MOL Establishes Shipping Agency in Panama

MOL (America) Inc. will establish a new shipping agency in Panama to handle all commercial activities for MOL’s container division, effective May 1, 2003. The new company will be named MOL (Panama) Inc. Additionally, Boyd Steamship Corporation will handle Canal transits for MOL’s container division, allowing the two companies to Julio De La Lastra has been named President and Chief Operating Officer of MOL (Panama). He brings 24 years of maritime industry experience to his new position. Prior to joining MOL, Mr. De La Lastra served as Vice President of Liner Operations for Boyd Steamship Corp. In February 2002, the President of Panama, Mireya Moscoso, presented MOL the Panama Maritime Excellence Award. The award was given to MOL because it was the shipping company that contributed the highest revenues to the Panama Canal Authority in fiscal years 1999, 2000 and 2001, and also had the largest tonnage registered under the Panamanian flag. From January through December, 2002 MOL transited the Panama Canal a total of 253 times.