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Acquisitions will double CP Ships revenue. Lines to operate alongside CanMar, Cast. FABC seeks transfer of subsidies.
Less than two weeks after closing its $34-million purchase of bankrupt Lykes Lines, Canadian Pacific agreed to buy Contship Containerlines, which operates 19 containerships on seven routes.
Contship and Lykes will be operated as sister companies of CP's Canada Maritime and Cast units. The acquisitions will double CP Ships' revenues to more than C$2 billion and increase the company's annual container liftings to more than 1 million TEU.
Terms of the Contship purchase agreement weren't disclosed. The sale includes Contship's brand name, services, organization, 73,000-TEU container fleet and 19 of its chartered containerships. Not included are the Contship group's marine terminal and intermodal operations in Italy.
Contship operates seven services to 59 ports in 28 countries, and serves an additional 36 countries via transshipment and feeder …