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verview One of the world's leading container shipping companies, CP Ships combines the customer focus and market presence of a regional specialist with the scale economies of a global carrier to provide cost efficient and competitive ocean and related inland transportation. More than 80% of its activity is North American exports or imports. Strong Brands CP Ships' principal markets are: TransAtlantic, Australasia, Latin America and Asia. Within these markets CP Ships operates in 21 trade lanes, most of which are served by two or more of its seven readily recognized brand names: ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines. Their combined fleet of 88 ships carries 2 million teu per year. Within the majority of its core trade lanes, CP Ships is the leading carrier. Public Listing CP Ships' stock began regular trading in October 2001 on the Toronto and New York stock exchanges under the symbol TEU. CP Ships is included in the S&P/TSX 60 Index of top Canadian publicly listed companies and in the S&P Global 1200. History Just three weeks after Canadian Pacific Railway's first train crossed the continent in 1886, it picked up more than one million pounds of tea on the West Coast near Vancouver for delivery to Hamilton, Toronto and New York. The tea had been carried from Asia by the 800 ton sailing ship WB Flint, the first ocean-going ship chartered by Canadian Pacific. It was the beginning of CP Ships. CP Ships started serving the TransAtlantic market in 1903. Containerization CP Ships adapted to containerization early on. In 1964, its first container ships were able to carry approximately 12 containers each. Modern-day CP Ships began in 1984 when Canadian Pacific co-founded Canada Maritime. Since then, CP Ships has grown from a North Atlantic niche carrier to one of the world's top ten container carriers. CP Ships also includes Montreal Gateway Terminals, which operates one of the largest container terminals in Canada. Empress Class Shipping enthusiasts associate CP Ships with the famous Canadian Pacific Empress class passenger liners. From 1891 to 1970 a total of 17 Empress liners sailed the world's oceans. In the early years their speed and reliability won Canadian Pacific prestigious mail contracts on both TransAtlantic and TransPacific routes. From 1922, when Canadian Pacific entered the cruise market, the Empress ships were considered the most luxurious of their time. New Corporate Symbol With its 2002 Annual Report, CP Ships brought one of the shipping industry s most well-known corporate symbols its famous red and white checkered flag. It was first used in 1891. Acquisition History The pursuit of selective acquisitions is one of CP Ships' key strategies. Since 1993, ten transactions have taken place. 1993 Canada Maritime (43% minority) 1995 Cast 1997 Lykes Lines Contship Containerlines 1998 Ivaran Lines ANZDL 1999 TMM Lines (joint venture) 2000 TMM Lines (other 50%) CCAL 2002 Italia Line CP Ships Inc (Head Office)