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January 2, 2006

CP Ships names new CEO and CFO

The board of CP Ships Limited has appointed Adolf Adrion as CEO effective January 1, 2006.

This follows the completion of the acquisition of CP Ships by Hapag-Lloyd at the end of 2005.

The new CFO will be Ulrich Kranich, effective February 1, 2006.

Adrion is an executive board member of Hapag-Lloyd AG and CEO of Hapag-Lloyd Container Line and will retain those roles. He is also chairman of the Far Eastern Freight Conference (FEFC), as well as chairman of the World Shipping Council and chairman of the Box Club.

Kranich is CFO of Hapag-Lloyd AG and will also retain that role.

The chairman of the CP Ships board of directors and chairman of the Hapag-Lloyd executive board, Michael Behrendt, said the were crucial steps in the process of the integration of the two companies.

"This is an ideal constellation. We are pooling the top expertise at CP Ships and Hapag-Lloyd, thus maintaining continuity as well as driving forward our integration as envisaged for completion by 2007," he noted.

In addition to Michael Behrendt as chairman, the members of the board of directors of CP Ships are Adolf Adrion, Brian Westlake, a lawyer based in Toronto, and Holger Oetjen, manager of Hapag-Lloyd Canada

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