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Bermuda Container Line Ltd. Comments On Half Year Revenue Prospects

Hamilton, Bermuda: 20 August 2003 - In a letter to Shareholders that accompanied a recent dividend payment BCL President, Mr. Geoffrey R. Frith, stated that following:

"The interim report for the first six months of 2003 will be available during the last week of September but we can report that revenue will be down from the first half of 2002. This downturn has been caused by a decline in cargo volume. Both the BCL and SISL services had increased eastbound container volume but there was a significant fall-off in non-containerized cargo. The decline in non-containerized cargo is primarily due to the fact that there are few major building projects on the go compared to the last few years."