Swedish Orient Line to flag out

SWEDISH ORIENT LINE TO FLAG OUT TWO SHIPS Due to the lack of a Swedish shipping policy adapted to international conditions, Swedish Orient Line has decided to flag out two of its four RoRo vessels. This reregistration, which is a necessary measure to be able to meet the increasingly tough competition with declining freight rates, will enable Swedish Orient Line to bring its costs down to the same level as its competitors. The estimated cost savings are SEK 5-6 million per year and their full impact is expected to be felt from 1 July, 1999, at the earliest. A total of more than 60 seagoing employees will be affected and, in the long term, about 40 jobs for Swedish seagoing employees will disappear. For further information, please contact Kent Flodberg, President, Swedish Orient Line, phone +46 31 64 54 00. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1998/11/09/19981109BIT00230/bit0001.doc http://www.bit.se/bitonline/1998/11/09/19981109BIT00230/bit0002.pdf