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Aker reaches agreement extension (3/28)

Aker American Shipping has issued the following news release, which also is available on the shipyard’s web site HERE Cooperative Agreement Extended Aker American Shipping expands exclusive cooperation with Hyundai Mipo Dockyard PHILADELPHIA, PA (March 28, 2007) – Aker American Shipping has, through its subsidiary Aker Philadelphia Shipyard, Inc., signed an agreement with Hyundai Mipo Dockyard Co. Ltd. extending the current relationship to include additional tankers as well as containerships. This further solidifies the strong partnership between Aker American Shipping, a leading Jones Act ship owner, and Hyundai Mipo Dockyard, a leading global shipbuilder. Under an agreement signed in 2004, Hyundai Mipo Dockyard (HMD) has been providing design and procurement services for a series of ten 46,000 dwt tankers currently being constructed at Aker American’s shipyard in Philadelphia. The new agreement covers an additional six tankers, which mirrors an agreement in principle for additional charters with Overseas Shipholding Group, Inc. (OSG) that Aker American Shipping announced in February 2007, as well as exclusive rights for containerships. “With our first product tanker delivered and four more already under construction, our shipyard is planning for the future. We have agreements in place for a series of up to 16 product tankers and are preparing for the possibility of returning to another arena where we have proven ourselves - container vessels. As with the product tankers, we will continue to apply flexibility and creativity in vessel ownership,” said Dave Meehan, President and CEO of Aker American Shipping. “Hyundai Mipo Dockyard has been an excellent partner and is a premier provider of vessels in their market. Likewise, Aker American Shipping is determined to become a premier player in the U.S. Jones Act market, and, working together, we are strengthening both the Jones Act market and shipbuilding expertise in the United States.” Mr. Y.H. Bae, Executive Vice President at Hyundai Mipo Dockyard, commented, “We have been impressed by Aker Philadelphia Shipyard’s capabilities over the past two years. They are leaders in constructing vessels to meet the needs of the U.S. Jones Act market, with a steady record of accomplishments. The relationship between Aker and Hyundai is very important to us and we view the successes of Aker Philadelphia Shipyard as our own successes.” About Aker Philadelphia Shipyard Aker Philadelphia Shipyard, Inc. is the shipbuilding subsidiary of Aker American Shipping. In conjunction with affiliated subsidiaries, the state-of-the-art shipyard located on the site of the former Philadelphia Navy Yard is in the midst of a project to build, own, and lease product tankers for the U.S. Jones Act market. Aker American Shipping and Aker Philadelphia Shipyard, Inc. are members of the Norwegian-based Aker family of global companies, industry leaders in the fields of shipbuilding, fishery, and technology-based solutions for customers in oil, gas, energy, and process industries. ###