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