Re Joint Venture

RNS Number:3113G
Forth Ports Authority
13 December 2004



                                                                13 December 2004



                     FORTH PORTS TO INVEST WITH CUSTOMER IN
                    CONTAINER FACILITIES IN GULF OF FINLAND


Forth Ports PLC ("Forth Ports") today announces that it is making a Euro20m
investment in Multi-Link Terminals Limited ("MLT"), an Irish company which
operates three container terminal facilities in the Gulf of Finland: Helsinki
and Kotka in Finland and Litke Bay, St Petersburg in Russia. The cash investment
will give Forth Ports a 50% stake in MLT with the other 50% shareholding being
held by Container Finance Limited OY, part of the Containerships Shipping Line
of Finland ("Containerships"). Containerships, which has been a customer of
Forth Ports for over eight years at the Port of Tilbury, will be contributing
the existing terminal facilities in those three ports into the joint venture as
well as transferring related debt to MLT.

The equity investment, together with non-recourse bank debt, will enable MLT to
complete its expansion plans in Kotka and St. Petersburg to provide enhanced
container terminal operations and additional capacity at these two ports. As
part of the agreement, Containerships has entered into a long term commitment to
use MLT's container facilities for its own business. Additionally, MLT has
already won new business for Kotka and is actively engaged in discussions which
are expected to lead to new customers at St. Petersburg.

Commenting on the investment, Charles Hammond, Group Chief Executive, Forth
Ports said:

"This investment is an excellent opportunity for Forth Ports to join together
with an existing container customer to provide a quality container terminal
service in the Baltic. We were delighted to respond to Containerships' approach
to partner with them in a trading area which is familiar to us, meets our return
on investment criteria and offers attractive growth prospects."

Mr. Kimmo Nordstrom, Managing Director, Containerships said:

"We welcome the involvement of Forth Ports as our partner of choice in this
joint venture which will enable us to take advantage of the growth opportunities
available in the region."


Enquiries:

Charles Hammond, Group Chief Executive    Forth Ports PLC   Tel: [phone]
Wilson Murray, Group Finance Director     Forth Ports PLC

Jon Coles/Kate Miller                     Brunswick         Tel: [phone]





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