Stevedoring Services Ltd. Announces Annual Results For Year Ending 31st March 2004

"Results for the financial year ending 31st March 2004 are indicative of the ever increasing flow of cargo through the Hamilton Docks. Increased revenue mirrors this cargo trend whilst prudent management has maintained expenses at a tolerable level.

Major investment in heavy equipment has resulted in between productivity in handling vessels servicing the island and providing support for other areas of the operation.

Increased cargo flow has placed a burden on the facilities and the current dock configuration is not conducive to the loads being handled as the current working area does not allow for all sections of the business to experience satisfactory improvement due to space limitation. Cargo is expected to continue increasing over the next few years and suggested improvements to deal with this problem have been made to the appropriate authorities.

Careful planning by, and the willing participation of, all members of the company has allowed the docks to function under the current restraints. The part played by our staff in servicing this cargo flow through the docks is a matter of great pride to the company and a clear indication of the depth of expertise that resides within our ranks.

Our forward planning includes seeking advice from overseas on cargo handling methods, improvements in vessel handling techniques, additional heavy equipment, and, available computer technology. Where appropriate, we will institute the necessary improvements to more effectively and efficiently handle this increasing cargo flow.

Our President and C.E.O. Mr. B. Lines resigned during the year and we wish both him and his wife well in the future. On behalf of the Board I express our appreciation to Management and Staff who have worked long and diligently this past year to achieve these results for you, our shareholders."

Signed by

J. Henry Hayward, M.B.E., J.P.

Chairman