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July 30, 2002

CP Ships buys four
CP Ships Limited has exercised options to purchase for approximately $180 million four ice- strengthened containerships that it currently has bareboat chartered.

As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes.

The purchase is expected to close in the third quarter.

The ships are Canmar Fortune, Canmar Courage, Canmar Pride and Canmar Honour.

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