CP SHIPS 3RD-QUARTER INCOME DOUBLES

CP SHIPS 3RD-QUARTER INCOME DOUBLES    CP Ships, the ocean liner subsidiary of Canadian Pacific Ltd., reported third-quarter net income of Canadian $63 million ($41.8 million), nearly doubling the year-earlier result of Can $30 million.
   The parent company of Canada Maritime, Cast, Lykes Lines, TMM Lines and Australia-New Zealand Direct Line, CP Ships reported an operating income of Can $69.6 million ($46.2 million), up 104 percent over the third quarter of 1999. Revenue reached Can $1.01 billion ($668.6 million), up 42.9 percent.
   Container carryings improved 31 percent, to 464,000 TEUs, from 354,000 TEUs for the year-earlier period.
   CP Ships acquired seven used containerships in the quarter, and concluded the long-term charter of six new containerships for delivery in 2002.
   Through the first nine months of 2000, CP ships reported net income of Can 141.3 million ($93.7 million), up 187 percent over the Can $49.2 million reporter during January-September 1999. Operating income jumped 125.1 percent to Can $177.4 million ($117.6 million). Revenue rose 39.6 percent to Can $2.88 billion ($1.91 billion).