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November 9, 2000

ACL operating revenues up
American Commercial Lines LLC (ACL) today reported third-quarter operating revenue of $206.7 million, 9.6 percent higher than the $188.6 million for the same period last year. However, third-quarter operating income was $19.1 million, compared with $22.5 million for the third quarter of last year. Year-to-date operating income was reported at $43.6 million verses $46.8 million during the same period in 1999.

"Considering the escalating fuel prices and a softer than expected grain market, we saw some encouraging signs in the quarter's performance,'' said CEO Mike Hagan. "We completed several strategic realignments positioning ACL for better results in the quarters ahead. We are very pleased with the seamless integration of the Peavey fleet into our barging system. The sale of Watercom reduced our debt by $13.6 million, allowing ACL to further concentrate on its core operations. Finally, our joint venture in Argentina combines the two largest players in the market. The new South American joint venture, UABL, significantly strengthens our position serving a growing agriculture market."

"Low grain prices, the availability of temporary storage and accelerated government support payments to farmers may have suppressed the need to move grain during the traditional harvest period," he noted. "Looking forward, we expect the second largest grain harvest on record to carry covered hopper demand into next year.''

American Commercial Lines LLC operates more than 5,300 barges and 200 towboats on the inland waterways of North and South America

U.S. operator buys AHTS's from Jaya
Singapore's Jaya Holdings has reportedly made a commitment to sell three vessels valued at more than S$44 million, and given options for another two vessels worth over S$40 million (US$25.4 million) to a sizeable offshore support vessel owner/operator based in the United States. Of the three vessels committed for sale, two are currently on charter to the same customer. These are two 61 m, 5,300 bhp Anchor Handling Tug Supply vessels. Delivery is scheduled for December 2000 and March 2001, on completion of current charters. The third vessel is a similar AHTS that also has DP capability.

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