Carrix is Unveiled as New Parent Company for Global Cargo Manager SSA Marine, Formerly Stevedoring Services of America.

Business Editors

SEATTLE--(BUSINESS WIRE)--May 19, 2003

Carrix is the new corporate umbrella for the company previously known as FRS Corporation, the parent company of Stevedoring Services of America, which is now known as SSA Marine.

Seattle-based Carrix and its affiliates are the largest privately held container terminal operator and cargo handling company in the world. The Carrix family of companies also includes RMS, the United States' largest provider of rail terminal services, and Tideworks Technology, a leading global provider of marine terminal software solutions, as well as a broad network of related marine and cargo-handling services.

The private ownership of the companies is unchanged, but the new brands more accurately convey the capabilities of this global logistics enterprise. "As proud as we are of this company's roots, our scope of services are much broader than Stevedoring," explains Jon Hemingway, president and chief executive officer. "From our roots as the preferred West Coast cargo handler, to our most distant port and rail operations, the Carrix family of companies represents an extraordinary network of global capabilities."

The Carrix name is derived from the Carrick Bend Knot, also called the Anchor Bend or Sailor's Knot -- a knot that is used universally, is extremely strong and resists slippage. The Carrix name was suggested by Pearce Cobarr, design manager at Tideworks Technology, one of the Carrix companies. "We're stronger when we work together than as individuals," Cobarr said. "It's the terrific diversity and entrepreneurial spirit of each individual that advances this company, across the continents and cultures where we operate." Laurel Hart, communications manager at SSA Marine, managed the rebranding process.

The new company names are official today, with the introduction of a new Web site at http://www.ssamarine.com, and a planned Web site for Carrix is in development. At the same time, the companies have adopted a more contemporary graphic identity (logo graphic available).

Unifying diverse companies

SSA Marine operates in more than 150 locations around the world, including Panama, Mexico, Chile, South Africa and New Zealand, and employs more than 10,000 people.

The latest developments for the family of companies include three substantial port development and operation projects:

-- Mexico -- SSA Marine is becoming the sole owner and operator

of the ports of Manzanillo, Cozumel, Veracruz and Progreso,

which handle 45 percent of Mexico's cargo. This is a $120

million acquisition from TMM.

-- Texas -- The company will be the co-developer and operator of

the $450 million Shoal Point Container Terminal, to be built

on an island off the coast of Texas City, Texas.

-- Iraq -- The company was the successful competitive bidder for

a contract from the U.S. Agency for International Development

(USAID) to reopen and operate for the first year the port of

Umm Qasr, Iraq, to facilitate delivery of humanitarian aid.