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November 21 , 2006 Media contact: Bob Watters, Vice President SSA Marine, Seattle 206.654.3575 SSA Marine Signs Agreements in Principle to Further Develop Cai Lan Port and Logistics Throughout Vietnam HANOI— Vinalines, Quang Ninh Port and SSA Marine signed an Agreement In Principle to establish a Joint Venture company to develop and operate container terminals at Cai Lan Port, in Quang Ninh Province. The agreement sets the stage for the parties to finalize a Joint Venture agreement to develop and operate berths 2,3 and 4 and to cooperate on such other terminal operations as mutually agreed by the parties. The development of berths 2,3 and 4 is estimated at a total project cost of $100,000,000. Vinalines, Quang Ninh Port and SSA Marine have completed a feasibility study on the project and will soon file with the License Issuing Authority for their Investment License. “The growth of the manufacturing base in North Vietnam, through continually increasing foreign direct investment, warrants the development of additional container terminal capacity to keep pace”, stated Jon Hemingway, CEO and president of SSA Marine. Vinalines and SSA Marine also signed an Agreement in Principle to develop and operate logistics operations throughout Vietnam. “SSA Marine and Vinalines, as partners, have a common goal, to provide world class container handling services throughout Vietnam, be it marine terminals, rail ramps, off-dock yards or other operations. We intend to help Vietnam meet its logistics needs in order to keep pace with its dramatic economic growth”, emphasized Duong Chi Dzung, CEO of Vinalines.
About SSA Marine
SSA Marine, a subsidiary of Carrix, Inc., is the largest U.S. owned, and the largest privately held container terminal operator and cargo handling company in the world, handling approximately 22 million container TEU’s per year. The nearly 60 year old company serves more than 120 locations worldwide, including port operations throughout the U.S. as well as internationally in Panama, Mexico, Chile, Costa Rica, South Africa and New Zealand.
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