Albacor Shipping Inc. and Aquarius Shipping Inc. are merging their operations to create a larger, stronger shipping company with broad project and heavy lift capabilities. The operations, which will fully merge by November 1^st, 2003, will work under the ALBACOR SHIPPING INC. name.

"By bringing together two successful medium-sized firms, we have created a major player easily capable of handling large project shipping assignments," said Wolfgang Spillner, Albacor Shipping co-founder and President of the merged company. "With offices in Toronto, Montreal and in the U.S., we are now very well located to accommodate the needs of freight from and to all points in North America, and destinations worldwide."

Aquarius Shipping founder Norbert Tiemann will assume the roll of Executive Vice President, Development and Marketing of the new Albacor Shipping Inc., while Albacor co-founder Gerald Hess will become Executive Vice President in charge of Operations and Administration.

The three partners in the new Albacor Shipping Inc., Wolfgang Spillner, Gerald Hess and Norbert Tiemann have been friends for over 20 years and came to the conclusion that by combining their teams they would be in the position to provide their customers and agents with more resources and strength.

The new company will move into their new premises at 701 Evans Avenue in Toronto during the month of November 2003. The locations of the Montreal office (formerly Aquarius Shipping (Quebec) Inc.) and New Jersey (Albacor Shipping (USA) Inc.) will remain the same.

Contacts:

Executive Vice President President Executive Vice President

New as of November 1^st, 2003

Head Office, Toronto, Ontario, Canada

Standing from left: Gerald Hess & Norbert Tiemann

Seated: Wolfgang Spillner

November 1^st, 2003

w.spillner@albacorshipping.com  – g.hess@albacorshipping.com  – n.tiemann@albacorshipping.com

International Freight Forwarding

701 Evans Avenue, Suite 909, Toronto, Ontario M9C 1A3, Canada

Tel.: +1 (416) 620-7500 Fax: +1 (416) 620-7600
E-Mail: albacor@albacorshipping.com

www.aquaship.com  www.albacorshipping.com