Leif Hoegh Records Strong First Quarter

Operating profit before sales gain and depreciation for Leif Hoegh & Co.

Limited (LHC) for the first quarter showed a significant improvement compared to first quarter of last year. HUAL experienced a strong first quarter. The car carrier market continues to be very tight, with all operators experiencing space pressure. The strong cargo availability out of the Far East continued. In February another large PCTC newbuilding on long term charter was delivered.

During the first quarter HUAL entered into long term charters for further two PCTC newbuildings to be delivered in 2007. HUAL was in April awarded as "General Motors Supplier of the Year 2003" for its overall business performance in providing GM with ocean services.

The LNG vessels and the two wholly owned Capesize vessels operated under their long term charter contracts without any disruptions.

LHC had 9 open hatch vessels in the Saga Pool at the end of the quarter after delivery of one vessel to new owner in January.

HUAL, the Ro/Ro car carrying unit of Leif Hoegh & Co, is one of the world's leading operators of car carriers with a fleet of 45 Ro/Ro vessels in its commercial operation. HUAL has seven large Ro/Ro newbuildings on order for delivery 2004 to 2007 and further 4 large Ro/Ro newbuildings will be taken on long term charter (in addition to three already delivered).

Maritime Reporter Magazine, page 43, May 2004

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