Lasco Enters Agreement with Clipper Group

Monday, October 13, 2003
The Portland, Oregon based Lasco Shipping Co. enters into major agreement with Clipper Group of the Bahamas. Torben G. Jensen, Chairman of Clipper Group of the Bahamas and Kenneth M. Novack, Chairman of Lasco Shipping Co. of Portland, Oregon are very pleased to announce that Lasco has entered into an agreement pursuant to which it is to be acquired by Clipper Group. Lasco Shipping Co. owns and operates a 23 vessel fleet. In addition Lasco operates the Lasco Logger Pool. Clipper Group is the well known and dynamic Shipowner and time-charter operator domiciled in Nassau, Bahamas, with representation offices in the US, Europe and Far East. The Lasco fleet consists of Handysize, Handymax and Panamax bulk carriers - segments which are all among the strategic core activities of Clipper Group. More specifically, with the acquisition of Lasco, Clipper Group will gain control of the following vessels: 10 Handysize bulk carriers between 26.000 tdw and 29.000 dwt 4 Handysize newbuildings of 30.000 dwt, under construction in Japan, all for delivery 1st quarter 2004 2 Handymax bulk carriers of 46.000 dwt 7 Panamax bulk carriers between 66.000 dwt and 74.000 dwt The Handysize vessels are employed in the Lasco Logger Pool and a number of the Panamax bulk carriers are employed in the Klaveness Baumarine Pool. Lasco Shipping Co. was advised by Den Norske Bank of New York and Oslo and Clipper Group was advised by American Marine Advisors of New York in this transaction. The parties expect the transaction to be completed by the end of November this year following corporate and other legal formalities which must be concluded.

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