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APC COMMITS TO BUILD THREE NEW SHIPS AT DAEWOO

 OAKLAND, Calif., Dec. 6 /PRNewswire/ -- American President Companies (APC) (NYSE: APS) has entered into an agreement with Daewoo Shipbuilding and Heavy Machinery, Ltd., of Korea, under which Daewoo will construct three new diesel-powered containerships for delivery in 1996. Each of the new ships will have a cargo-carrying capacity of approximately 3600 TEUs (20-foot equivalent units), including slots for 250 refrigerated cargo containers, and a service speed of about 23.5 knots. The new ships, in combination with capacity from six C11-class ships currently under contract for construction, will replace four chartered vessels now operated in American President Lines' West Asia/Middle East service.
 The new ship program will cost approximately $190 million, and will be financed by funds from a recent debt offering and internally generated cash flow. The agreement is contingent upon the finalization of certain export licensing arrangements in Korea.
 In announcing the transaction, APC Chairman John M. Lillie said: "These new ships will further strengthen our services in some of the world's fastest-growing trade lanes."
 Oakland-based American President Companies provides container transportation and related services through an intermodal system combining ocean, rail and truck transportation.
 -0- 12/6/93
 /CONTACT: Gil Roeder of APC media communications, 510-272-7702/
 (APS)


CO: American President Companies; Daewoo Shipbuilding and Heavy
 Machinery, Ltd. ST: California IN: TRN SU:


CK -- NY012 -- 0624 12/06/93 09:02 EST
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Publication:PR Newswire
Date:Dec 6, 1993
Words:225
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