SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2005
CP SHIPS LIMITED
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(Translation of Registrant's Name Into English)
2 City Place, Beehive Ring Road, Gatwick, West Sussex, RH6 0PA, United Kingdom
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(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F [_] Form 40-F [X]
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Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes [_] No [X]
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-____________.
This report furnished on Form 6-K shall be incorporated by reference into
each of the following Registration Statements under the Securities Act of 1933
of the registrant:
Form S-8 No. 333-13954
Page 1 of 5 Pages
Exhibits Index appears on Page 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CP SHIPS LIMITED
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(Registrant)
Date: 4 May 2005
By: /s/ JOHN M. BAKER
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Name: John M. Baker
Title: Secretary
Exhibits Index
The following is a list of Exhibits included as part of this Report on Form
6-K.
Description of Exhibit Page
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10.1 Press Release of CP Ships Limited "CP SHIPS 4
ACQUIRES BORG INTERNATIONAL FREIGHT
SERVICES" dated 4 May 2005
Exhibit 10.1
CP SHIPS ACQUIRES BORG INTERNATIONAL FREIGHT SERVICES
GATWICK, UK (4th May 2005) - CP Ships Limited announced today that it has
acquired Borg International Freight Services Inc.
Based in Montreal, Borg specializes in ocean and air freight forwarding and
employs 22 people. Its annual gross revenue in 2004 was US $14 million.
"The acquisition of Borg is a continuation of our plan to selectively develop
logistics services as a way of leveraging strong regional market positions and
adding value to our core container services. With Borg's Asian focus, we can
build on the platform created by our acquisition of ROE Logistics a year ago,"
said Chairman Ray Miles.
Borg's owner and founder Richard Azoulay is assuming a management role within
the CP Ships logistics organization.
-ends-
ABOUT CP SHIPS
One of the world's leading container shipping companies, CP Ships provides
international container transportation services in four key regional markets:
TransAtlantic, Australasia, Latin America and Asia. Within these markets it
operates 39 services in 23 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. As of 31st December 2004, CP Ships'
vessel fleet consisted of 79 ships and its container fleet 460,000 teu. Volume
in 2004 was 2.3 million teu, more than 80% of which was North American exports
or imports. 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 under the symbol TEU and
also in the S&P/TSX 60 Index of top Canadian publicly listed companies. For
further information visit the CP Ships website at www.cpships.com.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking information and statements
within the meaning of the United States Private Securities Litigation Reform
Act of 1995 relating, but not limited to, operations, anticipated or
prospective financial performance, results of operations, business prospects
and strategies of CP Ships. Forward-looking information typically contains
statements with words such as "consider", "anticipate", "believe", "expect",
"plan", "intend", "likely" or similar words suggesting future outcomes or
statements regarding an outlook on future changes in volumes, freight rates,
costs, achievable cost savings, the estimated amounts and timing of capital
expenditures, anticipated future debt levels and incentive fees or revenue, or
other expectations, beliefs, plans, objectives, assumptions, intentions or
statements about future events or performance. Readers should be aware that
these statements are subject to known and unknown risks, uncertainties and
other factors that could cause actual results to differ materially from those
suggested by the forward-looking statements.
Although CP Ships believes it has reasonable basis for making the forecasts or
projections included in this press release, readers are cautioned not to place
undue reliance on such forward-looking information. By its nature, the
forward-looking information of CP Ships involves numerous assumptions,
inherent risks and uncertainties, both general and specific, that contribute
to the possibility that the predictions, forecast and other forward-looking
statements will not occur. These factors include, but are not limited to,
changes in business strategies; general global, political and economic and
business conditions, including the length and severity of any economic
slowdown in the countries and regions where CP Ships operates, including
seasonality, particularly in
the United States, Canada, Latin America, Australasia, Asia and Europe; the
effects of competition and pricing pressures; changes in freight rates;
industry over-capacity; changes in demand for container shipping; availability
and cost of chartered ships; changes in laws and regulations, including tax,
environmental, employment, competition, anti-terrorism and trade laws;
difficulties in achieving cost savings; currency exposures and exchange rate
fluctuations, fuel price and interest rate fluctuations; changes in access to
capital markets and other sources of financing; various events which could
disrupt operations, including war, acts of terrorism, severe weather
conditions and external labour unrest, all of which may be beyond CP Ships'
insurance coverage; compliance with security measures by governmental and
industry trade practice groups, the outcome of civil litigation related to CP
Ships' restatement of financial results and the impact of any resulting legal
judgments, settlements and expenses, and CP Ships' anticipation of and success
in managing the risks associated with the foregoing.
The above list of important factors affecting forward-looking information is
not exhaustive, and reference should be made to the other risks discussed in
CP Ships' filings with Canadian securities regulatory authorities and the US
Securities and Exchange Commission. CP Ships undertakes no obligation, except
as required by law, to update publicly or otherwise revise any forward-looking
information, whether as a result of new information, future events or
otherwise, or the above list of factors affecting this information.
CONTACTS
Investors
Jeremy Lee, VP Investor Relations & Public Affairs
Telephone: + 1 514 934 5254
Media
Elizabeth Canna, VP Group Communications
Telephone: +44 (0)1293 861 921 or +41 (0)79 691 3764