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NASSCO begins construction of 3rd product carrier (7/25)

General Dynamics NASSCO has issued the following news release, dated July 24: General Dynamics NASSCO Begins Construction of Third Product Carrier Ship July 24, 2008 - SAN DIEGO - General Dynamics NASSCO, a wholly-owned subsidiary of General Dynamics (NYSE: GD), today began construction of the third ship in its series of nine product carriers. The shipyard is scheduled to lay the ship’s keel in November and deliver the ship to U.S. Shipping Partners (NYSE: USS) in the fourth quarter of 2009. In August 2006, General Dynamics NASSCO received a $1 billion contract from U.S. Shipping Partners to build the nine ships, which are designed to carry petroleum and chemical products in Jones Act trade between U.S. ports. The ships will be double-hulled, 183 meters (600.4 feet) in length and can carry cargo weighing up to 49,000 tons. U.S. Shipping Partners previously announced that the third ship will be named ‘Sunshine State,’ in honor of the state nickname of Florida. General Dynamics NASSCO employs approximately 4,700 people and is the only major ship construction and repair yard on the West Coast of the United States. In addition to the Product Carrier ship program, NASSCO is also building the Lewis and Clark-class of dry cargo-ammunition ships for the U.S. Navy. Additional information on NASSCO can be found at www.nassco.com. General Dynamics, headquartered in Falls Church, Va., employs approximately 84,600 people worldwide and reported $27.2 billion in revenue in 2007. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and mission-critical information systems and technologies. More information about the company is available on the Internet at www.generaldynamics.com. ###