J. Lauritzen A/S and NYK Reefers Limited have entered into a Memorandum of Understanding recording their intention that both companies will create a new joint venture on 50:50 basis.

NYK Reefers' present commercial operations (apart from technical ship ownership and ship management) will become part of the jointly owned company. The joint venture company will make it one of the leading players in the global market for reefer transports.

All ships, that are owned or time chartered by J. Lauritzen, NYK Reefers and independent ship owners, will be operated by the joint venture.

The parties will now enter into final contract negotiations, subject to regulatory clearances. It is anticipated that the negotiations can be finalized in the very near future.

This new joint venture will consolidate the strategic cooperation which the two companies launched in January 2004, when they agreed on a tonnage sharing arrangement and on NYK Reefers' subsequent acquisition of a 50% share of LauritzenCool Logistics AB.

Mr Hiroshi Yamafuji, who is CEO of NYK Reefers Limited, will be the chairman of the new company and Mr Mats Jansson, who is president of LaurizenCool AB,
will be the president of the new company.

LauritzenCool and NYK Reefers operate together a fleet of abt. 70 specialised reefer vessels ranging in size from375,000 to 760,000 cubic feet and all with additional on-deck capacity for reefer containers.

LauritzenCool Logistics is offering a fully integrated, one-stop-shop service for refrigerated perishables, such as multi-modal, door-to-door distribution and
logistics as well as multi-destination, port-to-port container transportation services. All of them worldwide.

The LauritzenCool Group comprises three distinct companies, LauritzenCool, ReeferShip, a sister company and LauritzenCool Logistics, the Group's experts in logistics and information management.

For additional information contact both companies agentes in Argentina:

NYK - Buenos Aires, Argentina
Agencia Maritima Multimar - (c/o) NYK Reefers Limited
Phone: +54 (11) 4393 1324
E-Mail: mail@pbrokers.com.ar

LauritzenCool (Argentina) S.A.
Reconquista 575, 7th floor - CP-C1003ABK Buenos Aires
Phone: +54 11 4314 0417
Fax: +54 11 4314 0387
E-mail: lcar@laucool.com