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AMERICAN PRESIDENT COMPANIES AND EASTERN ASIATIC COMPANY SIGN LETTER OF INTENT

 AMERICAN PRESIDENT COMPANIES AND EASTERN ASIATIC COMPANY
 SIGN LETTER OF INTENT
 OAKLAND, Calif., Sept. 21 /PRNewswire/ -- American President Companies, Ltd. (APC) (NYSE: APS) announced today that it and the East Asiatic Company (EAC) of Denmark signed a non-binding letter of intent to form a joint venture to provide container transportation services between Asia and Europe.
 As previously announced, the new joint venture would be owned 50 percent each by APC and EAC and would operate EAC's existing Asia-Europe container transportation service known today as EacBen Container Lines. Under the terms of the letter of intent, APC would have an investment of $50 million to $75 million in the joint venture. The capital invested would be used to purchase from EAC two modern 4000-TEU containerships currently operated by EacBen. In addition, the capital would be used to purchase related equipment from EAC and to fund working capital. The venture would also charter seven existing vessels from EAC. Formation of the joint venture is contingent upon entering into commitments to construct and purchase two new container vessels, among other factors.
 The new venture, which is expected to begin in early 1993, would continue to serve EacBen's current network in Europe, Asia and the Middle East. The new venture would utilize the existing marketing and sales strengths of EacBen and APC in Europe and Asia. The service would continue to be marketed under the well-known "Red Propeller" trademark.
 American President Companies, Ltd. provides container transportation services in North America, Asia and the Middle East through an intermodal system combining ocean, rail and truck transportation.
 -0- 9/21/92
 /CONTACT: Randall K. Gausman, 510-272-8284, or Gil Roeder, 510-272-7702, both of American President Companies/
 (APS) CO: American President Companies, Ltd.; East Asiatic Company ST: California IN: TRN SU: JVN


SM -- NY014 -- 1492 09/21/92 08:58 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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