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Vancover Shipyards and Washington Marine Sign Contract with Acomarin

Maritime Activity Reports, Inc.

May 31, 2002

Vancouver Shipyards together with their parent corporation Washington Marine Group has signed a contract with Acomarin Engineering to purchase their JAK-400 Pushpin® ATB coupling system. Much research went into the decision as to which ATB coupling system would best fit their needs. Acomarin’s JAK-400 Pushpin® coupling system is one of the lightest ATB coupling systems on the market making it an easy retro fit to any tugboat and barge. Acomarin was also able to offer the fastest delivery time by supplying the complete system in less than 8 weeks. Both of these reasons were important factors in the decision for Washington Marine Group and Vancouver Shipyards. This new JAK-400 ATB Pushpin® coupling system will be installed on the existing tug Seaspan Challenger and a new barge Coastal Spirit built at the Jinling Shipyard in China. Acomarin Engineering has been extremely busy since the delivery of their first JAK-400 Pushpin® coupling system to K-Sea Transportation of New York in July of 2001. Since then, they have entered into additional contracts with K-Sea Transportation for 2 more complete ATB JAK-400 Pushpin® coupling systems, that will be delivered this summer, along with an option for 8 more systems in the future. The two systems are for the existing tugboats Tasman Sea and the Java Sea along with new barges that were built by Bollinger Shipyards. Acomarin has also signed contracts with Hermasa in Brazil for three complete coupling systems with an option for three more units. These JAK-400 Pushpin® coupling systems will be delivered to ERIN Shipyards in Manaus Brazil for installation this summer. This will give Acomarin Engineering seven (7) complete JAK-400 ATB pushpin coupling systems in service by the fall of 2002 and with several negotiations underway at this time Acomarin expects to have at least 10 of their JAK-400 ATB Pushpin® coupling systems in service by the end of the year.

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