CP SHIPS TO ACQUIRE NORDANA LINE

CP SHIPS TO ACQUIRE NORDANA LINE

   CP Ships has returned to the acquisition trail and announced an agreement to acquire Nordana Line from Dannebrog, based in Denmark.

   Nordana, a small Danish niche carrier specialized in the Caribbean, Latin American and eastern Mediterranean markets, operates three services with a total annual volume of about 50,000 TEUs.

   The acquisition includes Nordana’s business and services and its 10,000-TEU container fleet. It also includes the time charter of three roll-on/roll-off ships owned by Dannebrog and the sub-charter of three chartered-in ships.

   “The acquisition of Nordana Line is a good example of one of the principal elements of our strategy, making acquisitions to reinforce our position as the container shipping industry’s regional market leader,” said Ray Miles, chief executive officer of CP Ships.

   Two of Nordana’s three services link the Caribbean and Central America with the U.S. and the Mediterranean. A third service operates between the U.S./Central America and North Coast South America in cooperation with the CP Ships-controlled Lykes Lines and TMM Lines.

   The acquisition is expected to close in early 2002 after completion of definitive documentation.