CP Ships records $34-million quarterly income

CP Ships Ltd has announced unaudited fourth-quarter 2002 operating income before exceptional items of US $34 million, unchanged from the third quarter and slightly down from $35 million in fourth-quarter 2001.

Volume at 550,000 TEU was a quarterly record, up 17% from fourth-quarter 2001, reflecting both strong growth and the first full quarter of Italia line. Average freight rates rose 1% from third-quarter 2002 but were 4% lower than fourth-quarter 2001. Cash from operations before exceptional payments was $29 million.

For the full year, container carryings at 2.0 million TEU were 9% higher than 2001, while the average freight rate was down 10%. Operating income before exceptional items was $83 million compared with $139 million in 2001. Cash from operations before exceptional payments was $86 million, compared with $210 million in 2001.