ReeferShip Ltd. Formed

LauritzenCool, Eastwind Transport and Armada Shipping announced the formation of ReeferShip Ltd.. a new marketing company that will identify, pursue, and develop business for refrigerated ships controlled by Eco Shipping, Arctic Reefers, and Armada Shipping. ReeferShip Ltd. is owned equally by its three principals. The company's combined fleet stands at more than 50 vessels with total capacity of about 20 million cu. ft.

Vessels in the fleet range in size from 185,000 to 668,000 cu. ft. Arctic Reefers and ECo Shipping will be kept intact in their present form as pools for large and handy-size refrigerated vessels, respectively.

Eastwind is contributing its reefer vessels of 400,000 cu. ft. and above to Arctic, LauritzenCool is placing its handysize tonnage under Eco's management, and Armada is through a joint venture with Arctic placing tonnage in both the Arctic and ECo systems. In addition, Eastwind has taken a substantial shareholding in Arctic, while LauritzenCool has increased its ownership interest in ECo.

Finally, ReeferShip vessels from all three participating fleets will be used whenever possible to fill the tonnage requirements of Eastwind Transport and LauritzenCool.

ReeferShip will operate out of Copenhagen and New York. Armada's reefer team will relocate to Copenhagen. ReeferShip will also have access to all of Eastwind's and LauritzenCool's marketing and agency offices worldwide.

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