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Marine Log

December 3, 2007

Ingram Barge orders newbuilds

Ingram Barge Company announced today it has placed an order for up to 20 new 10,000-barrel double-skin tank barges--the largest new construction addition to its fleet of tank barges since 1976.

The builder of the new barges will be Jamesbuilt, LLC, a subsidiary of James Marine, Inc. of Paducah, Kentucky. Terms of the new agreement were not disclosed.

Ingram Barge is the largest inland carrier in America with more than 130 towboats and nearly 4,000 barges operating on the Mississippi, Ohio, Illinois, Tennessee and Cumberland rivers and the Gulf Intracoastal Waterway.

The purchase announced today will expand Ingram's tank barge fleet by about ten percent.

Ingram has been operating tank barges since the mid-1940s, although it has traditionally been a smaller component of the company's business. Currently, Ingram owns and operates nearly 200 tank barges.

The builder of the new barges will be Jamesbuilt, LLC, a subsidiary of James Marine, Inc. of Paducah, Kentucky. Terms of the new agreement were not disclosed.

Dan Martin, Ingram's Senior Vice President and Chief Commercial Officer, said delivery of the new state-of-the-art tank barges will occur over a 30-month period beginning in 2008.

"Ten of these barges will be equipped for vapor recovery, and ten are to be outfitted with steam coils for heating cargoes," Mr. Martin explained. "This new capacity is being added as a result of a combination of new affreightment contracts and a continuing need to recapitalize our fleet."

Craig Philip, Ingram's President and CEO, noted that the purchase order is a reflection of his company's strong commitment to the marine industry, the economy, and the future of the markets Ingram serves.

"This new construction contract demonstrates our commitment to this very important segment of our business," Mr. Philip said. "Coupled with our fleet of nearly 4,000 dry cargo barges and over 130 towboats we are able to offer a very high level of predictable service to customers, along the entire inland river system."

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