CP Ships cuts capacity in Atlantic

CP Ships cuts capacity in Atlantic

   CP Ships, the largest carrier group in the transatlantic trade, said it will replace three 2,400-TEU ships with 1,600-TEU ships in one of its Montreal/North Europe services early next year.

   The move is “part of its plan to review capacity deployment in trade lanes where returns are insufficient,” CP Ships said.

   CP Ships has agreed to charter the three ice-strengthened 1,600-TEU ships. They are expected to be phased in between February and April.

   “Securing these specialized ships allows us to adjust our supply/demand balance in a trade lane where returns have been disappointing — and do so without compromising service integrity during winter months,” said Frank Halliwell, CP Ships' chief executive officer.

   The three 2,400-TEU ships being replaced, the “Cast Prominence,” “Cast Prospect” and “Cast Premier,” are owned by CP Ships and will be redeployed elsewhere in its ship network.