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Van Dawark to Head Todd Pacific Shipyards

Maritime Activity Reports, Inc.

June 4, 2003

Thomas V. Van Dawark will assume duties as the president and chief operating officer of Todd Pacific Shipyards. Stephen Welch, Todd Chairman and Chief Executive Officer, made the announcement. Van Dawark is the former president and CEO of Marine Resources and Foss Maritime Co. In his 14 years as president, he grew revenue and income substantially. Welch said Van Dawark will build on the solid foundation that Rollie Webb established. Webb recently announced his resignation from the president and COO position.

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