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Marine Log

January 30, 2008

A.P. Moller-Maersk takes stake in Hoegh Autoliners

The A.P. Moller - Maersk Group has sold its 18 car carriers (including six newbuildings) to Hoegh Autoliners and will simultaneously become a shareholder with a 37.5 ownership.

In February 2007 the parties signed a cooperation agreement that saw the A.P. Moller - Maersk Group enter its fleet of car carriers into a commercial operation controlled by Hoegh Autoliners.

A.P. Moller - Maersk says the sale will move it from being an owner of car carrier tonnage to a shareholder in Hoegh Autoliners, which is a car carrier operator.

After the transaction Hoegh Autoliners will commercially operate 67 vessels from its offices in Oslo and 30 locations world-wide.

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The transaction, which is subject to relevant approvals from regulatory authorities, will generate an accounting gain for A.P. Moller - Maersk of around $200 million after tax in 2008 and is not expected to have any additional significant effect on the result for for 2008.

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