New Jones Act RoRo Ship Under Construction in U.S. Achieves Key Milestones

Monday, November 27, 2000

CORTE MADERA, CA -- Pasha Hawaii Transport Lines (PHTL), which will provide a new competitive service to meet growing market demand between the West Coast and Hawaii by launching a modern Jones Act Pure Car and Truck Carrier, today announced the achievement of significant milestones in the construction and financing of the new ship.

At a partners' meeting held October 25, PHTL announced that on September 21 Halter Marine, Inc., under international standards, completed fabrication of the required percentage of the total hull weight of PHTL's new-build vessel -- enabling the official laying of the ship's keel. Vessel construction began in mid-June 2000. In early January, 2001, The Pasha Group-Van Ommeren Shipping Joint Venture will host a ceremonial celebration with Halter management and personnel to mark the setting of the first assembly on the shipway at Halter's yards in Pascagoula, Mississippi.

PHTL also announced the important milestone of its September 20 closing of MARAD's (U.S. Maritime Administration) Title XI financing, with the sale of $71 million in the bond market at very favorable pricing.

The 579-foot U.S. Flag Jones Act pure car and truck carrier is on budget and ahead of schedule for launching its U.S. West Coast-Hawaii service in the spring of 2002.

Based in Corte Madera, California, The Pasha Group is a transportation and logistics company with more than 50 years' experience in vehicular transportation. It offers expertise in point-to-point logistics, terminal operations, distribution management and information tracking systems. Van Ommeren Shipping is a well-known ship owner, established in 1839, that currently operates four U.S. flag vessels in the U.S. preference trade, and three vessels in the international market. For more information on The Pasha Group, please visit