ACL REPORTS IMPROVED FIRST-HALF RESULTS DESPITE 2ND-QUARTER DIP

ACL REPORTS IMPROVED FIRST-HALF RESULTS DESPITE 2ND-QUARTER DIP

ACL REPORTS IMPROVED FIRST-HALF RESULTS DESPITE 2ND-QUARTER DIP

   Atlantic Container Line reported second-quarter net income of SEK 56 million ($5.2 million), down 9.7 percent from the year-earlier quarter. The

   Operating income rose 11.6 percent to SEK 798 million ($11.6 million), due to an improved cargo mix, higher freight rates and a strong U.S. dollar, ACL said.

   Overall utilization for the second quarter was 72 percent, while volumes were similar to the first quarter.

   Average freight rates for the first half improved 7 percent for containers and 6 percent for roll-on/roll-off service and cars. Rates for containers did trend down in the second quarter.

   Operating investments during the period were SEK 120 million ($11.1 million).

   For the first six months of 2001, net profit was SEK 110 million ($10.2 million), up 13.4 percent from the year-earlier period. The result included a non-monetary exchange loss of SEK 32 million ($3.0 million).

   Operating income rose 13.1 percent to SEK 1.56 billion ($144.4 million).

   ACL is confident this year will be in line with last year.

   Atlantica Spa di Navigatione (ASN), a company in the Grimaldi Group has exceeded 45 percent in their holding of ACL shares. All shareholders can request ASN to acquire their share at the purchase price of NOK 97.