May 12, 2004 12:32 PM, from staff and wire reports

CP Ships Ltd has announced unaudited first-quarter 2004 operating income of US $16 million, compared with a $3 million loss before exceptional items in first-quarter 2003. Net income available to common shareholders was $8 million, versus a net loss of $22 million in first-quarter 2003.

“With record volume and revenue for the seasonally weak first quarter broadly across all market segments, this is our best first-quarter operating profit since becoming public in October 2001,” said Ray Miles, chairman of CP Ships.

Volume at 562,000 TEU was up 9% from first-quarter 2003 and just below the fourth-quarter 2003's record.