Rickmers establishes its own subsidiary in Korea

Rickmers-Linie, the Hamburg-based specialist for breakbulk, heavylift and project cargo, is expanding its network of own subsidiaries in Asia and will establish a new subsidiary, Rickmers (Korea) Inc, in Seoul effective 1 November 2007.

"With its export oriented industry and as a significant location for shipping and related industries, Korea is one of our key markets in the Far East. Thus it was a logical decision to establish our own office in Seoul. The new subsidiary will primarily take over the role of Rickmers-Linie's agent in Korea and moreover will be the representative office for Rickmers Group in Korea," explained Gerhard Janssen, General Manager Marketing & Sales at Rickmers-Linie.

Rickmers and Korea Maritime, the line's agent since 2006, have amicably agreed to terminate their agency relationship and as from 1 November 2007, all business activities of Rickmers in Korea will be handled by the new subsidiary Rickmers (Korea) Inc.

"The cooperation with Korea Maritime was excellent," Mr. Janssen confirmed. "We felt very well represented by them but they understand and support our decision to establish Rickmers (Korea) Inc."

Rickmers-Linie offers regular sailings fortnightly from Korea to the United States and destinations in Central America, as well as a monthly westbound service from the US to Korea. In addition, Rickmers Group has a string of vessels on order from Korean shipyards, amongst them the largest container ships in the world with a capacity of 13,100 TEU.

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Notes to editor:

With more than 170 years to its name, Rickmers-Linie, based in Hamburg, Germany is one of the world's leading specialists in the global transportation of breakbulk, heavylift and project cargo by sea. The company belongs to Rickmers Group, which offers diversified activities in the fields of liner shipping, shipowning and shipmanagement, investments and real estate as well as maritime related services.

More information about Rickmers-Linie is available at www.rickmers-linie.com. Information about the manifold activities of Rickmers Group are available at www.rickmers.com.