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September 29, 2006

CP Ships reflags ship

CP Ships yesterday re-flagged the 3200 teu CP Yucatan to U.S. flag and changed its name to CP Yosemite in recognition of the ship's enrolment in the U.S. government's new Maritime Security Program which comes into effect 1st October 2005 and under which CP Ships is expanding its participation compared with the previous MSP.

CP Ships also opened a new office in Washington D.C. to ensure more efficient management of its U.S.-flag business.

CP Yosemite is one of five vessels operating on the TransAtlantic which CP Ships is committing to MSP and which will be named after U.S. national parks. In due course, the remaining four ships will be renamed CP Everglades, CP Denali, CP Shenandoah and CP Yellowstone.

CP Ships' new MSP contract represents an increase over its previous three-ship MSP participation. Under the new contract, government subsidy of $145 million is provided over the next ten years to offset the cost of operating five ships under U.S. flag.

MSP was created to ensure that in times of war or national emergency the Department of Defense has ready access to a fleet of modern and efficient US-flag ships like CP Yosemite. Built in Taiwan in 2003 as the TMM Yucatan, the ship is geared, which means it is equipped with onboard cranes so it is not reliant on shore-side equipment to load and unload.

"We are pleased to be dedicating our MSP ships to five of our best-loved national parks as a symbol of our commitment to this business," said James Wachtel, VP Commercial-Government, who heads up CP Ships' new Washington-based team. "We are also pleased to be establishing our base here in Washington as it brings us closer to our government customers."

Mr Wachtel and his Washington team will work closely with Captain John Murray, President and CEO of CP Ships USA, who is responsible for coordinating with the US government on the operations of the US-flag ships. He is based in Tampa as is a dedicated support group for government business. Mr Wachtel reports to Tony Bruno, Senior Vice President Commercial, who is also based in Tampa.

The new Washington office is located at 1001 Pennsylvania Avenue

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