BRS Report 0310 1256 Costa

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Liner ShippingReport

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Shipbrokers

Since 1856

October 2003

COSTA CONTAINER LINE and GRIMALDI GENOA

- BRS-Alphaliner report - 20 Oct 2003 -

The Costa Container Line / Grimaldi synergy

Report dated 20 October 2003

The following report outlines the activities of Costa Container Line, Genoa and Grimaldi, Genoa, in thecontext of the joint venture they set up on 1st October 2003.

Fleet details, profiles of services ensured and recent news are available on www.alphaliner.com under

section OPERATORS.

This report is provided as part of the data enclosed in the BRS-Alphaliner website and it can beconsulted in full in the relevant sections of the said website. It is then subject to the same Generalterms and conditions / Copyrights which can be consulted in our offices or atwww.alphaliner.com/brs-alpha/disclaimer.htm

Parts of the present report can be reproduced provided that the source is mentioned.


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Liner Shipping ReportCosta / Grimaldi synergy - October 2003

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Introduction

Costa Container Lines and Grimaldi Genoa have set up a joint venture, effective 1st October 2003,in order to operate their container and roro freight services. Costa is understood as managing the linerservices of this joint venture. Grimaldi will concentrate its effort on its passenger and ferry business.

Costa will benefit from synergies on the Med-ECSA run and from a ready made intra Med networkserving the whole North Africa and the Near East, which can paly a feeder role for its Med-Americaoperations.

The present document details the services and fleet operated under the umbrella of this joint venture,and it provides a trading profile of Costa Container Lines and of Grimaldi.

CONTENTS

Costa Container Lines and the Orsero Group1 - Orsero reefer distribustion activities2 - From Costa Armatori to Costa Container Lines : A brief history3 - Costa Container Lines : the liner network

The Med-ECSA serviceThe Med-Canada-Cuba LineThe Mexico, NCSA and Brasil serviceThe Costa Container Line network October 2003

4 - The fleet

Grimaldi : the Genoa branch

1 - Grimaldi Group : from yesterday to today2 - Gilnavi (Grimaldi-Genoa) : the liner network

The Mediterranean-East Coast South America routeThe Mediterranean-West Africa routeThe Gilnavi network October 2003The Fleet

3 Grimaldi Napoli : a short outline


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Costa Container Lines and the Orsero Group

Costa Container Line (CCL) is a subsidiary of the Genoa-based Orsero Group, which is controlledby the Orsero family, and headed by Raffaello Orsero. Orsero entered the Costa capital in 1990 with a40% share and brought its ownership to 100% in 1998, in the context of developments detailedelsewhere in this report.

1 - Orsero fruit distribution activities

The Orsero group is active in fruit distribution for its own account, and it acts also as Italy fruitimporter forDelmonte's account. Orsero has been also representing Del Monte in France, Spain andPortugal for some 20 years.

Delmonte, or more exactly Fresh Delmonte Products (FDP), is a US-based multinational fruit and

vegetables grower, and is one of the world leaders in banana production and distribution. It is listed onthe New York Stock Exchange (it must not be confused with another US-based Delmonte companyalso involved in the food industry, and which process canned food, ketchup etc.).

FDP is for the most part owned by a Chilean company, controlled in turn by the Abu Gazaleh family(Palestinians who have also settled in the United Arab Emirates). FDP was bought by this Chileancompany in 1996 from Mexican owners.

Delmonte owns a fleet of 22 reefer cargo vessels (some of which through its subsidiary Horn-Linie)and subcontracts also the carriage and distribution of its products to third party companies, includingthe Orsero Group.

Orsero operates several regular reefer services, using modern reefer cargo ships, also fitted to carry

containers. Thanks to their versatility, these ships can carry additional volumes of fruits out of the fruitgrowing zones through reefer containers loaded on deck, and on the wayback, they can carry generalcargo in containers. In the latter case, the freight is collected by Costa C.L. and by third partycompanies (mostly NVOCCs) which have negotiated space allocations on the reefer ships.

For Orsero, this allows to reposition the ships to the fruit loading zones with earning cargoes, and forthe NVOCCs involved, the service offers them weekly sailings between specific ports, with verycompetitive transit times. For the pairs of ports concerned, these transit times are hardly breakable byconventional container carriers (main liner operators) because of the fairly high speeds of the shipsinvolved and because there are neither intermediate calls nor transhipment.

Orseros reefer services

On the Med-West Africa run, Orsero operates a reefer service which is also used to carry bananas toFrance (via Port Vendres) for the account of Orsero itself, and for Dole and Compagnie Fruitire, thelatter one being controlled by Dole and French interests, with Transit Fruits, another French company,acting as forwarder.

The two regular reefer services operated by Orsero are :

6185 - Orsero / Costa C.L. - Med-Caribbean reefer & container service

Weekly service offered with 4 x reefer vsls 12 000 tdw / 485 teu (Orsero fruit service with Del Monte asco-loader)


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RotationSavona (Vado Ligure), Valencia, La Guaira, Puerto Cabello (1/2), Barranquilla (1/2), Cartagena,Puerto Limon, Lisboa, Barcelona, Savona`

5290 - Orsero / Costa C.L. - Med-West Africa reefer & multipurpose service

Weekly service offered with 4 x reefer vsls - 6 700 tdw / 84 teu (Orsero fruit service with Dole as co-loader)

RotationSavona (Vado Ligure), Douala, Tema, Port Vendres, Savona (Vado Ligure)

Note : The four 'Cala P' ships were replaced by larger, chartered reefer ships in July 2003, andtransferred to the NW Europe-West Africa AEL service (5291) for the Summer 2003 season andreturned to this service in October 2003 (seasonal adjustment).

On the North Europe-West Africa trade, Orsero loads on the services of Africa Express Line (AEL),which is a London-based concern related to the US-controlled Dole Food Company, Inc. The volumescarried by Orsero on these latter services, which are basically Dole services on the northbound leg,are understood to be relatively small. On the way back to Africa, AEL accepts dry cargoes incontainers from NVOCCs.

The two regular reefer services operated by AEL and on which Orsero hires spaces for fruit cargonorthbound are :

Africa Express Line (AEL) / West Voyage Reefer (WVR) Cote dIvoire loop

Weekly joint service using four reefer ships

Rotation

Dieppe, Abidjan, Antwerp, Dieppe - T/S to/fm Douala, Libreville, Pointe Noire, Luanda

Africa Express Line (AEL) Cameroon loop

Weekly service using four reefer ships

Rotation

Antwerp, Dover, Douala, Tema, Abidjan, Antwerp

We understand that there are only a few synergies between the Orsero fruit carrying activities and theCosta C.L. transportation business. The main interactions concern container services offered byCosta, using the reefer lines operated by Orsero, on the Med-Central America and Med-West Africatrades.

2 - From Costa Armatori to Costa Container Lines : A brief history

The Orsero group has been owning 100% of CCL since February 1998, after a succession of eventsdetailed here.

The original Costa company, Costa Armatori, as the company was then known, was created in 1926by Giaccomo Costa. The company developed passenger and cargo services between the Med andthe Americas.


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The Costa name is mostly associated with passenger ships (todays Costa Crociere is a renownedbrand). Costa Armatori had a long tradition in this field, first with Transatlantic passenger liners (untilthe jumbo-jet era), then with cruise liners.

In addition to its passenger business, Costa Armatori used also to offer regular freight serviceslinking the Med to the Red Sea and to the USA, with a fleet of conventional cargo ships, and thenmultipurpose ones. In the 1980s, Costa's cargo carrying flagships were the 28,000 tdw roro shipsCOSTA ARABICA and COSTA LIGURE (currently owned and operated by MACS as the GREENCAPE and DIAMOND LAND).

In 1983, Dr Ravano (founder-owner ofContship Container Lines) bought 21.8% of Costa Armatori,adding then the USA to its own Contship network. The cruise business was separated from the cargodivision soon after, in 1984. The cruise business (Costa Crociere) continued to operate as anindependent company and was eventually bought by Carnival Cruise Line, Miami, in 1999.

In 1986, Costa and Contship launched a joint subsidiary, Costa Container Lines (CCL), to operatetheir liner services between the Med and the USEC. This period marks also the beginning of asuccession of agreements and slot buying to North and South America with other Italian owners suchas Italia and D'Amico, with Spanish carrier CTE, with French-owned 'Services Europe Atlantique Sud'(SEAS - a CGM division), with South American lines such as Paulista, Lloyd Brasileiro or ELMA, andwith the Evergreen Line.

In the meantime, in 1990, CCL was purchased by Calmedia, a joint venture between UK-based BlueStar Line (60%) and the Orsero group (40%). The presence of Orsero in Costa dates back to thistransaction.

When the Vestey Group sold the Blue Star Line to P&O Nedlloyd in February 1998, the Med-ECSACosta-Calmedia operated service was not included in the deal. The Orsero group took over the 60%stake of Blue Star Line in Calmedia and became the sole owner of CCL, and has remained as suchsince.

3 - Costa Container Lines : the liner network

CCL uses to provide container services using the Orsero reefer ships deployed on regular fruit trades,and with cellular tonnage as well. CCL is today heavily involved in Latin America trades (Atlantic side).

Its container liner services remained limited during the 1990s to the Med-ECSA trade. In 2000, CostaC.L. launched a Med-Canada-Cuba service together with services linking the Caribbean, US Gulf andNCSA to Brasil.

The Med-ECSA service

On the Med-ECSA run, CCL is a partner of the Sirius arrangement, together with Libra de Navegaao(a Brasilian subsidiary of CSAV), CMA CGM and Ybarra (a Spain-based joint venture of CMA CGMand Hamburg-Sd). In addition, Hamburg-Sd itself uses the service (slot buying). CCL is assumed tocontrol one third of the capacity deployed on this service.

Historically, this service was formerly known as MEDECS (Med-ECSA), with Italia Line, Costa-Calmedia and Ybarra as partners. Libra joined it in late 1996 and the service became known asSeagull (Libra was then purchased by CSAV in March 1999). In early 1997, the Seagull was operatedwith five ships averaging 1,500 teu on a 10 day basis, giving it a weekly capacity of about 1,100 teu.


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It was upgraded to the weekly frequency in June 1997, with a weekly capacity of 1,500 teu. Then,Grimaldi (Genoa) joined it in April 1998, with chartered tonnage, then left one year later, reverting to asolo operation with its roro ships. The Seagull capacity had in the meantime been increased to 1,650

teu per week, thanks to the replacement of the ships used.

The purchase of Italia Line by C.P. Ships in May 2002 led Italia to leave the Seagull arrangement inorder to join two other CP Ships units (Contship and Lykes) on the rival JSSA service (6380). As aresult, the service was renamed from Seagull to Sirius (Seagull was an Italia brand).

The Sirius was upgraded from the 1,600/1,700 teu scale to the 2,000/2,500 teu one during the secondquarter of 2003. These ships are fitted with 350-500 reefer plugs, giving them a maximum equivalentreefer capacity of 19,000-27,000 c.m.

Of the six ships deployed, two of them are contributed by CCL (both chartered), the 2,225 teuANDALUSIA (who was renamed from CENTURION in September as she was delivered to newowners see under the Ships chapter), and the 2,478 teu CALAPALOS (Costa name - aliasNORDATLANTIC).

A further upgrading is already planned. It should occur in 2006 when CCL takes delivery of the two2,784 teu ships it has recently ordered.

The weekly capacity of this service evolves as below :

1996 : 1,100 teu1997 : 1,500 teu1999 : 1,650 teu2003 : 2,450 teu2006 : 2,800 teu

The Med-Canada-Cuba Line

In July 2000, Costa Container Line launched a triangular Med-Halifax-Cuba service using two 1,100teu ships, the SIGGA SIF and STADT HAMBURG (this latter ship having been renamed CALAPILAR). This service grew in importance at a fast pace.

Containers are carried from the Mediterranean to both Canada, Cuba and the Caribbean-NCSA-USGulf sector, and loads also boxes at Halifax for Cuba (in competition with Cuban operator Melfi Lines).The service returns then to the western Med ports, where transhipments are also offered to and fromthe eastern Med basin through third party services.

It is worth noting that in the past (1988-1990), Costa had already served the Med-Canada trade inpartnership with Evergreen, with five 1,100 teu ships (four 'Ever O' class ships and the 1,152 teuCOLOMBO).

The new triangular service was a success and CCL raised its profile during the following months sothat in April 2001, it was harmonised to a fleet of three ships of 1,388 teu and 19 knots (CS-1400design), with one sailing every 11 days.

The three CS-1400 on the harmonised service in 2001 :

BIRTE RITSCHER renamed CALA PIEDADNORWOGE renamed CALA PALAMOSWESTERMHLEN renamed CALA PINAR DEL RIO


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While the SIGGA SIF was redelivered to her owners, the CALA PILAR was shifted to the Mexico-NCSA relay service, which was upgraded in the process, as she replaced the 373 teu ARCADIANFAITH, who ran alongside the 907 teu CALA PONENTE. The feeder service saw also its rotation

rationalised.

Then, the service was again upgraded in 2002, with further, larger ships added, especially as Cubanoperator Coral Container Line started to buy slots (it was also said that Coral losed cargo to Costa) inthe current of 2002. The Coral service was progressively downgraded and eventually closed inSeptember 2002. This service offered a weekly capacity of 800 teu at its peak, in early 2002. AnotherItalian carrier, Linea Messina, was also looking at the Coral trade at the time.

In January 2003, CCL started to use Kingston (Jamaica) as the connecting hub for its services,instead of Havana (Cuba) and Rio Haina (Haiti) while import calls were added at Valencia andSalerno. The service was harmonised to the 1,600 teu scale this same month with four ships of1,500/1,700 teu. A fifth ship was added in March 2003, and the service is today run with five shipsoffering an approximately weekly frequency, with a weekly average capacity of 1,650 teu and 21,000tdw of cargo carrying capacity.

Competition is starting to bite, with the service recently launched (September 2003) by Cuban-controlled Melfi Lines (See related report) on the Med-Halifax-Cuba run. The Cuban-related cargoeswhich were formerly carried by the Coral service may now be drained by the Melfi service.

The Mexico, NCSA and Brasil service

Meanwhile, Costa developed its Mexico-Central America-NCSA link during 2000, and has extended itto Brasil in January 2002. This service carries regional cargo and acts also as a relay service linkingKingston to Mexico, Central America, Colombia, Venezuela and Brasil. It connects at Kingston withthe Med-Canada-Cuba Line.

It was started as a small scale operation linking Havana and Rio Haina to Mexico using a single ship,then two ships (with extension to Colombia and Venezuela). It was extended to Brasil in January 2002with the addition of two 900 teu ships to the two ships of similar size already there. Sailings wereoffered every 12 days on average.

Then, a fifth ship was added in June 2002, upgrading the frequency to 10 days, and a sixth one camein August 2002, upgrading the frequency to 8/9 days.

In January 2003, Kingston replaced Havana and Rio Haina as transhipment hub. In the meantime, the900 teu ships were replaced by units of 1,100 to 1,400 teu, some of them cascaded down from theMed-Canada-Cuba Line.

This service has thus become in a relatively short period a major one on this specific run.

The Costa Container Line network October 2003

The Costa Container Line network consists of the following services (as at 30 September 2003 extracted from the BRS-Alphaliner database).

Note : the four-digit figure at the head of the name of each service corresponds to the Serviceidentification number (S code) used in the Alphaliner website. Subscribers can refer to this number, oralternatively browse the Operators section, in order to obtain the updated data and latestdevelopments on these services, together with the list of ships deployed on each service.Furthermore, a link on each ship leads to its detailed description.


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MED-CANADA-CUBA SERVICE & SERVICES TO CARIBBEAN and CENTRAL AMERICA

6186 - Costa Container Line - Med-Canada-Cuba service

Weekly service operated in solo with 5 x 1,500 / 1,700 teu ships

RotationLivorno, Savona (Vado Ligure), Barcelona, Valencia, Halifax, Havana, Kingston, Rio Haina, Valencia,Salerno, Livorno - T/S to/fm Montreal, Toronto

T/S to/fm Vera Cruz, Altamira, Santo Tomas de Castilla, Puerto Limon, Colon, Cartagena,Barranquilla, Puerto Cabello, La Guaira, Fortaleza, Sao Francisco do Sul, Santos, Rio de Janeiro(using 6266 mainly) - T/S to/fm Genoa, Naples, Malta and Eastern Med

6266 - Costa Container Line - Intra America service (Mexico-NCSA-ECSA)

Service with 8 days frequency operated in solo with 6 x 1,100 / 1,400 teu

RotationKingston, Vera Cruz, Altamira, Havana, Santo Tomas de Castilla, Colon, Cartagena, Barranquilla,Puerto Cabello, La Guaira, Fortaleza (*), Recife (*), Salvador (*), Rio de Janeiro, Santos, SaoFrancisco do Sul, Paranagua, La Guaira, Puerto Cabello, Cartagena, Barranquilla, Kingston

T/S at Kingston to/fm Med and Canada on Med-Canada-Cuba service (6186)

Ports shown with an (*) are served on some sailings only

6267 - Costa Container Line - Relay service to Central America

Service offered every 9 days in solo with one 900 teu ship

RotationKingston, Rio Haina, Barranquilla, Cartagena, Colon, Puerto Limon, Kingston

6185 - Orsero / Costa C.L. - Med-Caribbean reefer & container service

Weekly service offered with 4 x reefer vsls 12 000 tdw / 485 teu (Orsero fruit service with Del Monte asco-loader)

RotationSavona (Vado Ligure), Valencia, La Guaira, Puerto Cabello (1/2), Barranquilla (1/2), Cartagena,Puerto Limon, Lisboa, Barcelona, Savona`

T/S to/fm Genoa, Naples, Malta and Eastern Med - T/S fm Santo Tomas de Castilla, Colon (using6266)

SOUTH AMERICA SERVICES

6370 - Med-ECSA - Sirius service

Weekly service operated by Costa Cont. L. / Libra (CSAV) / CMA CGM / Ybarra / slots : Hamburg-Sud

Service offered with 6 x 2,200 / 2,500 teu ships (two of which contributed by Costa)


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RotationGenoa, Livorno, Fos (~Marseille), Barcelona, Rio de Janeiro, Santos, Paranagua, Buenos Aires,Montevideo, Rio Grande, Itajai, Sao Francisco do Sul, Santos, Rio de Janeiro (1/2), Salvador, Pecem

(~Fortaleza), Cadiz (occasional call), Valencia, Genoa

For Costa : T/S to/fm Salerno and overland to/fm Trieste

6266 - Costa Container Line - Intra America service (Mexico-NCSA-ECSA)

See above

WEST AFRICA SERVICES

5290 - Orsero / Costa C.L. - Med-West Africa reefer & multipurpose service

Weekly service offered with 4 x reefer vsls - 6 700 tdw / 84 teu (Orsero fruit service with Dole as co-loader)

RotationSavona (Vado Ligure), Douala, Tema, Port Vendres, Savona (Vado Ligure)

Costa expects to carry 170,000 teu in 2003, while Grimaldis figure would reach 90,000 teu. Theconsolidation of services and growth would lead to reach the 300,000 teu mark in 2004.

4 - The fleet

Costa C.L. has increased its presence at a fast pace on the Latin American trades, and this isreflected by the growth rate of its operated fleet.

BRS-Alphaliner records show that the Costa fleet was limited to 10 ships cumulating 4,300 teu andaround 100,000 tdw in early 1999. It comprised eight reefer ships (actually operated by Orsero withCosta using space on them) and only two containerships, the 1,608 teu CALAPALOS andCALAPADRIA, deployed on the Med-ECSA run (Seagull).

The fleet took off in 2000 and reached it current level of 22 ships for 23,453 teu and 361,000 tdw (rank37 in teu terms) (see table below). As a matter of comparison, Grimaldi Genoa operates eight ships for10,251 teu and 149,000 tdw.


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Evolution of the fleet of Costa Container Lines

Date Rank Ships teu tdw

January 2000 98 10 4 914 116 000

January 2001 61 15 10 650 195 000

January 2002 58 15 11 340 199 000

January 2003 41 22 21 037 328 000

October 2003 37 22 23 453 361 000

> In January 2000, the figure includes 8 reefer ships and twocontainerships of 1,608 teu (CALAPALOS / CALAPADRIA)

> In October 2003, the figure includes 8 reefer ships and 14containerships totalling 21,177 teu

Rank in teu terms based on the BRS-Alphaliner Top 100

Source : BRS-Alphaliner

The containership fleet remained limited to the two ships plying the Med-ECSA service during the1995-2000 period. Then, it started to grow with the launching of the Med-Canada-Cuba line in 2001.

CCL relied upon chartered containerships only until 2002, when it decided to own part of its operatedtonnage. The move was facilitated by the fact that Orsero had already an operating cell for its ownfleet of reefer ships.

Thus, in August 2002, CCL has bought two B-170s hulls (1,730 teu) from Nowa Sczecinska, thecontracts for which having been cancelled earlier by Alfred Hartmann (intended name : SADIRA) andby Oskar Wehr (intended name : WEHR FALKENSTEIN). These cancellations were a consequence ofthe delays sustained during their construction, due to a cash crisis at Stocznia Sczecinska.

The construction of these ships was however well advanced, and Costa could receive them inNovember-December 2002. They were delivered as the CALA PORTOFINO and CALA PONENTEand joined the Med-Canada-Cuba Line, which has then been upgraded to the 1,600 teu scale(average).

This investment has been a wise move when looking at the evolution of charter rates since late 2002.B-170s rates rose from their lows of USD 6,000 to almost USD 17,000 in September 2003.


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Fixed running costs for B-170s stand today at USD 3,500-3,800, excluding capital and financementcosts. Although financing and amortization details are not disclosed, it can be assumed that the initialinvestment have to be recouped in 12 years time and that financing with conventional bank loans are

avoided. It leads to a dailly capital disbursement in the region of USD 7,000. In this case, the dailyfixed costs can be estimated at USD 10,500-11,000.

As charter rates are expected to remain sustained for the 24-30 months to come (at least in theabsence of an unpredictable event), CCL will save an annual USD 4 M or so (total for the two ships) in2004 and, hopefully, in 2005.

In September 2003, Costa went a step further with the ordering of two ships of 2,784 teu at StoczniaSzczecinska for delivery in 2006. They are aimed at the Med-ECSA 'Sirius' service (6370), which hasbeen upgraded from the 1,600/1,700 teu scale to the 2,200/2,500 teu one during the second quarter2003, and is thus to be upgraded to the 2,800 teu scale.

These two ships will be fully geared (as all the containerships currently operated by Costa) and will befitted with 425 reefer plugs, giving to each of them an equivalent reefer capacity of 23,000 cubicmeters. They are based on the well proven Szczecinska B-178 design, and they are a short versionof this design. It means also that, should volumes rise quicker than anticipated, it will be easy toconvert the order into a full lenghth B-178, rated at 3,091 teu.

The move to full ownership witnesses a trend among operators, which see ownership as a way tohave a better control of their costs in the long term, especially in these time of peak charter rates.

The reefer ships

The Orsero Group owns and operates two sets of four reefer ships designed in co-operation withItalian shipbuilder Fincantieri. They have been built at a time when Italian yards were at low tide and itis believed that they have been ordered with significant subsidies. They are owned by companiescontrolled by Orsero, such as Cosiarma or Partenopei.

The first set was built in 1990-92 and have a reefer capacity of 10,230 cm. In addition, they can take42 x 40ft reefer boxes on deck (84 teu), so that it gives them an additional 2,300 cm of reefer capacity.

The second set was built in 1999-2000 and have a reefer capacity of 16,992 cm. In addition, they cantake 485 teu, of which 195 x 40ft reefer boxes on deck (390 teu), so that it gives them an additional10,700 cm of reefer capacity.

In 2002, Orsero unveiled plans to order a new generation of reefer ships to replace the four ships ofthe CALA PALMA class (16,992 cm / 485 teu) used on the Colombia-Central America-Med service(6185). It did not went through however. The CALA PALMA ships would then have been shifted to theMed-West Africa service (5290), currently ensured by four ships of the CALA PIANA class (10,236 cm/ 84 teu). Nothing has been heard since, and it is thought the ordering of new ships is linked to theextension of the Del Monte contract. Besides, Del Monte may well consider the containerisation of itsshipments.


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Costa C.L. fleet

Containerships

CALAPALOS 33 850 2 478 2003 Med-ECSA - Sirius service charteredANDALUSIA 30 700 2 225 2001 Med-ECSA - Sirius service charteredCALA PORTOFINO 23 051 1 730 2002 Med-Canada-Cuba service ownedCALA PONENTE 22 900 1 730 2002 Med-Canada-Cuba service ownedNORDCOAST 22 420 1 684 1997 Med-Canada-Cuba service charteredCALA PILAR 22 420 1 684 1997 Med-Canada-Cuba service charteredNORDLAKE 22 450 1 524 1994 Med-Canada-Cuba service charteredCALA PINAR DEL RIO 20 140 1 388 1993 feeder - Cuba-NCSA-ECSA charteredCALA PALAMOS 20 275 1 354 1994 feeder - Cuba-NCSA-ECSA charteredCALA PORLAMAR 14 580 1 122 1996 feeder - Cuba-NCSA-ECSA chartered

CALA PACUARA 14 580 1 122 1996 feeder - Cuba-NCSA-ECSA charteredCALA PROVIDENCIA 14 580 1 122 1996 feeder - Cuba-NCSA-ECSA charteredCALA PUEBLA 15 170 1 107 1994 feeder - Cuba-NCSA-ECSA charteredHOLANDIA 9 300 907 2000 feeder - NCSA-ECCA chartered

Reefer ships

CALA PALMA 12 100 485 2000 Med-Caribbean ownedCALA PEDRA 12 100 485 2000 Med-Caribbean ownedCALA PINO 12 100 485 1999 Med-Caribbean ownedCALA PULA 12 100 485 1999 Med-Caribbean ownedCALA PIANA 6 703 84 1992 Med-W. Af - West Africa pool owned

CALA PICCOLA 6 703 84 1991 Med-W. Af - West Africa pool ownedCALA PEVERO 6 703 84 1990 Med-W. Af - West Africa pool ownedCALA PORTESE 6 703 84 1990 Med-W. Af - West Africa pool owned

Orderbook

order / Hull 37 000 2 784 06 00 Med-ECSA - Sirius service ownedorder / Hull 37 000 2 784 06 00 Med-ECSA - Sirius service owned


Grimaldi : the Genoa branch

The Genoa branch of the Grimaldi concern is headed by Aldo Grimaldi, one of the founding brothersof the initial Grimaldi company.

1 - Grimaldi Group : from yesterday to today

The Grimaldi group was established in 1946 by the Grimaldi brothers Aldo, Guido, Luigi and MarioGrimaldi who set up Fratelli Grimaldi Armatori. Their mother, Amelia, was a sister of the Italianshipowner Achille Lauro, founder of Lauro Lines.

They have established liner services linking Europe (North and South) to North Africa, West Africa andSouth America, as well as intra Europe links. Most of these links are based on the roro concept.


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Grimaldi got also involved in passenger transportation, with Sicula Oceanica (SIOSA), a once wellknown name on the Atlantic passenger trades, and Ausonia Crociere. Grimaldi did not abandon thissector as it has developed a specific brand, Grandi Navi Veloce, founded in 1992 to operate

passenger-freight ferry services to link the continent to Sicily and Sardegna, and it has also developeda new cruise concept using the sophisticated (and luxurious) car ferries plying these services, startingwith the MAJESTIC.

In January 1995, the Grimaldi brothers split the company into two groups, headquartered respectivelyin Genoa and Naples.

Aldo and Mario settled in Genoa while Guido and Ugo settled in Napoli.

Grimaldi Genoa

The Genoa branch is headed by Aldo and covered from 1995 until September 2003 the followingcompanies :Consorzio GrimaldiGrandi Traghetti SpA di Navigazione (also known as GRANFERRY)Gilnavi srl di Navigazione (100% owned by Grandi Traghetti)Grandi Navi Veloce SpA (also known as GRANNAVI)

After the 1995 shake up, the Genoa branch continued to develop the passenger/car ferry activitywithin Grandi Navi Veloce and took in charge two deep sea trades and some intra Med trades underthe brands Grandi Traghetti and Gilnavi, as follows :> Mediterranean-Brasil-Argentina (Grandi Traghetti)> Mediterranean-West Africa (Grandi Traghetti)> Intra Med (Gilnavi)

Changes occurred in 2003, with the liquidation ofConsorzio Grimaldi (which then does not exist anymore) and the restructuration of the two freight carrying divisions, as follows.

Grandi Traghetti SpA di Navigazione has handed over all the international cargo services to Gilnavisrl di Navigazione (effective 01 October 2003) and has been renamed Grimaldi Holding SpA(effective 02 October 2003). At the same time, Gilnavi srl di Navigazione went under the control ofGrimaldi Holding SpA. The name Grandi Traghetti is no longer in existence.

Thus, the new structure is as follows (effective 1st October 2003) :Grimaldi Holding SpAGilnavi srl di Navigazione (100% owned by Grimaldi Holding SpA)Grandi Navi Veloce SpA

The trades formerly ensured by Grandi Traghetti and by Gilnavi come henceforth under the umbrellaofGilnavi srl di Navigazione, and are managed by the new joint venture Costa-Grimaldi, formed on1st October 2003.

Grandi Navi Veloce SpA continues to handle all the Roro-passenger lines on the Italian coastal tradeand on the trade between Italy and Spain.

In addition, in 1995 Mario took in charge another Grimaldi company, Sicula Oceanica (SIOSA), whichwas later owner of the pctc/containership REPUBBLICA DI PISA and of the 135,000 tdw bulk carriersGIOVANNI GRIMALDI and AMELIA. Mario passed away in 2001 and Sicula Oceanica became then asleeping company, with its three ships sold.


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Grandi Navi Veloce : background and activities

Grandi Navi Veloce (GNV) was founded in 1992 to operate Italy domestic passenger & freight ferryservices linking Genoa and Livorno to Sicily (Palermo) and to Sardegna (Porto Torres and Olbia).Later on were added international ferry services between Genoa and Barcelona and between Genoa,Malta and Tunis.

In order to ensure its ferry services, GNV has invested in successive generations of roro ferries withluxurious accommodations in order to give an appeal to these operations. The first of these newships, the MAJESTIC, came on stream in 1993 on the Genoa-Palermo run. She was followed by theSPLENDID, FANTASTIC, EXCELLENT, EXCELSIOR, VICTORY, SUPERBA and SUPREMA (eitherowned or rented all being of GNV design).

2 - Gilnavi : the liner network

The Mediterranean-East Coast South America route

The Med-ECSA service formerly operated by Traghetti di Navigazione used to be a roro-orientedservice, ferrying cars, rolling stock and containers from Italy and Spain to Brasil and Argentina. Theservice was ensured with up to four roro ships of 22,000-27,000 tdw until 2001, reduced to three unitsin 2002, with two sailings per month.

In 1995, Traghetti deployed four roro ships, the 27,500 tdw / 1,446 teu ROSA BLANCA and ROSATUCANO (chartered from Hamburg-Sd) and its own REPUBBLICA DI VENEZIA and REPUBBLICADI PISA.

ROSA BLANCA and ROSA TUCANO left the fleet in early 1998 as they joined Delmas, which boughtthem (currently : ROKIA DELMAS and ROSA DELMAS).

They were replaced by full containerships, the 1,608 teu REPUBBLICA DELLA BOCCA (aliasDOLLART TRADER) and REPUBBLICA D'ITALIA (alias MERKUR TIDE), operating within the Seagullconsortium that Grimaldi had joined at this occasion. The REPUBBLICA DI VENEZIA andREPUBBLICA DI PISA continued to ensure the roro shipment separately. This same year twonewbuildings joined the Med-Brasil run, the REPUBBLICA ARGENTINA and REPUBBLICA DELBRASILE, running alongside the REPUBBLICA DI PISA (the REPUBBLICA DI VENEZIA wenttemporarily on the Med-West Africa trade).

In 1999, the service returned to a full roro operation employing the four above mentioned roro ships. Inthe meantime, in April 1999, Grimaldi left the Seagull service after one year of presence, and

redelivered the two chartered 1,608 teu containerships.

However, a collapse of southbound car shipments in 2002, send the number of shipped cars from50,000 units per annum to much lower figures, due to the economic situation in Brasil and Argentina.This led Grimaldi to consider the introduction of cellular tonnage on this route as the roro freight hadmostly vanished.

From four roro ships, the fleet went down to three ones, then two ones, with spot lolo tonnage toensure interim container shipments (mainly northbound). Roro ships are costly to operate and, giventhe context, it made sense to replace them by cellular ships as boxes made henceforth most of thevolumes (containerised freight was carried mostly on the northbound trips).


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This decision to get rid of the roro ships was unveiled in November 2002, at a time when charter ratesfor container ships were very low. Actually, during the year, Grimaldi had already chartered containertonnage of around 1,000 teu for round voyages or northbound single trips, allowing it to bring down the

number of roro units to two ships.

The November 2002 decision went a step further. As cellular ships were to be introduced, it wouldhave been a wise move that Grimaldi joined one of the Med-ECSA existing joint services. It has donethis in the past, between April 1998 and April 1999, on the Seagull service (see above). This changehowever is to be a temporary one, as Grimaldi would return to roro operations as soon as carshipments pick up.

Thus, three ships averaging 1,900 teu were chartered for 12-14 months periods (expiry is first quarter2004) for a total monthly hire of USD 30,100. The rotation of the Med-ECSA service was adapted as itwas no longer justified to call at the traditional car handling terminals. The three ships involved werephased-in in January-March 2003 :JAN S. (1,906 teu / 20 kts)SAMARIA (1,716 teu / 22 kts)NORDEAGLE (2,105 teu / 20 kts)

As for the roro ships, which were owned by the company, they have been chartered out, two of whichhaving been fixed by the Grimaldi Napoli concern, the REPUBBLICA ARGENTINA and REPUBBLICADEL BRASILE.

Coming to October 2003, the Costa-Grimaldi arrangement brings some redundancy on the Med-ECSAroute. Although the new strategy has yet to be unveiled, it makes sense that the Grimaldi volumesgoes to the Sirius service (see under Costa), provided that the ships can accept an extra (theoretical)950 teu per week, which appears not to be the case (average weekly capacity on the Sirius is 2,450teu).

So, there are chances that the three Grimaldi ships ships continue to run on their current service.Their charters expire in early 2004. In the meantime, should they become supernumerary, they couldbe relet at a healthy profit for the balance of the period.

The Mediterranean-West Africa route

The Med-West Africa route has been inherited from the 1995 restructuration. It linked the Med ports ofBarcelona, Valencia, Salerno, Genoa and Marseille to Abidjan, Cotonou, Lagos, Douala and SanPedro. It was run as a solo operation until January 2001, when Grimaldi teamed up with Frenchoperator Delmas, and Ravenna-based Setramar.

The three companies launched a joint roro service using five large 22,000 tdw roro ships, theROSANNE and ALYONA (contributed by Grimaldi), the LAURA DELMAS (contributed by Delmas),and the ex AFRICAN ARROW and ex ATLANTIC ARROW (both just bought by Setramar from ThalcarShipping and ending their commitment with Grimaldi), which were renamed KWANZA andSASSANDRA.

The former multipurpose/semi-roro services offered by Delmas and Setramar, run with seven cargoships (including ramp fitted 'Astrakhan' ships), and Grimaldi's own roro and multipurpose services, runwith two roro ships and two cargo vessels, were closed. A monthly breakbulk service was howeverkept alive by the three partners.


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The Intra Med trades

In 1995, Grimaldi Genoa took in charge the roro freight services linking Italy (as well as France and

Spain) to North Africa (Morocco, Algeria, Tunisia, Libya, Egypt) and to the Near East. Some of themare operated with Grimaldis tonnage, and other ones through slot buying on companies such asCompagnie Marocaine de Navigation, DAmico and Linea Messina.

This established intra Med network will be useful within the context of the synergy with Costa, as it willprovide to this operator a consistent network to collect and distribute containers to and from its Med-America services.

The Gilnavi network October 2003

SOUTH AMERICA SERVICES

6365 - Gilnavi Med-ECSA service

Fortnightly service operated by Gilnavi, with Global Transporte Oceanico (GTO Brasil) as slot buyer

Service offered with 3 x 1,700 / 2,100 teu ships

RotationSalerno, Livorno, Genoa, Barcelona, Sepetiba, Rio de Janeiro, Santos, Paranagua, Buenos Aires, RioGrande, Itajai, Santos, Rio de Janeiro, Salerno - T/S to/fm Marseille

WEST AFRICA SERVICES

5080 - Delmas / Setramar / Gilnavi - Med-West Africa joint roro service

Service operated by Delmas (incl. its associated company Setramar) and Gilnavi - Freq. : 8 daysService offered with 6 x 22 000 tdw / 1 200-1 500 teu roro vessels

RotationGenoa, Marseille, Sete (1/2 - B), Barcelona (1/2 - B), Valencia, Dakar, Abidjan, Cotonou (1/2 - B),Lome (1/2 - A), Tincan Island (~Lagos) (1/2 - B), Luanda (1/2 - A), Pointe Noire (1/2 - B), Libreville,Douala, Port Gentil (1/2 - A), Takoradi (1/2 - A), Cotonou (1/2 - A), Abidjan, San Pedro, Dakar,Valencia, Salerno, Livorno, Genoa

T/S to/fm Tema, Matadi, Malabo, Bata

(note : the ports marked A are served by the three 20/21 knots ships / the ports marked B are servedby the two 16 knots ships)

NORTH AFRICA SERVICES

9701 - Gilnavi - West Med-Near East service

Service operated by GilnaviWeekly service offered with 1 x 8 000 tdw - 500 teu (roro) + 1 x 698 teu (cellular)

RotationNaples, Genoa, Alexandria, Port Said (1/2), Lattakia, Tartous, Izmir (1/2), Beirut, Tartous, Naples -rotations vary according to sailings


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9703 - Gilnavi - Genoa-Spain-Maghreb services

Services operated by Gilnavi

Services offered with 1 x 445 teu (cellular) + 1 x ferry

RotationAlgeria service : Genoa, Valencia, Oran, Alger, Genoa (10 days - 1 x 445 teu)Tunis & Malta service : Genoa, Tunis, Malta, Genoa, Tunis, Genoa (weeekly - ferry)

9707 - Messina - Italy-Libya service (Gilnavi slots)

Service operated by Linea Messina, with Gilnavi buying spacesService offered with 1 x 12 000 tdw / 650 teu roro vessel

RotationGenoa and Naples to Valletta and Lybia (Tripoli, Benghazi, Khoms, Misurata)

5352 / 5354 / 5355 Italy-Morocco services (Gilnavi slots)

Gilnavi has space allocations on Genoa-Morocco container and roro services operated by DAmico-SIUS (Italy) , Comanav (Morocco) and IMTC (Morocco)

RotationGenoa, Livorno, La Spezia to Casablanca, Tanger, Agadir

The fleet

When Grimaldi was split into two companies in 1995, Grimaldi Genoa took in charge two roro ships of18,700 tdw and 1,226 teu or 4,161 cars, built in 1987 by Fincantieri, the REPUBBLICA DI VENEZIAand REPUBBLICA DI PISA.

Then, it ordered from Fincantieri two roro newbuildings of 22,800 tdw and 1,568 teu, with 3,350 linearmeters of roll, delivered in 1998 as REPUBBLICA ARGENTINA and REPUBBLICA DEL BRASILE.

These four roro ships used to be deployed on the Med-ECSA service, with also a few rotations on theMed-West Africa run when the roro volumes on Med-ECSA dictated so.

With the 2002 collapse on roro traffic on Med-ECSA, the four ships became surplus. The two largerones were chartered out to Grimaldi Napoli for deployment on their North Europe-ECSA and NorthEurope-West Africa services. The REPUBBLICA DI VENEZIA found also temporary employment withGrimaldi Napoli before being chartered out to vehicle carriers operators. The REPUBBLICA DI PISAwas sold (or bare-boated unclear) to CSAV and operated by them on their vehicle carrying servicesas the PACIFIC WINNER.

Grimaldi Genoa uses to charter ships for its non-roro operations. On the Med-West Africa run, it tookin charge in 1995 the charters of two general cargo ships, the MARINGA and WAKAMBA (20,400 tdw/ 504 teu / built 1977). They plied the Med-West Africa service until the January 2001 agreement withDelmas and Setramar. These two ships were chartered from Deutsche Afrika Linien (DAL) and werebroken up in 2001 after their redelivery to DAL.

The containerships used on Gilnavi intra Med trades (AEGIR and JAN D.) and on the Med-ECSAtrade (NORDEAGLE, JAN S. and SAMARIA) are all chartered.


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Gilnavi fleet

Containerships DWT TEU Year Service

NORDEAGLE 28 366 2 105 1997 Med-ECSA service charteredJAN S. 26 175 1 906 1996 Med-ECSA service charteredSAMARIA 25 050 1 716 2000 Med-ECSA service charteredAEGIR / GIR 8 850 698 1997 W. Med-E. Med charteredJAN D. 6 680 445 1982 Spain-Algeria chartered

Roro ships (freight)

ALYONA 22 447 1 499 1981 Med-West Africa joint roro s. ownedROSANNE 22 690 1 346 1975 Med-West Africa joint roro s. chartered

ALTINIA 8 924 536 1992 W. Med-E. Med chartered

Chartered out Charterer

REPUBBLICAARGENTINA

22 800 1 568 1998 Grimaldi (Napoli)

REPUBBLICA DELBRASILE

22 800 1 568 1998 Grimaldi (Napoli)

REPUBBLICA DIVENEZIA

18 730 1 226 1987

LAURA 22 447 1 499 1981 Wilh. Wilhelmsen


3 - Grimaldi Napoli : a short outline

The Grimaldi Naples branch is headed by Guido and covers (since 1995) the following companies :Atlantica S.p.A. di NavigazioneGrimaldi Compagnia di Navigazione SpAIndustria Armamento Meridionale SpA (also known as INARME)

In 1995, it took over the liner services covering the following trades :North Europe-West AfricaNorth Europe-Brasil-ArgentinaNorth Europe-MediterraneanCertain Intra Med services

In addition, it took over Atlantic Container Line (ACL), starting with the buying of shares in August2000, and progressively buying more, until full ownership in February 2002, when the remaining ACLshares were bought from the public as the company was de-listed from the Oslo Stock Exchange.

ACL is a leading company on the North Atlantic, and occupies a remunerative niche thanks to itscontainer-roro ships, which can deal with rolling stock, project cargoes (including heavy-lift), out-of-gauge cargoes and containers. This specialised service comes on top of full container servicesensured through slot allocations on Hapag-Lloyd transatlantic services.


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Since the takeover by Grimaldi, both Grimaldi and ACL have organised new services by transhipmentat Antwerp (both for containers and roro cargoes) in order to offer US-Med and US-West Africaservices.

Appendix

Costa Container Line - Charter history (wog) Source : BRS-Alphaliner

Vessel name TEU Speed Year Date Type Mths Laycan Trade Name (charter)

BERNHARDSCHULTE

1 354 19,5 1994 mars-95 new 16 95 04 6370 CALAPEDRA

MERKUR CLOUD 1 608 21,0 1996 dc-96 new 12 96 12 6370 CALAPALOSMACARO 1 608 21,0 1996 juin-97 rel 4 97 06 6370 MACAROMERKUR CLOUD 1 608 21,0 1996 dc-97 ext 12 97 12 6370 CALAPALOSMACARO 1 608 21,0 1996 jan-98 ext 12 98 03 6370 MACAROMACARO 1 608 21,0 1996 mars-99 ext 2 rv 99 03 6370 MACAROMERKUR CLOUD 1 608 21,0 1996 avr-99 ext rv 99 04 6370 CALAPALOSMACARO 1 608 21,0 1996 juil-99 ext 6 99 07 6370 MACAROMERKUR CLOUD 1 608 21,0 1996 juil-99 ext 6 99 07 6370 CALAPALOSMACARO 1 608 21,0 1996 dc-99 ext 7 99 12 6370 CALAPADRIAMERKUR CLOUD 1 608 21,0 1996 dc-99 ext 7 99 12 6370 CALAPALOSSIGGA SIF 1 104 19,0 1998 avr-00 new 6 00 05 6186 SIGGA SIFSTADT HAMBURG 1 102 20,0 1998 mai-00 new 12 00 07 6186 CALA PILARARCADIAN FAITH 373 16,0 1994 juil-00 new 6 00 06 Caribb. tdg ARCADIAN FAITH

HOLANDIA 907 18,5 2000 ao-00 new 12 00 09 6266 HOLANDIANORDWOGE 1 388 18,5 1993 sep-00 new 12 00 09 6186 CALA PALAMOSBIRTE RITSCHER 1 388 19,0 1995 sep-00 new 12 00 09 6186 CALA PIEDADMERKUR CLOUD 1 608 21,0 1996 nov-00 ext 6 00 11 6370 CALAPALOSARCADIAN FAITH 373 16,0 1994 dc-00 ext 6 00 12 Caribb. tdg ARCADIAN FAITHMACARO 1 608 21,0 1996 jan-01 ext 3 00 12 6370 CALAPADRIAWESTERMHLEN 1 388 18,5 1993 mars-01 new 12 01 04 6186 CALA PINAR DEL

RIOMACARO 1 608 21,0 1996 mars-01 ext 6 01 04 6370 CALAPADRIAMERKUR CLOUD 1 608 21,0 1996 mai-01 ext 4 rv 01 05 6370 CALAPALOSBOX ISTANBUL 812 18,0 1999 juil-01 new n/a 01 07 6266 CALA PUEBLANORDPARTNER 1 354 19,5 1994 juil-01 new 12 01 07 6186 CALA PALAMOS

BIRTE RITSCHER 1 388 19,0 1995 juil-01 ext 12 01 11 6186 CALA PIEDADHOLANDIA 907 18,5 2000 sep-01 ext 12 01 10 6266 CALA PONENTEOCEAN TRADER 1 608 21,0 1996 sep-01 new 6 01 10 6370 CALAPADRIAMERKUR TIDE 1 608 21,0 1998 oct-01 new 4 rv 01 11 6370 CALAPARANAMERKUR CLOUD 1 608 21,0 1996 nov-01 ext 1 rv 01 11 6370 CALAPALOSCAPE HATTERAS 923 18,0 1992 dc-01 new 9 01 12 6266 CAPE HATTERASCAPE HORN 923 18,0 1992 dc-01 new 9 01 12 6266 CALA PORLAMARWESTERMHLEN 1 388 18,5 1993 fv-02 ext 7 02 04 6186 CALA PINAR DEL

RIOOCEAN TRADER 1 608 21,0 1996 mars-02 ext n/a 02 04 6370 CALAPADRIAMERKUR TIDE 1 608 21,0 1998 mars-02 ext 4 rv 02 04 Med-ECSA CALAPARANATITAN 1 122 19,5 1996 avr-02 new 12 02 04 6266 CALA PACUARAOCEAN 1 122 19,5 1996 mai-02 new 12 02 05 6266 CALA


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PROVIDENCIANORDPARTNER 1 354 19,5 1994 mai-02 ext 3 rv 02 06 6186 CALA PALAMOSBANJAARD 560 15,5 1993 juin-02 new 1 02 06 Med-Cuba BANJAARDNORDRIVER 1 684 20,0 1997 juil-02 new 11 02 08 6186 CALA PILARWESTERMHLEN 1 388 18,5 1993 juil-02 ext 12 02 09 6186 CALA PINAR DEL

RIOOCEAN TRADER 1 608 21,0 1996 ao-02 opt 4 02 09 6370 CALAPADRIANORDPARTNER 1 354 19,5 1994 ao-02 ext 12 02 10 6186 CALA PALAMOSNORDLAKE 1 524 19,5 1994 ao-02 new 8 02 09 6186 NORDLAKEMERKUR TIDE 1 608 21,0 1998 ao-02 opt 4 rv 02 09 6266 CALAPARANAHOLANDIA 907 18,5 2000 sep-02 ext 3,5 02 11 6267 HOLANDIAELBSTROM 1 107 18,5 1994 oct-02 new 12 02 10 6266 CALA PUEBLAREGINA EBERHARDT 755 16,0 1984 nov-02 new 1 rv 02 11 Med-Cuba REGINA

EBERHARDTCARAVELLE 1 122 19,5 1996 nov-02 new 12 02 12 6266 CALA PORLAMAR

REGINA EBERHARDT 755 16,0 1984 nov-02 ext 1 rv 02 09 Med-Cuba REGINAEBERHARDTHOLANDIA 907 18,5 2000 jan-03 ext 6 03 03 6267 HOLANDIACENTURION 2 225 22,5 2001 fv-03 new 12 03 02 6370 CENTURIONSOPHIE SCHULTE 1 162 17,0 1996 fv-03 new 1 rv 03 02 Med-ECSA SOPHIE SCHULTENORDCOAST 1 684 20,0 1997 fv-03 new 12 03 03 6186 NORDCOASTNORDATLANTIC 2 478 22,0 2003 fv-03 new 12 03 05 6370 CALAPALOSMERKUR TIDE 1 608 21,0 1998 mars-03 ext 1 rv 03 03 Med-ECSA CALAPARANATITAN 1 122 19,5 1996 avr-03 ext 12 03 04 6266 CALA PACUARANORDLAKE 1 524 19,5 1994 mai-03 ext 12 03 06 6186 NORDLAKENORDRIVER 1 684 20,0 1997 mai-03 ext 24 03 07 6186 CALA PILARNORDPARTNER 1 354 19,5 1994 juil-03 ext 6 03 09 6266 CALA PALAMOSHOHESAND 700 16,5 1996 juil-03 new 1 rv 03 08 Spain-

CubaHOHESAND

CONCORD 1 388 19,0 1994 ao-03 new 24 03 10 6266 tbaHOLANDIA 907 18,5 2000 ao-03 opt 6 03 09 6267 HOLANDIAWESTERMHLEN 1 388 18,5 1993 ao-03 ext 7 03 09 6266 CALA PINAR DEL

RIOKENT EXPRESS 1 174 19,5 1999 ao-03 new 18 03 11 tbaKENT SPRINT 1 174 19,5 2000 ao-03 new 18 03 11 tba

Grimaldi (Genoa) - Charter history (wog)Source : BRS-Alphaliner

Vessel name TEU Speed Year Date Type Mths Laycan Trade Name (charter)

AEGIR 698 17,5 1997 oct-97 new 12 97 11 9701 AEGIRDOLLART TRADER 1 608 21,0 1997 nov-97 new 12 97 11 6365 REPUBBLICA

DELLA BOCCAMERKUR TIDE * 1 608 21,0 1998 mars-98 new 24 98 03 6365 REPUBBLICA

D'ITALIASTADT HAMBURG 1 102 20,0 1998 sep-98 new 6 98 09 9701 STADT HAMBURGDOLLART TRADER 1 608 21,0 1997 oct-98 ext 12 98 10 6365 REPUBBLICA

DELLA BOCCAAEGIR 698 17,5 1997 oct-98 ext 12 98 10 9701 AEGIRMARINGA 504 16,0 1977 mai-99 ext 12 99 05 5080 MARINGAYUKSEL GULER 1 139 19,0 1999 juil-99 new rv 99 07 6365 YUKSEL GULERWAKAMBA 504 16,0 1977 oct-99 ext 12 99 10 5080 WAKAMBA


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NORDCOAST 1 684 20,0 1997 dc-99 new 2 99 12 6365 NORDCOASTMARINGA 504 16,0 1977 mai-00 ext 12 00 05 5080 MARINGAJAN D. 445 14,5 1982 juin-00 new 6 00 04 9783 JAN D.ROSANNE 1 346 15,5 1975 dc-00 new 24 00 11 5080 ROSANNEJAN D. 445 14,5 1982 jan-01 ext 8 01 01 9783 JAN D.AEGIR 698 17,5 1997 fv-01 ext 12 01 03 9701 AEGIRMACARO 1 608 21,0 1996 sep-01 new 3 01 10 6365 MACAROALYONA 1 499 16,0 1981 nov-01 new ? 01 10 5080 ALYONAJAN D. 445 14,5 1982 nov-01 ext 12 01 12 9783 JAN D.AEGIR 698 17,5 1997 fv-02 ext 12 02 03 9701 AEGIRMARGRETOLDENDORFF

1 344 19,0 1992 ao-02 new trip 02 09 6365 MARGRETOLDENDORFF

SAMARIA 1 716 22,0 2000 nov-02 new 12 03 01 6365 SAMARIAJAN D. 445 14,5 1982 dc-02 ext 2,5 03 01 9783 JAN D.JAN S. 1 906 19,5 1996 dc-02 new 14 03 01 6365 JAN S.

NORDEAGLE 2 105 20,0 1997 fv-03 new 12 03 03 6365 NORDEAGLEAEGIR 698 17,5 1997 fv-03 ext 6 03 03 9701 AEGIRJAN D. 445 14,5 1982 fv-03 ext 6 03 03 9783 JAN D.HONOUR 1 074 17,0 1983 mars-03 new rv 03 04 6365 HONOURAEGIR 698 17,5 1997 juil-03 opt 6 03 09 9701 AEGIRJAN D. 445 14,5 1982 sep-03 ext 5 03 09 9783 JAN D.

Note : MERKUR TIDE had been sublet to Italia

BRS Report 0310 1256 Costa

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