[ HMM place an order for two PCC newbuildings. ]

Hyundai Merchant Marine Co., signed a contract with Hyundai Shipbuild
ing for the construction of two Pure Car and Truck Carriers.

The two vessels will have the capacity transporting 4,300 compact cars,
330 large sized buses and 2,430 minivans and these newbuildings will
be completed within September 1995.
In the meantime, HMM will have a new Pure Car and Truck Carrier in October
this year and deploy this new vessel on trade routes between Korea /
Europe, North America and Latin America.