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Wallenius Willhelmsen Makes Agreement With HMM

Maritime Activity Reports, Inc.

March 5, 2002

Wilh, Wilhelmsen ASA and Wallenius have jointly signed a Memorandum of Understanding with the Korean company Hyundai Merchant Marine (HMM) for the possible acquisition of the the car carrier division of HMM which would continue to be operated as a separate company with its Korean profile.

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