CFL

PRESS RELEASE

PRESS RELEASE

08/04/11


CFL Announces New Partner and Opening chartering office in the Netherlands.

Dutch Ship owning company CFL expands its activities and strengthens its position through a new partnership with Scan-Trans Worldwide. The company also announces the opening of Scan-Trans B.V. in the Netherlands.


Following two years of close cooperation initiated by Hans Laue, Gisholt Shipping, between Dutch Shipowners CFL (Canada Feeder Lines) and Scan-Trans, Scan-Trans now issues new shares that enables CFL to become a 20% shareholder in Scan-Trans Holding A/S.

In Scan-Trans we are proud of our unique partnership approach and happy to announce our new partner, CFL. We consider it a perfect match, after having had the pleasure to work closely with Mr. Kees Koolhof (founder of CFL, ed.) and his team for quite a while now. We expect to see even stronger synergies in the future,” says Kim Vestergaard-Hansen, CEO in Scan-Trans Worldwide and Mr. Kees Koolhof joins in: “Chemistry is crucial in any partnership, and we are, in CFL, very much looking forward to take the collaboration a big step further. The partnership is a strategic strong move that will benefit both businesses". Mr Verstergaard-Hansen adds: “We have not hid the fact that been through a turnaround process. Last year we were in the red, but this year we came into the black and we signed this agreement while we were in the black, which is a position of strength. This is not only a hunt for money; we wanted a heavy commitment and they were willing to buy into that. With CFL we can, in addition to the capital injection, enlarge our fleet, business and strategies”.


Fleet expansion and opening in Groningen

The Scan-Trans fleet is significantly expanding as a result of the new partnership with CFL. Mv Momentum Scan was delivered into T/C already in November 2010, followed by the delivery of Mv Marvel Scan in May 2011. The two 10,000 DWT MPP Tweendeckers built by Peters Shipyard in Kampen, is followed by four additional vessels. The next delivery will be in November 2011 and one additional vessel will be delivered every six months. The Commercial Management will be handled by Scan-Trans once all six vessels have been delivered.

Scan-Trans also announces the opening of Scan-Trans B.V. in Groningen, The Netherlands. This office will be headed by Mr. Jan Wessels, who has more than 15 years of experience in Short Sea and Trans Atlantic chartering of geared and gearless singledeckers. Scan-Trans B.V. will be an integral part of the Scan-Trans Bulkers division currently counting a fleet of ten 8,000 DWT geared minibulkers from Oslo Bulk. During a period of about six months, CFL’s gearless Singledeckers will join the Scan-Trans Bulkers fleet from CFL. These vessels are known as the CFL Jumbos with a deadweight of 6,500 metric tonnes and with the highest Ice Class. All over the fleet of Scan-Trans will contain over 50 modern vessels.


Contact information:
Kees Koolhof CEO CFL +31 (0)6 20 391187
Kim Vestergaard-Hansen, CEO Scan-Trans, (+45) 21 63 66 64
Lars Juhl, Partner Scan-Trans, (+45) 20 85 40 15


Further information:

About Scan-Trans:

Scan-Trans is an International Shipping Organization specifically focused on project, breakbulk and bulk cargoes, trading a fleet of about 30 vessels in the 3,000dwat to 12,000dwat segment through a global network of 12 offices.


More information about Scan-Trans and CFL:
www.scan-trans.com
www.canadafeederlines.com


Experience the fleet:
Mv Momentum Scan: http://www.youtube.com/watch?v=eySD68m31WM
CFL Jumbos: http://www.canadafeederlines.com/content/videos/videos


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