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Åsheim Takes Helm of HÖEGH Fleet

Maritime Activity Reports, Inc.

October 16, 2003

Yngvil Åsheim has been named fleet manager in HFS responsible for the management of Leif Höegh & Co and HUAL's car carrier fleet. She came to HFS from Det norske Veritas (DNV) in 2002, where she was manager of DNV's Machinery Ship in Operation division. Åsheim has a degree (Master of Science) in mechanical engineering from the Norwegian Institute of Technology, NTH (NTNU) and has further education from management programmes under DNV's direction and from IMD in Switzerland. She started as a trainee at DNV in 1993. HFS is a management company responsible for the technical management and crewing of vessels owned by Leif Höegh & Co (LHC), comprising 22 car carriers, four LNG carriers, 10 specialised open hatch carriers and two large bulk carriers. The car carriers are specialised vessels transporting up to 6,000 vehicles and the LNG carriers are technologically advanced vessels transporting natural gas in liquid form at 163 degrees below freezing. (LHC's Ro/Ro organisation HUAL AS is responsible for the commercial management of the car carriers and Höegh LNG is responsible for the commercial management of the LNG carriers. Saga Forest Carriers is responsible for the commercial management of the open hatch carriers and the two large bulk carriers are on long-term charter to a company in the Shougang Group in China). HFS is also responsible for the technical supervision of a considerable newbuilding programme (eight vessels) for LHC in Japan, South Korea and China. HFS is manning the vessels through the company's local offices in the Philippines, in China and in Norway. Approximately 2,000 seafarers are employed by HFS. Alternation of generations Yngvil Åsheim will succeed Johannes Tvedte who has been President of HFS since 1990. Tvedte was appointed to this position when HFS was established as a separate company in 1995. He will continue to work for LHC with newbuilding projects.

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