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Kenneth M Novack News

13 Oct 2003

Lasco Enters Agreement with Clipper Group

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.

10 Jan 2002

Lasco Appoints V.Ships For Technical Management of Fleet

Lasco Shipping Co. and V. Ships, announced their agreement covering V. Ships assumption of technical management of the Lasco fleet previously provided in-house. The agreement expands on the previously announced agreement last summer for technical services provided by V. Ships to Lasco involving three panamax bulkers acquired by American Bulkers KS and bareboat chartered back to Lasco. The new agreement will cover 17 additional dry bulk carriers that are part of the Lasco fleet. Technical management services will be provided by V. Ships' Glasgow and Limassol offices, with transfer of technical management of the vessels set to begin in early January and completed within four to six weeks.

17 Apr 2002

Lasco Logger Pool gets Bigger

The Lasco Logger Pool, already one of the world’s largest logger fleets, just got bigger, with the announcement that two of SINCERE STEAMSHIP CORP.’s newly built logger ships, the Alpha Venture and the East Tender, have been placed in the Lasco Logger Pool. SINCERE, a management company in Taipei, TAIWAN, operates thirteen ships in its fleet, including seven newbuildings, committed two new “Kanda 28’s” to the Pool, which is commercially managed by Lasco. SINCERE will perform its own technical management of its vessels. In commenting on the announcement, Mr. Kenneth M. Novack went on to call attention to Lasco’s constant efforts to improve its capabilities to make forward fixtures and reduce ballast legs, aggressively positioning cargo opportunities.

03 Jan 2003

Ho Named to LASCO Board

Lasco Shipping Co.’s Chief Executive Officer Kenneth M. Novack announced that Steven T. Ho has joined the Lasco Board of Directors. Ho, President of Fairmont Shipping (Canada) Limited, headquartered in Vancouver, B.C., Canada, joins George Wood and Anthony Gurnee as outside directors of Lasco. “We’re extremely pleased that Steven Ho has joined our Board,” commented Novack, calling attention to Ho’s over twenty-five years of global shipping experience, including senior management positions in New York, Tokyo and Hong Kong. Over the years Ho has been involved in many aspects of shipping, from sales to brokering, technical management to operations, project development to financial management.