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MSC Announces New Service

Maritime Activity Reports, Inc.

June 9, 2003

Mediterranean Shipping Company (MSC)announced that the company now offers new direct service to West Mediterranean ports in addition to its existing North Atlantic Service. This service is being operated using five 1200 TEU capacity vessels on a weekly basis. The new service rotations are: Boston, New York, Baltimore, Charleston, Savannah, Freeport, Valencia, Naples, La Spezia and returning to Boston. "This service enhancement provides more cargo space and better transit time for cargoes moving to and from Western Europe," said Nicola Arena, president of MSC (USA) Inc. "It means that we now offer three weekly services to and from Western Europe from the United States." The three services offered by MSC include the North Atlantic to North Europe; South Atlantic and Gulf to North Europe; plus their Atlantic service to the Western Mediterranean out of Charleston. In addition to the new service and progressive new routing, more cargo destined to other Mediterranean areas (via Relay Service) can be accommodated. Excellent connections are now available between U.S. Gulf and East Coast ports to East and West Coasts of South America, Mexico and the Caribbean. While the company's North Atlantic to Europe vessels will not stop in Freeport, vessels utilized in the company's North Atlantic to Mediterranean and South Atlantic to Mediterranean will call at this transshipment port for MSC. This means that cargo to or from the Gulf (New Orleans and Houston) will be able to sail on the North Europe vessels and then connect at Freeport with the new Atlantic to Mediterranean service. Mediterranean Shipping Company is the second largest container carrier in the world, operating more than 214 containerships in direct and relay services and calling at 170 ports on five continents.

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