July 2, 2004

More ship management contracts for MTC

Marine Transport Corporation (MTC), a subsidiary of Crowley Maritime Corporation, announces that it has taken over as the ship management company for the Delaware Bay and the Chesapeake Bay.

The first of the two vessels, the Delaware Bay entered into MTC hands through its ship management company, Marine Transport Management, Inc. (MTM) at midnight on Thursday, July 1. Its sister vessel, the Chesapeake Bay will follow on July 22. Both vessels will be turned over to MTM at Pier 59 in Newark, New Jersey.

The vessels are owned by First American Bulk Carriers Corporation and are on time charter to Royal P&O Nedlloyd. Each of the U.S. flag container vessels has a 2,400 TEU capacity and is enrolled in the Maritime Security Program (MSP).

Both call U.S ports in Newark, New Jersey; Norfolk, Virginia and Charleston, South Carolina and Eastern Mediterranean ports in Italy, Israel, Turkey and Egypt.

"Marine Transport Corporation through its management company Marine Transport Management, Inc., is aggressively seeking additional ship management opportunities both commercial and government, in particular with respect to those that are U.S. Flag," said Nick Orfanidis, Director of Fleet Operations.

MTM currently operates five other U.S. flag container vessels on behalf of Lykes Lines (CP Ships). Four of these have a 3200 TEU capacity with a deadweight of 45,000 tons and the fifth has a 3000 TEU capacity with a deadweight of 44,000 tons.

In addition to the commercially managed ships in MTC's care, the company and its subsidiaries also manage 14 U.S. Government Ready Reserve Fleet Roll On/Roll Off ships.

Over the past two years, vessels under MTC's commercial management have been available to meet the owners schedule requirements over 98% of the time and have operated under budget.

Crowley's Marine Transport Corporation, which got its start in 1816, is a U.S.-based supplier of marine transportation services, with one of the largest fleets of ocean-going vessels in the United States. It is part of Crowley's Oil and Chemical Distribution and Transportation Services. The company's core businesses include industrial shipping with leading chemical and energy customers, and ship management for government and commercial companies.

Oakland-based Crowley Maritime Corp., founded in 1892, is primarily a family- and employee-owned company engaged in worldwide logistics, liner services, contract towing and transportation, energy support services, ship assist and escort services, vessel management and petroleum and chemical marine transport. Additional information about Crowley, its subsidiaries and business units may be found on the Internet at www.crowley.com.

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