CP Valour - Initial phase of salvage complete

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

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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

Price Change

% Change

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0.00

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0.241

01:00:00

CP Valour - Initial phase of salvage complete

03/01/2006 8:18pm

PR Newswire (US)

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

GATWICK, UK, Jan. 3 /PRNewswire-FirstCall/ -- Despite unfavourable weather and sea swells which at times have been more than four metres, all IMO- classified hazardous cargo has now been removed from CP Valour following its grounding in the Azores on 9th December. None of the crew of 21 suffered injury as a result of the grounding. Salvage efforts have been underway since shortly after the grounding but have been repeatedly thwarted by adverse sea conditions which are causing increasing damage to the ship. Representatives of CP Ships Marine Operations arrived on site as soon as possible after the grounding to liaise with local authorities and assist the salvage efforts. Several attempts to re-float CP Valour were not successful and because of the current state of damage to the ship, no further attempt to re-float will be undertaken. This has been discussed and agreed with local authorities. Next steps in terms of removal of the cargo and of the ship itself are under consideration. At the time of the grounding, the ship had about 1,000 tonnes of heavy fuel oil and 140 tonnes of diesel oil on board as well as a small quantity of lubricating and hydraulic oil and paint. All accessible fuel oil that could be pumped has been removed as well as all lubricants, paints, chemicals and engine oils. With the removal of these materials and the hazardous-classified cargo, the threat to the local environment has been significantly reduced. A limited amount of bunker and diesel fuel has been spilled since the grounding. Local pollution mitigation specialists have removed most of the fuel that washed ashore. CP Valour was en route from Montreal to Valencia carrying 525 containers and was heading into safe anchorage when it grounded off the coast of the Azorean island of Faial. CP VALOUR - KEY FACTS Owner: CP Ships Manager: Split Ship Management Year built: 1979 Flag: Bermuda Classification: Det Norske Veritas 1A1 ICE-C Capacity: 1000 teu (nominal) Service speed: 18.5 knots Length overall: 177 metres Breadth: 27 metres Gross registered tonnage: 15,145 Deadweight tonnage: 18,687 Draught: 10 metres Crew: 21 on average Port rotation: Montreal, Valencia, Cadiz, Livorno, Lisbon, Montreal DATASOURCE: CP Ships CONTACT: Elizabeth Canna, VP Group Communications, Telephone: +44 (0)1293 861 921 or +41 (0)79 691 3764

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