CP Ships completes amalgamation resulting in TUI owning 100% of CP Ships
CP Ships Limited today announced that it has completed its previously-announced amalgamation with Ship Acquisition Inc. As a result of the amalgamation, TUI AG owns 100% of the common shares of CP Ships.
About CP Ships
CP Ships(integrated brands of Contship, Canmar, TMM Lines, Lykes Lines, Italia di Navigazione), a subsidiary of TUI AG, provides international container transportation in four key regional markets: TransAtlantic, Australasia, Latin America and Asia with 38 services in 21 trade lanes. As of 30th September 2005 its vessel fleet was 80 ships and its container fleet 432,000 teu. Volume in 2004 was 2.3 million teu. CP Ships also owns Montreal Gateway Terminals which operates one of Canada's largest marine container terminal facilities. TUI plans to integrate CP Ships into its other shipping subsidiary Hapag-Lloyd to create the world's fifth-largest container shipping company.