FOR IMMEDIATE RELEASE                        MAR 2-97

Wednesday, January 22, 1997                  Contact: John Swank

                                             Tel.: (202) 366-5807

American President Lines, Ltd., yesterday enrolled nine modern containerships in the new Maritime Security Fleet, completing the 47-ship program authorized by Congress late last year.

Included are four large containerships APL currently operates under Marshall Island registry. Under the Maritime Security Program, they will operate under the American flag with American citizen crews.

Like the other ships in the program, APL s ships will continue to serve international commerce in peacetime. In time of war or national emergency, the ships and the worldwide transportation system supporting them will be available to provide sealift support for America s armed forces.

I am pleased American President Lines, one of the world s leading transportation companies, is now part of the Maritime Security Program, said Maritime Administrator Albert Herberger. American carriers will continue to be leaders in the development of global intermodal transportation.

The terms for APL s participation in the program are identical to those of the nine carriers that enrolled 38 ships in the program last month. At APL s request, MARAD provided a letter of advice on criteria it would use if asked by APL to approve the transfer of its agreements to other parties.

MARAD selected vessels for the fleet based on military utility, intermodal system capacity, commercial transportation resources, diversity of trading patterns, operator experience, and vessel size and type.

The Department of Defense concurred with MARAD s assessment of the military utility of the ships.

The four ships which will be transferred from Marshall Island to U.S. registry are the APL Korea, APL Philippines, APL Singapore and APL Thailand, all delivered within the past 18 months. Each has the ability to carry more than 4,800 20-foot shipping containers.

Also enrolled in the Maritime Security Program are the U.S.-flag ships, Presidents Adams, Jackson, Kennedy, Polk and Truman, all built in 1988. Each can carry more than 4,300 containers.