TAX CONFERENCE

The recently enacted "American Jobs Creation Act" gives significant tax breaks to a number of U.S. industries--including shipping.

MARINE LOG and BLANK ROME will present a senior level seminar CHANGES IN U.S. TAXATION OF SHIPPING INCOME in Stamford, Conn. on April 5 & 6, 2004

Make sure you know how the new tax rules work!

March 2, 2005

Horizon Lines files IPO registration

Horizon Lines, Inc. announced today that it has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. All shares registered in the offering are being sold by the issuer.

Horizon Lines, which was once the U.S.-flag component of Sea-Land and later became CSX Lines, is the largest Jones Act containership operator. It was bought by private equity investor Castle Harlan in May 2004 for $650 million from the Carlyle Group, which had bought it from CSX Corp. for $300 million in 2003.

You can access the SEC Edgar filing here:http://www.sec.gov/Archives/edgar/data/1302707/000119312505040055/0001193125-05-040055-index.htm

The offering is being made through an underwriting syndicate led by Goldman, Sachs & Co. and UBS Investment Bank who will act as joint book-running managers of the offering. Co-managers include Bear, Stearns & Co. Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.

The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from the prospectus departments of Goldman, Sachs & Co. at 85 Broad Street, New York, NY 10004, (Tel: 212-902-1171), UBS Investment Bank at 299 Park Avenue, New York, NY 10171 (Tel: 212-821-3000), Bear, Stearns & Co. Inc. at 383 Madison Avenue, New York, NY 10179 (Tel: 212-272-2000), Deutsche Bank Securities Inc. at 1251 Avenue of the Americas, 25th Floor, New York, NY 10020 (Fax: 212-468-5333), or J.P. Morgan Securities Inc. at One Chase Manhattan Plaza, Level 5B, New York, NY 10018 (Tel: 212-552-5164)

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