HUAL Takes 2 More Newbuilds

HUAL has entered into long-term time charter arrangements for two large car-carrier newbuildings. The vessels will be built at the Uljanik Shipyard in Croatia and will be delivered 1st half 2007. Leif Höegh & Co Ltd will own 49.5% in both vessels, which were ordered by Norwegian shipping investor Peter Gram.

The Pure Car/Truck Carriers (PCTC) are well suited for HUAL's world wide trades and will have a deck capacity of about 59,000 sqm, two hoistable decks, ample high space capacity and a ramp capacity of 100 tons. The vessels will be technically managed by OSM Ship Management in Kristiansand.

HUAL, the Ro/Ro car carrying unit of Leif Höegh & Co, is one of the world's leading operators of car carriers with a fleet of 45 Roll-on/Roll-off (Ro/Ro) vessels in its commercial operation. HUAL has seven large Ro/Ro newbuildings on order for delivery 2004 to 2007 and further four large Ro/Ro newbuildings will be taken on long-term charter (in addition to three already delivered in 2003). The program of own and chartered in newbuildings will be a basis for fleet renewal and expansion to serve HUAL's customers and meet the demand for flexible PCTC vessels capable of carrying high and heavy cargo in addition to factory new- and second hand cars. HUAL operates in a network of trade systems from the main export areas for new cars in the Far East, USA and Europe. HUAL expects that vehicle exports from Japan and Korea will remain strong in the years ahead, while China may develop into a major exporter and importer of Ro/Ro cargo in the future. Karl Terjesen, President of HUAL AS said "We experience a lack of ships in the short-term and are happy that we are positioned to take delivery of five new vessels during this year. The Uljanik vessels will add valuable capacity to HUAL's core fleet of large flexible vessels in the medium to long-term."