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Barwil, Denholm Form Partnership

Maritime Activity Reports, Inc.

June 23, 2004

Barwil, the Wilh.Wilhelmsen Group's global provider of Port & Marine Services has acquired a 40 percent stake in Denholm Shipping Services Ltd. (DSS), owned by the UK-based Denholm Group. The company will be rebranded as Denholm Barwil Limited and managed by the existing DSS management team led by Niall Denholm.

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