This name translates as the Cabotage (i.e., coastwise shipping) Company of Pernambuco. The flag can be described as dark blue charged in the center by a white panel, in turn charged in the center by a dark red panel and a saltire overall, also dark red. The company initials, CCP, are black and centered on the red panel. Not bad a flag, methinks.
Despite the presence of Pernambuco in the name, actually based in Santos, São Paulo. Operated one ship of 5,000 gross tons, according to Lloyd's Register 1949-50.