CP Ships and Hapag-Lloyd announce new weekly Australasian service

Share Name	Share Symbol	Market	Type
	NYSE:TEU	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.00	0.00%	0.241				0	01:00:00

CP Ships (NYSE:TEU)
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From May 2019 to May 2024

GATWICK, UK & HAMBURG, Germany, Nov. 17 /PRNewswire-FirstCall/ -- CP Ships and Hapag-Lloyd announced today that in February 2006 they plan to launch a new Australasian joint service linking Australia, New Zealand, South East Asia, the Mediterranean and North Europe via the Suez Canal. It will have weekly frequency and be supported by twelve 2000-2500 teu ships. CP Ships and Hapag-Lloyd are discussing with other interested parties possible participation in the new service and are also in the process of finalizing plans for a new service linking Australasia with the US and Europe via the Panama Canal. The new Suez service together with the Panama service will replace the round-the-world services known as Westabout and Eastabout which are being discontinued in February 2006 because the vessel sharing agreement that supports these services is expiring. "We remain strongly committed to offering our customers competitive services in these trade lanes," said CP Ships Executive Vice President Juan Manuel Gonzalez. "After reviewing a number of options we concluded that this is the best way to fulfill our commitment." Tony Firmin, Managing Director of Hapag-Lloyd Container Line, said he is delighted that the carrier can expand its presence on these important routes: "With the additional tonnage deployed, we will be able to meet customer requirements optimally in future." Service details are being finalized and will be announced in due course. The new vessel sharing agreement is subject to regulatory review. Forward Looking Information This press release contains certain forward-looking information and statements within the meaning of applicable securities laws relating, but not limited, to operations, anticipated or prospective financial performance, results of operations, business prospects and strategies of CP Ships. Forward- looking information typically contains statements with words such as "consider," "anticipate," "believe," "expect," "plan," "intend," "likely" or similar words suggesting future outcomes or statements regarding TUI's ability to integrate successfully CP Ships' operations and employees and ability to realize anticipated synergies and regarding an outlook on future changes in volumes, freight rates, costs, achievable cost savings, the estimated amounts and timing of capital expenditures, anticipated future debt levels and incentive fees or revenue, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Although CP Ships believes it has a reasonable basis for making the forecasts or projections included herein, you are cautioned not to place undue reliance on such forward-looking information. By its nature, the forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific that contributes to the possibility that the predictions, forecasts and other forward-looking statements will not occur. These factors include, but are not limited to, changes in business strategies; the effects of competition and pricing pressures; changes in freight rates; changes in operational costs; industry over-capacity; changes in demand for container shipping; congestion; availability and cost of chartered ships; changes in laws and regulations, including tax, environmental, employment, competition, anti-terrorism and trade laws; and the company's anticipation of and success in managing the risks associated with the foregoing. The above list of important factors affecting forward-looking information is not exhaustive, and reference should be had to the other risks discussed in filings with securities regulators. CP Ships undertakes no obligation, except as required by law, to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information. DATASOURCE: CP Ships CONTACT: Investors - Jeremy Lee, VP Investor Relations and Public Affairs, Telephone: (514) 934-5254; Media - Elizabeth Canna, VP Group Communications, Telephone: +44 (0)1293 861 921 or +41 (0)79 691 3764

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