Hamburg Süd Acquires Costa Container Lines and Calmedia Liner Activites

Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (Hamburg Süd), and GF Group s.p.a. announced that a Sale and Purchase Agreement has been entered into by Hamburg Süd, GF Group, Costa Container Lines S.p.A. (CCL), and Calmedia Agenzia Marittima s.r.l., on the take over of the CCL liner services by Hamburg Süd in the following trades: Western Mediterranean / East Coast South America; East Coast South America / Caribbean and Mexico; Western Mediterranean / North Coast of South America and Caribbean; Italy / Turkey and Greece; Italy / Algeria; Italy / Syria, Lebanon and Egypt. With a carryings volume of approx. 360,000 TEU CCL generated a turnover of some $646m in the year 2006. Hamburg Süd will take over the CCL organization including its land based staff in Italy as well as of the CCL agency subsidiaries in Europe, Central and South America. Hamburg Süd will also assume the business related contractual relation-ships of CCL including customer contracts, time charter, leasing, terminal and stevedoring, agency and other service provider agreements. Hamburg Süd will furthermore take over the CCL container fleet and will be chartering the CCL / GF Group owned container vessels. Subject to the completion of the consultation process with the staff representatives in Italy and to the approval by the competent antitrust authorities the transfer of the business is scheduled to become effective on December 1, 2007. GF Group will maintain its presence in the shipping sector both through the chartering of vessels owned by CCL or other group companies and through the operation of conventional reefer ships complementing the GF Group core activities in the international fruit trade. GF Group will also strengthen its activity as port service provider, in particular in the Savona-Vado terminal, where an increase of volumes and trade is foreseen for the next future. Hamburg Süd will continue using Costa Container Lines and is confident that by adding the CCL business and by integrating the experienced staff of CCL and of its agencies it will further strengthen the position of Hamburg Süd in the core North / South trade lanes and the service network provided to its customers.