Leif Höegh & Co. Concludes Exit From Reefers

Wednesday, July 02, 2003
Leif Höegh & Co. ASA (LHC) has sold its 36% shareholding in Lady Navigation Inc. to Frigo Navigation Ltd. on private terms. Lady Navigation Inc. owns the two reefer vessels Lady Racisce and Lady Korcula. The "Lady" vessels were built in 2000 and have a capacity of 590 000 cbft. Transfer of the shares in Lady Navigation Inc. to the new owner was concluded on 30 June and marks LHC's final exit from the reefer segment. LHC sold its commercial reefer operation, Cool Carriers, to J.Lauritzen in 2000. LHC had at the time owning interests in 15 reefers that continued to be commercially operated by LauritzenCool. All vessels have now been sold, with the last being delivered to new owners during the third quarter. Thor Jørgen Guttormsen, President of LHC, says: - We have worked dedicatedly to exit the reefer segment since the sale of Cool Carriers in 2000 and the somewhat improved reefer market this year provided the opportunity to complete the exit. Our strategy is to focus on Ro/Ro and LNG business.

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