In a very short release, without further information, CP Ships confirmed that it is in discussions regarding a possible transaction, mentioning that there is no assurance that a transaction will result from these discussions and that further comments will be forthcoming only in case the situation warrants.

Rumours in the market, states that China Shipping Group and CMA CGM of France are the leading bidders of a possible sale from CP Ships.

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 39 services in 22 trade lanes, most of which are served by two or more of its seven brands: ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines.

On 28th April 2005, CP Ships announced it will re-brand its services under the CP Ships name and retire these brands by the end of 2005. At 31st March 2005, CP Ships' vessel fleet was 81 ships and its container fleet 454,000 teu.

CP Ships also owns Montreal Gateway Terminals, which operates one of the largest marine container terminal facilities in Canada. CP Ships' is listed on the Toronto and New York stock exchanges.