CP Ships to start year with better first quarter

CP Ships to start year with better first quarter

   CP Ships said Monday it expects its first-quarter results, due out May 11, to show an improvement over its result for last year’s first quarter, when the Canadian-registered company reported a net deficit of $21 million.

   CP Ships did not indicate whether it would narrow its first-quarter loss this year or post a profit. Last year, the company was profitable in the second, third and fourth quarters, posting an overall annual net income of $82 million.

   In the first quarter of this year, overall volume was up 9 percent on the first quarter of last year and all market segments grew, the company said. Freight rates decreased during the latest quarter, but CP Ships attributed this change to seasonal factors.

   “The first quarter is traditionally a difficult one, but we expect to report quarterly results ahead of last year’s and maintain our positive outlook for the year as a whole, despite continuing cost pressures,” said Ray Miles, chief executive officer of CP Ships.

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