LASCO Fleet Orders Two New Vessels

With a twin-masted sterling silver replica of an Imabari sailing ship in front of them to commemorate the event, officials of Lasco Shipping Co. (LASCO) and Imabari Shipbuilding Co., Ltd., (Imabari) signed contracts for two 28,200 dwt logger/bulk carriers to be built at the Imabari shipyard. Imabari will deliver the first of the two vessels in February 2004 and the second in April 2004. "We're building on a well established good business relationship with Imabari", noted Anton U. Pardini, Lasco's President, calling attention to vessels in the LASCO fleet that were previously built by Imabari. Pardini went on to comment that "these vessels are designed, sized and built to provide economical service to the bulk commodity trades. The investment underscores our long-term commitment to the trade and bolsters our position as one of the preeminent carriers of logs and other wood products." E. Higaki, Executive Vice President, said "We're pleased to be building on our relationship with LASCO and are looking forward to future shipbuilding opportunities on their behalf." He went on to recognize that LASCO has a track record of successfully serving global markets with the Imabari 28 type small handy bulkers and Imabari appreciates having LASCO as another satisfied customer. These two newbuildings will join the Lasco Logger Pool, one of the world's largest logger fleets. The Lasco Logger Pool, established in 1999, is managed by Mr. Daniel Hall, with nineteen vessels presently in the Pool fleet. The ability of the Pool to offer vessels from owners with a shared vision and philosophy of business, committed to providing reliable service, quality vessels and better utilization of tonnage results in more cost competitive and efficient service to the shipper trade. Construction of bulk carriers is not new to Imabari. The 28,200 dwt logger bulk carrier vessel has been a key feature and mainstay of Imabari's shipbuilding capacity. The two newbuildings key design dimensions are a length of 160.4 m, beam of 27.2 m, with a draft of 9.8 m when fully loaded. Each vessel is equipped to carry logs, with five holds and four electro-hydraulic deck cranes. The two new vessels will join a LASCO owned or operated fleet of 24 vessels. In addition, LASCO earlier this year ordered two other bulk carrier newbuildings that also will be delivered in 2004.