40% Drop in U.S./South America Trade

CSAV,Hamburg-Sued and Alianca will start a joint service between the U.S. and South America.

They had one several years ago, before the big increase in world trade.

All trade lanes have started this type of rationalization again. It's the best way for them to pull out tonnage, and still offer a decent service.

PRESS RELEASE

Hamburg, 10 August 2009. In response to market conditions that have changed significantly over the past year, Hamburg Süd, Aliança and CSAV have decided to rationalise their services in the trade between South America East Coast and North America East Coast. The market volumes in the trade have dropped by as much as 40 per cent from the prior year period, necessitating these tonnage and system changes.

Subject to Federal Maritime Commission (FMC) approval, the much needed rationalisation will take place through the merger of the CSAV operated USAtlan Service with the Hamburg Süd and Aliança operated Tango service.

The „New Tango” string will be operated with seven ships with a nominal intake of 3,500 TEU each, of which five will be provided by Hamburg Süd / Aliança and two by CSAV with the following rotation:

New York – Philadelphia – Norfolk – Charleston – Jacksonville – Port Everglades – Puerto Cabello – Suape – Santos – Buenos Aires – Rio Grande – Navegantes – Santos – Rio de Janeiro – Salvador – Suape – Pecem – New York

The new service configuration will provide a quality product better matched to market needs, more comprehensive port coverage and competitive transit times in all major lanes.

The first sailings will be performed by the “CSAV Itaim” calling New York on 19 September 2009, subject to FMC approval.