CP SHIPS BUYS FOUR SHIPS PREVIOUSLY CHARTERED IN

CP SHIPS BUYS FOUR SHIPS PREVIOUSLY CHARTERED IN

   CP Ships said that it has exercised options to buy four containerships currently bareboat chartered, for about $180 million.

   The four vessels — “Canmar Fortune,” “Canmar Courage,” “Canmar Pride” and “Canmar Honour” — operate in the Europe/Montreal gateway services of CP Ships, and are strengthened to sail in icy conditions.

   CP Ships said that the purchase is being paid for with proceeds from finance it raised in July through a share issue and placement of senior unsecured notes.

   The purchase is expected to close in the third quarter.

   CP Ships is the parent company of ANZDL, Canada Maritime, Cast, Contship Containerlines, Lykes Lines and TMM Lines, and is in the process of completing the takeover of Italia.