CP SHIPS ACQUIRES CHRISTENSEN CANADIAN AFRICAN LINE

CP SHIPS ACQUIRES CHRISTENSEN CANADIAN AFRICAN LINE

   CP Ships, the fast-growing Canadian shipping group owned by Canadian Pacific, has agreed to acquire the Canada/Africa niche carrier Christensen Canadian African Line from Norway’s Thor Dahl Shipping.

   The price of the takeover was not disclosed.

   CP Ships said that the transaction, expected to be completed by the end of the month, is subject to “due diligence” procedures.

   The acquisition includes the CCAL brand name and three “Astrakhan”-class multi-purpose ships, designed to carry containers, breakbulk and roll-on/roll-off cargo.

   CCAL offers a 21-day multi-purpose service between Montreal and South Africa.

   It will operate as part of the CP Ships subsidiary Americana Ships. Frank Halliwell, chief executive officer of Americana Ships, said that the takeover of CCAL will strengthen the group’s position in the South Africa trade. Lykes, a unit of Americana Ships, already runs a multi-purpose service between the U.S. and South Africa.

   CCAL is the seventh carrier acquisition by CP Ships since 1995. The other carriers previously bought are Cast, Lykes, Contship, Ivaran, Australia-New Zealand Direct Line and TMM’s share in Americana Ships.