CP SHIPS ORDERS FIVE 3,200-TEU SHIPS

CP SHIPS ORDERS FIVE 3,200-TEU SHIPS

   CP Ships has signed a contract with China Shipbuilding Corp. of Taiwan to build five geared 3,200-TEU containership to be delivered between mid-2002 and early 2003.

   The ships will be deployed in CP Ships' South American services. The containerships will be 243 meters long by 32 meters wide, will be equipped with 400 reefer plugs and will operate at service speed of 22.5 knots.

   With the order, CP Ships, the container shipping business of Canadian Pacific Ltd., said it has passed the halfway point for retonnaging commitments. Its lines are Canada Maritime, Cast, Contship Containerlines, ANZDL, Americana Ships and Montreal Gateway Terminals. Americana Ships operates Lykes Lines and TMM Lines.

   In the past year, CP Ships has:

   * Ordered three 4,100-TEU ships from Daewoo, to be used by Contship in the Europe/Australasia trade when they're delivered in 2002.

   * Acquired a 3,000-TEU ship from CMA-CGM to be deployed in Lykes' Gulf Atlantic Sprint service.

   * Acquired six 3,300-TEU used containerships from Yangming for deployment by Americana Ships in 2001.

   * Acquired two roll-on/roll-off ships in ANZDL's trans-Tasman trade.

   * Chartered six 4,100-TEU new ships being built by Samsung for deployment starting in 20002.