NAVIERA DEL ODIEL ACQUIRES FORMER TMM SUBSIDIARY

NAVIERA DEL ODIEL ACQUIRES FORMER TMM SUBSIDIARY

   Naviera del Odiel, the Spanish shipping company, has acquired Compania Trasatlantica Espanola from the Mexican multimodal group Transportacion Maritima Mexicana.

   Compania Trasatlantica Espanola runs liner services on four routes: from the    Mediterranean to the North and West Coasts of South America; from northern Europe and Atlantic Spain to the North Coast of South America; from the western Mediterranean to the eastern Mediterranean; and from the Mediterranean to the Canary islands.

   The activities of Compania Trasatlantica Espanola were previously managed by the Americana Ships joint venture of TMM and CP Ships.

   TMM recently announced the sale of its 50-percent share of the Americana Ships joint venture to CP Ships, but the transaction did not include its Compania Trasatlantica Espanola subsidiary.