws and
regulations, including tax, environmental, employment, competition,
anti-terrorism and trade laws; difficulties in achieving cost
savings; currency exposures and exchange rate fluctuations, fuel
price and interest rate fluctuations; changes in access to capital
markets and other sources of financing; various events which could
disrupt operations, including war, acts of terrorism, severe
weather conditions and external labour unrest, all of which may be
beyond CP Ships' insurance coverage; compliance with security
measures by governmental and industry trade practice groups; the
outcome of civil litigation related to CP Ships' restatement of
financial results and the impact of any resulting legal judgments,
settlements and expenses; and CP Ships' anticipation of and success
in managing the risks associated with the foregoing. The above list
of important factors affecting forward-looking information is not
exhaustive, and reference should be made to the other risks
discussed in CP Ships' filings with Canadian securities regulatory
authorities and the US Securities and Exchange Commission. CP Ships
undertakes no obligation, except as required by law, to update
publicly or otherwise revise any forward- looking information,
whether as a result of new information, future events or otherwise,
or the above list of factors affecting this information.
DATASOURCE: CP Ships CONTACT: Investors: Jeremy Lee, VP Investor
Relations & Public Affairs, Telephone: (514) 934-5254; Media:
Elizabeth Canna, VP Group Communications, Telephone: +44 (0)1293
861 921 or +41 (0)79 691 3764
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