CLARKSON REPORTS BOOM IN POST-PANAMAX SHIP DELIVERIES

Clarkson, the U.K. shipbroker, reported that the world TEU capacity of containerships
too wide to transit the Panama canal rose by 49 percent a year between 1995 and 1998.
Post-Panamax ships have had the fastest growth in the containership sector since 1990,
according to the Clarkson Containership Register 1999.

There are currently 91 such post-Panamax containerships worldwide with a shipboard
capacity of 483,924 TEUs. A further 47 ships are on order, representing an additional
capacity of 262,662 TEUs.

The trading areas of post-Panamax ships "are being steadily expanded,"
Clarkson said. So far, post-Panamax containerships have been owned only by carriers, but
they will soon also be owned by non-operating owners, according to the shipbroker.

Last year, container shipping lines and non-operating owners added a total of 526,000
TEUs of vessel capacity, for new containerships of all sizes.