Leif Höegh & Co. Increases PCTC Order

June 17, 2003

Leif Höegh & Co. (LHC) has exercised options for two additional newbuildings to be delivered by Daewoo Shipbuilding & Marine Engineering Co., Ltd. in the third and fourth quarter of 2005. This brings the number of PCTC (Pure Car Truck Carrier) newbuildings ordered from Daewoo to five, and further options are included in the agreement with the yard. The vessels will enter service in LHC's Ro/Ro subsidiary HUAL's world wide trade systems and will have capacity to carry 6100 car equivalent units (ceu). Says Karl Terjesen, President of HUAL: - HUAL's strategy is to continue growing our deep sea business in order to improve the service we offer to our customers. The design of the newbuildings is based on the flexible state of the art solutions already employed in our fleet. The order forms part of the renewal of HUAL's fleet, which includes a number of vessels built in 1980/81, and which will be 25 years in 2005/2006. HUAL is also experiencing a substantial demand for flexible PCTC vessels in most of its services and some increase in fleet capacity is therefore necessary to meet customer requirements in a best possible way. HUAL will operate a fleet of about 50 vessels including these five newbuildings and another four new vessels on long term charter from 2003 and 2004.

Leif Höegh & Co. Increases PCTC Order

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