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Marine Log

March 28, 2007

Aker Philly adds boxships to new agreement with HMD

Aker Philadelphia Shipyard, Inc., the shipbuilding subsidiary of Aker American Shipping, has signed an agreement with Hyundai Mipo Dockyard Co. Ltd. extending the current relationship to include not only additional additional tankers but also containerships.

Under an agreement signed in 2004, Hyundai Mipo Dockyard (HMD) has been providing design and procurement services for a series of ten 46,000 dwt tankers currently being constructed at Aker American's shipyard in Philadelphia.

The new agreement covers an additional six tankers, which mirrors an agreement in principle for additional charters with Overseas Shipholding Group, Inc. (OSG) that Aker American Shipping announced in February 2007, as well as exclusive rights for containerships.

"With our first product tanker delivered and four more already under construction, our shipyard is planning for the future. We have agreements in place for a series of up to 16 product tankers and are preparing for the possibility of returning to another arena where we have proven ourselves--container vessels. As with the product tankers, we will continue to apply flexibility and creativity in vessel ownership," said Dave Meehan, President and CEO of Aker American Shipping. "Hyundai Mipo Dockyard has been an excellent partner and is a premier provider of vessels in their market. Likewise, Aker American Shipping is determined to become a premier player in the U.S. Jones Act market, and, working together, we are strengthening both the Jones Act market and shipbuilding expertise in the United States."

Mr. Y.H. Bae, Executive Vice President at Hyundai Mipo Dockyard, commented, "We have been impressed by Aker Philadelphia Shipyard's capabilities over the past two years. They are leaders in constructing vessels to meet the needs of the U.S. Jones Act market, with a steady record of accomplishments. The relationship between Aker and Hyundai is very important to us and we view the successes of Aker Philadelphia Shipyard as our own successes."

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