On the acquisition trail, again: CP Ships' chief executive says acquisition of Italia Line shows market may be ripe for more deals. (Ocean Transportation).

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 had reached a deal to purchase Italia di Navigazione, known as Italia Line, from d'Amico Societa di Navigazione S.p.A. for $40 million.

"It is a classic CP Ships acquisition," Miles said. "It exactly fits the kind of acquisitions that we have executed in the past, and we have similar expectations for the future."

Don't be surprised if CP makes additional purchases as the shipping industry struggles with overcapacity 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 where he discussed the Italia deal as well as his company's plans to float a $250 million bond offering and raise $100 million in the stock market. "We think we will have opportunities.

"That is not to say we have anything we are getting ready to announce," he cautioned. The courtship between CP Ships and Italia was a long one, he …