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For Immediate Release

WALLENIUS WILHELMSEN LOGISTICS, PORT HAVE SIGNED LETTER OF INTENT

July 24, 2007 -- VANCOUVER, Wash. - – After nearly two years of work, the Port of Vancouver USA and Wallenius Wilhelmsen Logistics Americas LLC (WWL) have developed a Letter of Intent outlining a potential joint project with each party performing a portion of the development of a marine terminal, and a vehicle processing and distribution center at the Columbia Gateway industrial property owned by the port.

On Tuesday, July 24, the POV Board of Commissioners took action which provided authorization for port Executive Director Larry Paulson to sign the letter of intent.

“The Port of Vancouver USA has great potential and we look forward to working closely with port officials as we continue to explore opportunities for growth along the West Coast,” said Len Mazzella, head of West Coast operations for Wallenius Wilhelmsen Logistics, Americas region.

The proposal includes a facility on a phased basis that could ultimately accommodate more than 500,000 vehicles annually. WWL proposes to construct and operate an integrated marine terminal/vehicle processing and distribution center at Columbia Gateway, Parcel 3 adjacent to a deep water channel, complete construction designs for and oversee all construction, obtain required construction permits, and operate the finished facilities.

“With this project, at full build-out, we will have a huge single-facility auto import hub,” Paulson said. “It’s pretty obvious that this is very exciting news for the Port of Vancouver, and it affirms our ability to create new jobs, revenue and to sign new tenants.”

The facility, at full build-out – according to John Martin and Associates – could directly employ 1,193 workers that would amount to an annual payroll of more than $62 million.

“This is easily our biggest news of the summer,” said Port Commission President Arch Miller. “Auto imports are job-intensive. They create more maritime jobs per ton than any other commodity at the Port of Vancouver.”

Also according to Martin, construction of the facility could also generate over 8 million person-hours and total annual economic activity in excess of $453 million, and a tax revenue increase of $28 million annually.

Wallenius Wilhelmsen was attracted, in part, to Vancouver for the port’s convenient access to rail – and the port’s West Vancouver Freight Access Project was a big factor in that. Competitive rail access will allow vehicles to be delivered to dealers from the processing and distribution facility.

“By the studies we’ve had done, we believe such an auto facility would generate jobs and business within our community,” Miller said. “It is the equivalent to the maritime industry as landing a leader in the high-tech sector. Wallenius Wilhelmsen has a world-wide reputation in environmental stewardship and global vehicle distribution.”

Miller added that he is proud of the many hours, over the last two years, spent by port staff to make the letter of intent happen.

The port’s Senior Director of Marine Marketing, Alastair Smith, has been on point developing the relationship with WWL that led to this letter of intent.

“We’ve been working very hard across all departments for two years to bring WWL to Columbia Gateway. I’m very proud of the team effort we put forth to get to this point,” Smith said. “Through it all, we have built a great relationship with folks at WWL. This is a really big project for the future of Vancouver and the port.”

WWL is a leading global provider of outbound logistics services for the finished vehicle industry. The company offers a comprehensive range of services, including supply chain management, ocean transportation, inland distribution, terminal services and technical services. WWL is capable of meeting the increased demand from customers for a “factory-to-dealer” service. The company employs over 3,000 people, deploys approximately 60 vessels serving 19 trade routes to five continents. WWL annually carries over two million vehicles by sea and 1.5 million vehicles by road.  Wallenius Wilhelmsen Logistics works actively to reduce the impacts of its operations on the environment and to conserve use of energy and natural resources.