Ritchie Bros. Auctions Off PacifiCat Trio

Maritime Activity Reports, Inc.

March 25, 2003

Ritchie Bros. Auctioneers have concluded the results of the sale of the PacifiCat catamaran fast ferries. The three vessels, which sold for a total of $13 million within 10 minutes, also involved ancillary equipment auctioned off for $650,000 – for total auction proceeds of $13.6 million. The ferry trio was purchased by one buyer, who has decided to remain anonymous, while the ancillary equipment was bought by a group of nine different buyers.

According to David Ritchie, chairman and CEO of Ritchie Bros. Auctioneers the vessels were not a hard sell. “Without exception, the potential bidders who inspected the vessels were impressed with the excellent state in which the vessels has been maintained,” he said.

Randy Wall, president and COO commented on Ritchie Bros. successful marketing efforts toward the vessels’ auction, which according to the company, attracted tens of thousands of potential buyers from around the globe; several hundred of whom were engaged in detailed discussions prior to the auction. According to Wall, “There were seven groups from North America, Asia and the Middle East, who cleared our (Ritchie Bros.’) financial screening process, made the mandatory $2 million deposit and registered to bid at the auction.”

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