CP Ships, Italian style: back in buying mode, container heavyweight CP Ships to acquire Italia line for $40 million. (Maritime).(Italia di Navigazione)(Brief Article)

CP Ships, the London-based container carrier that was spun off from the Canadian Pacific Ltd. railroad holding company last year, is back on the acquisition trail. Late last month, Chief Executive Ray Miles announced that CP Ships had reached a deal to purchase Italia di Navigazione, Italia Line, from d'Amico Societa di Navigazione S.p.A. for $40 million.

Don't be surprised if CP Ships makes additional purchases as the shipping industry struggles in the future with huge over-capacity and weak freight rates. "In a more difficult environment in our industry, it is more likely opportunities present themselves' Miles told securities analysts in a conference call …