Ocean Wilsons Regulatory News (OCN)

10 Jun 2005 13:34

Ocean Wilsons Holdings Ld10 June 2005 At the Annual General Meeting today the Chairman, Mr Jose Francisco GouveaVieira, made some general observations about the economy in Brazil and announcedthat the strategic review has not been concluded yet and a further announcementwill be made once the strategic review has reached a definite conclusion. The Chief Executive, Mr Cezar Baiao, made the following statement regarding thelatest trading position in Brazil. • Business in general is performing well in 2005 • The number of tug manoeuvres are up approximately 6% in comparison with the same period lat year • Related to our tug fleet renewal programme. A new tug boat constructed at our shipyard was delivered in April. A second vessel is forecast to be delivered in August • The construction of our third platform supply, as mentioned in the Annual Report, will start in the second half of this year. We are forecasting some 18 months from now to delivery • The number of containers moved in our two container terminals increased by 10% in comparison with the same period last year • Expansion of our container terminal in Rio Grande has already started. We have ordered two post panamax gantry cranes and the construction of the third berth will start on the second semester of 2005. • The strengthening of the Real against the US Dollar has reduced our margins as a large part of our revenue is linked to the US Dollar and our costs are principally Real based This information is provided by RNS The company news service from the London Stock Exchange