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Washington Marriott, Washington,DC April 23 & 24, 2002

April 10, 2002

Box lines cut string
CP Ships and its partners in the Grand Alliance have reached agreement with Cosco, K Line and Yang Ming to form the Atlantic Space Charter Agreement. As a result of the agreement one weekly string of five ships with 2000 TEU capacity will be withdrawn by Cosco, K Line and Yang Ming.

CP Ships is represented in the agreement by its Lykes Lines and TMM Lines brands. Since October 2000 it has been operating five joint weekly services in the US East Coast/Gulf-North Europe trades with the Grand Alliance.

"Conditions remain tough on the TransAtlantic with no growth in the total trade westbound and a decline eastbound in 2001, so this is good news," commented CP Ships CEO Ray Miles. "Indeed there is still scope for even more rationalization of capacity to bring supply in line with demand."

All Atlantic Space Charter Agreement lines will continue to compete with each other and market their respective brands independently.

The new agreement is subject to regulatory review in the U.S> and EU.

Implementation is expected in the second quarter.

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