August 20, 2004

MSP agreements transferred to Maersk

Maersk Line, Limited (MLL) announced yesterday that it has signed agreements with the U.S. Maritime Administration that transfer the Maritime Security Program (MSP) operating agreements for three of the 15 ships currently operated by U.S. Ship Management (USSM) for MLL.

The vessels are: Sealand Florida, Sealand Motivator and Sealand Pride.

MLL has also terminated the charters with USSM for the three vessels and will assume direct operation of the ships.

MLL says that as the required documentation is processed for the remaining ships, those vessels will also be transferred to MLL in accordance with the Maritime Administration's June 7 order approving the transfers.

The vessels will remain U.S.-flagged and U.S.-crewed, continuing to support U.S. global trade and national security. The vessels will be integrated into MLL's existing U.S.-flag fleet operations, streamlining operations and creating efficiencies in MLL's global network of intermodal assets, including terminals, cranes, logistical platforms, computerized management systems, containers and chassis. MLL says the transfers will strengthen the MSP for military purposes and enhance the U.S.-flag presence in international shipping.

Maersk Line, Limited is based in Norfolk, Virginia, and is one of the Department of Defense's primary shipping contractors. It says it "has been a reliable partner for the government in peacetime and war for almost 30 years."

The company operates vessels registered in the United States in full compliance with U.S. laws and regulations. It manages a fleet of nearly 50 ships in commercial and government service, including vessels requiring Top Secret security clearances. Maersk Line, Limited, a subsidiary of Denmark's A.P. Moller/Maersk A.S., is independently controlled by a board of directors comprised entirely of U.S. citizens, with retired vice chief of naval operations and supreme allied commander, Atlantic, Admiral Harold W. Gehman, serving as Board Chairman.

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