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Company In the transport industry, markets can run from bull to bear about as quickly as the wind can change course. To succeed, a company must be quick to adapt. Armada has weathered the ups and downs of the global freight market for more than a quarter of a century and has evolved into a group with a wide portfolio of services.. Our modern diversified fleet enables us to move just about any type of cargo anywhere in the world - on exceptionally short notice and at extremely competitive rates. Highly flexible, we are at your service whether you have a single shipment or wish to establish a contract of affreightment. PRESS RELEASE LauritzenCool, Eastwind Transport and Armada Shipping announce the formation of ReeferShip Ltd., a new marketing company that will identify, pursue, and develop business for refrigerated ships controlled by ECo Shipping, Arctic Reefers, and Armada Shipping. ReeferShip Ltd. is owned equally by its three principals. The company's combined fleet stands at more than 50 vessels with total capacity of about 20 million cubic feet. Vessels in the fleet range in size from 185,000 to 668,000 cbft. Arctic Reefers and ECo Shipping will be kept intact in their present form as pools for large and handy-size refrigerated vessels, respectively. The ReeferShip operation will aim at maximizing returns to the owners of ships operated by the new joint operation. To help achieve this objective, Eastwind is contributing its reefer vessels of 400,000 cbft and above to Arctic, LauritzenCool is placing its handy-size tonnage under Eco's management, and Armada is through a joint venture with Arctic placing tonnage in both the Arctic and ECo systems. In addition, Eastwind has taken a substantial shareholding in Arctic, while LauritzenCool has increased its ownership interest in ECo. Finally, ReeferShip vessels from all three participating fleets will be used whenever possible to fill the tonnage requirements of Eastwind Transport and LauritzenCool. ReeferShip will operate out of Copenhagen and New York. Armada's reefer team will relocate to Copenhagen. ReeferShip will also have access to all of Eastwind's and LauritzenCool's marketing and agency offices worldwide. For further details please contact: Jerker Nilsson, President, Arctic Reefers A/S, +45-33 96 8500 Don Simmons, Managing Director, Eastwind Transport Ltd, +1-212 838 1113 Torben Naesvang, Director Reefers, Armada Shipping SA, +41-26 408 8240 Mats Jansson LauritzenCool AB Stockholm John Kousi Eastwind Transport Ltd New York Jorgen P. Dannesboe Armada Shipping SA Fribourg Our modern diversified fleet enables us to move just about any type of cargo anywhere in the world - on exceptionally short notice. Armada Shipping Inc.