CP SHIPS TAKES DELIVERY OF SHIP FOR CONTSHIP SERVICE

CP SHIPS TAKES DELIVERY OF SHIP FOR CONTSHIP SERVICE

   CP Ships said Tuesday it has taken delivery of a new 4,100-TEU ship, the 'Contship Aurora,' which will enter service in the Europe/Australasia service of Contship Containerlines, one of CP Ships seven brands.

   The ship, built by Daewoo in South Korea, is the first of three specially designed to carry a high proportion of refrigerated containers. Contship is upgrading its services with faster transit times, improved frequency and the expanded refrigerated capacity, CP Ships said.

   The new vessel is also the second in a series of new containerships being built under CP Ships' $800-million ship replacement program.

   The company is more than halfway through its overall ship replacement program. By mid-2003, 13 used and six long-term charters will have replaced ships on short to medium-term charter. The plan increases CP Ships' owned and long-term committed fleet to more than 70 percent of total capacity, up from about 30 percent when the program started in 2000.

   Besides Contship, CP Ships operates Australia New Zealand Direct Line, Canada Maritime, Cast, Italia Line, Lykes Lines and TMM Lines.