- Hanjin Shipping Co., Ltd. (Hanjin)
- Kawasaki Kisen Kaisha, Ltd. ("K"Line)
- Mitsui O.S.K. Lines, Ltd. (MOL)
- Zim Israel Navigation Company, Ltd. (ZIM)

announced that they will commence a new, jointly-operated service between
the U.S. East Coast and the East Coast of South America including ports in
the Caribbean.

The new service is expected to commence with sailings in May of 2004,
pending the approval of the filing by the Federal Maritime Commission. The
new deployment will cover U.S. East Coast ports of New York, Norfolk,
Savannah, Port Everglades, the ports of Kingston-Jamaica, Puerto
Cabello-Venezuela, a range of Brazilian ports from Fortaleza to Rio Grande,
as well as a direct port call on Montevideo - Uruguay. Buenos Aires Port
will be offered by barge via transhipment at Montevideo Port.

Initially, the new service will start with five (5) 1700 TEU class vessels.
There are plans to add a sixth 1700 TEU vessel to the deployment soon;
adding another vessel to the string will allow the group to offer a
fixed-day weekly service. Each party will contribute a minimum of one
vessel to the service.

"K"Line and MOL are entering the U.S. East Coast-South America East Coast
trade for the first time. HANJIN and ZIM were previously partners in this
trade lane participating in the Independent Carriers Alliance (ICA) together
with MONTEMAR and CMA CGM who are still pending to inform the market how
they will continuous offering the service, as with the incorporation of
HANJIN and ZIM to this new Vessel Sharing Agreement, the ICA should be
reorganized or owners to develop a new scenario.

As anticipated on transportando.net news, further developments, changes and
reorganizations are expected in the different trades of the container liner
business.