Hual to Increase Fleet

Leif Höegh & Co. has entered an agreement with Daewoo Shipbuilding & Marine Engineering Co., Ltd. for three PCTC (Pure Car Truck Carrier) newbuildings (6100 ceu) for delivery in 2005. Delivered price will be approx. $50 million per vessel. The agreement also provides for optional vessels. 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's fleet, at present numbering 26 vessels, will with these three newbuildings and three other vessels on long term charters from 2003, increase to 32 vessels. Hual also operates approx. 20 vessels on charter-parties for shorter periods