News & PR

HÖEGH LINES TO JOIN FORCES WITH SAGA FOREST CARRIERS

Published: 2002.03.14

Höegh Lines, on behalf of Leif Höegh & Co Shipping AS (LHS), have reached an agreement with Saga Forest Carriers, to join forces as from May 1, 2002 within the worldwide open hatch shipping segment.

The forest product industry has gone through a major consolidation over the last few years and this trend is likely to continue. Both companies have so far operated their open hatch vessels independently, but will by joining forces be well positioned to meet the shippers' increasing demand for better service. Saga Forest Carriers operates 14 modern open hatch, box hold, gantry craned vessels specially designed for forest products and LHS owns 10 similar type vessels.

The operation of Höegh Lines' services will, during the coming months, be transferred to Saga Forest Carriers. However, Höegh Lines' co-operation with Companhia de Navegacao Norsul in Brazil is not part of the agreement, and will continue to be handled by Höegh Lines from Oslo.

The idea is to maintain both companies' present marketing set up and to use the same service providers as in the past to ensure best possible transition and continuation of all operations.

For further information, contact:

Erik Norman, Finance Director
Phone: 47 22 86 99 98/ mobile phone 92 84 99 98
E-mail: ern@hoegh.no

or

Erik Falkenberg, President, Höegh Lines
Phone: 47 22 86 98 45/ mobile phone 92 84 98 45
E-mail: erf@hoegh.no