LauritzenCool and NYK Reefers in New Cooperation

LauritzenCool and NYK Reefers will start a cooperation as from January next year. This new partnership involves both a tonnage sharing agreement and NYK Reefers taking a 50% share of LauritzenCool Logistics. This partnership will create economies of scale and sharing of resources as well as increasing the ability to offer even more complex logistic solutions at competitive prices. Tonnage sharing LauritzenCool AB and NYK Reefers Ltd. have entered into a long-term tonnage sharing agreement with effect from January 1st 2004. Each company will continue to market and negotiate their own services, however, vessels out of the combined fleet will be used to optimise and further improve the service to the customers. The combined fleet will comprise more than 70 modern specialised reefer vessels between 375f-760f cubic feet. By this agreement both companies will enjoy economies of scale and sharing of resources whilst still maintaining an independent reefer operation. LauritzenCool Logistics LauritzenCool AB and NYK Reefers Ltd. have also agreed that from January 1st 2004, NYK Reefers Ltd will acquire 50% of LauritzenCool Logistics, a wholly owned subsidiary of LauritzenCool AB. LauritzenCool Logistics is a logistic service company offering integrated services and multi-destination door-to-door solutions for perishable goods to growers and exporters as well as importers and retailers. By taking full responsibility for the transportation and logistics chain, LauritzenCool Logistics offers savings to their customers by taking advantage of economies of scale as well as safeguarding the integrity of the entire cool chain. Mats Jansson, CEO of LauritzenCool says that he is confident that this agreement will further improve the service to our customers and also enhance the return to our ship owning partners. We are looking forward to being able to develop and strengthen both LauritzenCool as a group and LauritzenCool Logistics as a company. Mr. Fumiya Aoki, CEO of NYK Reefers continues saying that the new cooperation with LauritzenCool will enable us to provide the most efficient and flexible service to our valued customers. It is in line with NYKLs strategy being a logistics mega carrier. We see more demands on logistics services for reefer cargo and NYK wishes to be a good business partner in this area. Mr. Mathias Wideroth, Managing Director of LauritzenCool Logistics says that this marks an important step in the development of the company. With their vast experience from all aspects of transportation and logistics, the entrance of NYK as a partner in LauritzenCool Logistics will increase our ability to offer even more complex solutions at competitive prices to our customers.