CP Ships issued a press release informing that growth through selective acquisition is a well-known element of CP Ships' overall business strategy. Therefore, at any given time a number of possible transactions are likely to be under consideration and there is on occasion rumor of its possible interest in particular businesses.

Release also indicate that as a matter of policy, CP Ships does not usually comment on such rumors or associated reports. However, in light of a number of recent inaccurate reports of a definitive transaction between CP Ships and Kien Hung, an exception is being made in this case.

CP Ships is one of the world's leading container shipping companies, providing international container transportation services in four key regional markets: TransAtlantic, Australasia, Latin America and Asia. Within these markets CP Ships operates 35 services in 22 trade lanes, most of which are served by two or more of its seven readily recognized brands: ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines.

CP Ships has a fleet of 89 ships and 413,000 teu in containers. It also owns Montreal Gateway Terminals, which operates one of the largest marine container terminal facilities in Canada.

For further information visit the CP Ships website, www.cpships.com