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BCL Announce Financial Results for Year Ended 31st December 2002

20 20 2003

Hamilton, Bermuda, 20 May 2003 - Bermuda Container Line Ltd. is pleased to report that net earnings for the year ended 31st December 2002 were $4,350,000, a decline of $178,000 or 3.9% from the net earnings for the previous year, 2001. The decline in earnings was due to a decline in revenue, down $754,000 or 2.6% from 2001. The decline in revenue was due to lower freight rates as BCL decreased a broad range of rates in January 2002. Cargo volumes in 2002 were slightly ahead of those achieved in 2001.

A number of cost savings were obtained so that total expenses declined by $576,000 or 2.37% to partly offset the low revenues.

Earnings per share were $1.45 in 2002 compared to $1.51 in 2001.