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AMERICAN PRESIDENT COMPANIES TERMINATES DISCUSSIONS TO ENTER ASIA-EUROPE TRADE

 OAKLAND, Calif., March 24 /PRNewswire/ -- American President Companies, Ltd. (APC) (NYSE: APS) announced today that it has terminated discussions with The East Asiatic Company, Ltd. (EAC) to form a joint venture to serve the Asia-Europe container trade. APC and EAC had signed a non-binding letter of intent in September 1992 to form a joint venture service between Asia and Europe, and had pursued negotiations since that time.
 APC Chairman John M. Lillie said: "Our concerns about the state of the Asia-Europe market, and the near-term and intermediate risks to APC in entering this trade at this time, led us to make this difficult decision. We retain the highest regard for EAC and the excellent service provided by Eac-Ben for customers in the Asia-Europe trade."
 EAC and APC had also pursued negotiations with shipyards to construct containerships that would have been operated by the new joint venture. These negotiations and the plan to construct vessels for the Asia-Europe trade are also being terminated, Lillie said.
 Based in Oakland, Calif., American President Companies provides container transportation services in Asia, North America and the Middle East through an intermodal system combining ocean, rail and truck transportation.
 -0- 3/24/93
 /CONTACT: Gil Roeder, media communications, 510-272-7702, or Randy Gausman, investor relations, 510-272-8284, both of American President Companies, Ltd./
 (APS)


CO: American President Companies, Ltd.; The East Asiatic Co., Ltd. ST: California IN: MAR SU: JVN

WB-TM -- SF009 -- 9326 03/24/93 21:00 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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