September 17, 2004

HUAL adds to PCTC orderbook

Norway's Leif Hoegh & Co. today signed a letter of intent for two further Pure Car Truck Carriers from South Korea's Daewoo Shipbuilding & Marine Engineering.

The signing followed the naming and delivery by the yard--four months ahead of schedule--of HUAL TOKYO, the first in a series of large flexible Pure Car Truck Carriers (PCTC) for HUAL, the Ro/Ro car-carrying unit of Leif Hoegh & Co.

Mrs. Akiko Koyama, the wife of Vice President Akira Koyama of Nissan Motor Company Ltd. sponsored the ceremony.

The two latest vessels will have capacity to carry some 6,100 cars and Hoegh has now ordered 9 similar ships from Daewoo. The newbuildings will be registered in the Norwegian International Ship Register.

This latest agreement forms part of HUAL's program for fleet renewal and expansion. The program comprises:

    9 large Ro/Ro vessels on order with Daewoo (Korea) for delivery 2004 to 2008

    2 large Ro/Ro vessels on order with Uljanik Shipyard in Croatia for delivery 1st half 2007 on long term charter (49.5% ownership)

    5 large Ro/Ro newbuildings on long term charter from other owners have already entered service in HUAL in 2003 and 2004.

HUAL expects that vehicle exports from Japan and Korea will remain strong in the years ahead, while China may develop into a major exporter and importer of Ro/Ro cargo in the future.

Karl Terjesen, President of HUAL AS says the company is seeing increasing demand for car carriers. "With yards filling up their order books," he said, "it is also important for us to secure future growth by increasing the order at Daewoo with two 2008 deliveries."

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