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Hvide New President of NSA

Maritime Activity Reports, Inc.

March 25, 2004

The annual General Assembly of The Norwegian Shipowners’ Association has today elected shipowner Johan G. Hvide, Seatrans DA in Bergen, as President for a two years period. Mr. Hvide was unanimously proposed and was elected by acclamation.

Elisabeth Grieg from Grieg International AS in Oslo and Trygve Seglem from Knutsen OAS Shipping AS in Haugesund were elected Vice Presidents.

The composition of the new board for the period 2004-2006 is as follows:

President: Johan G. Hvide – Shipowner, Seatrans DA, Bergen

Vice President: Trygve Seglem – Managing Director, Knutsen OAS Shipping AS, Haugesund

Vice President: Elisabeth Grieg - Managing Director, Grieg International AS, Oslo

Thor Jørgen Guttormsen – Managing Director, Leif Høegh & Co ASA, Oslo

Herbjørn Hansson – Vice Chairman, Teekay Norway AS, Sandefjord

Kjell E. Jacobsen - CEO, Smedvig ASA, Stavanger

Trond Kleivdal - Managing Director, Color Line AS, Oslo

Ketil Lenning – Managing Director, Odfjell Offshore AS, Bergen

Anne Jorunn Møkster – Managing Director, Simon Møkster Shipping AS, Stavanger

Stig Remøy – Shipowner, Olympic Shipping A.S, Fosnavåg

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