CHARLOTTE, N.C., March 17 /PRNewswire-FirstCall/ -- The leading American domestic ocean carrier, Horizon Lines, Inc. (NYSE: HRZ) announced today it reached an agreement in principle to charter five new U.S. flag, foreign built vessels for 12 year terms from Ship Finance International Limited (NYSE: SFL).

The five vessels will be of a proven, international design and will each carry 2,800 twenty-foot equivalent containers and have 23-knot service speed.

The five new vessels will be deployed in Horizon Lines' weekly service linking the U.S. West Coast with Guam and Asia, upgrading the current "TP1" service that is being served with five Jones Act-qualified vessels today.

The Jones Act covers ocean cargo services to and from Puerto Rico, Hawaii and Alaska, as well as cargo moving between other U.S. origin and destination ports, ensuring those cargoes are carried on U.S.-flag, U.S.-built and U.S.- manned vessels.

Charles G. (Chuck) Raymond, Horizon Lines' CEO and President, said, "As we embark on our fleet enhancement strategy, this is a proud and historic day for Horizon Lines."

"The enhanced service will provide us with additional space and faster transit time between the U.S. West Coast and Guam, as well as the return voyage from Asia to the U.S. West Coast."

Redeploying the carrier's Jones Act vessels from the TP1 service to Hawaii and Puerto Rico will provide additional capacity and service scope to better meet the future needs of Horizon Lines' customers well into the future. The introduction of this new tonnage also allows the carrier's Jones Act vessels to be used as reserve capacity to meet seasonal and dry-dock needs, as well as to respond to potential new opportunities such as coastwise container services.

"Horizon Lines is focused on using capital efficient methods to enhance our service capabilities in our Jones Act markets while at the same time upgrading our service to Guam and Asia with assets that are more appropriate for those trades. This initiative is consistent with our tested strategy of obtaining new tonnage at appropriate costs for the trades we serve," Mr. Raymond said.

The five new vessels are anticipated to be deployed commencing in early 2007. As of July 2007, Horizon Lines plans to operate 17 active ships and to have four vessels in reserve status. The average age of the company's active vessel fleet will be 20 years at that time, an industry standard.

Ship Finance's agreement in principle to charter the five new vessels to the Company is subject to certain specified closing conditions.

This press release includes "forward-looking statements," as defined by federal securities laws, with respect to financial condition, results of operations and business. All forward-looking statements involve risk and uncertainties. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are not predictable or within our control. Actual results may differ materially from expected results. We undertake no obligation and specifically decline any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

About Horizon Lines:

Horizon Lines, LLC is the nation's leading Jones Act container shipping and integrated logistics company, operating 16 U.S.-flag vessels on routes linking the continental United States with Alaska, Hawaii, Guam, and Puerto Rico. Horizon Lines also owns Horizon Services Group, an organization with a diversified offering of cargo management and tracking services being marketed to shippers, carriers, and other supply chain participants. Horizon Lines, LLC and Horizon Services Group are wholly owned subsidiaries of Horizon Lines, Inc., which trades on the New York Stock Exchange under the ticker symbol HRZ.

NEW YORK, July 8, 2004 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it had completed the purchase of Horizon Lines Holding Corp., one of the largest U.S. container shipping companies, in a transaction valued at approximately $650 million.

The company, based in Charlotte, North Carolina, operates 16 vessels and approximately 21,700 cargo containers that handle 37 percent of marine container shipments from the U.S. mainland to ports in Alaska, Hawaii, Guam and Puerto Rico, and is the only Jones Act vessel operator serving all of those markets.

Horizon is the largest container shipping company operating under the Jones Act, which requires that maritime trade between U.S. ports be conducted exclusively by companies owned and organized in the U.S., that use ships built and registered in the U.S., and that employ predominantly U.S. crews.

Marcel Fournier, a Castle Harlan managing director, said senior management would remain in place and would continue to own an interest in the company.

Horizon recorded revenues in fiscal 2003 of more than $830 million, up 9.6 percent from the previous year, Fournier said.

Castle Harlan acquired the company from The Carlyle Group, a private-equity investment firm based in Washington, D.C., that bought the company from CSX Corporation in February 2003.

Castle Harlan has completed three acquisitions totaling $1.37 billion in the past two weeks. Last week, the firm closed on the purchase of Caribbean Restaurants, LLC (CRI), operator of 165 Burger King restaurants in Puerto Rico, for $340 million. CRI is the market leader and the most successful quick-service restaurant franchise on the island.

Also last week, Castle Harlan completed the acquisition of Ames True Temper, a leading manufacturer of lawn and garden tools and accessories in a $380 million transaction.

All three acquisitions were purchased by Castle Harlan Partners IV, L.P., an investment fund totaling $1.163 billion in commitments that closed last August.

Founded in 1987, Castle Harlan is a leading New York private-equity investment firm, investing primarily in controlling interests in the buyout and development of middle-market companies in North America and Europe. Castle Harlan's team of nine managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Castle Harlan's portfolio companies, which employ more than 26,000 people, include AdobeAir, Inc., a leading manufacturer of evaporative coolers; Associated Packaging Technologies, the country's leading manufacturer of CPET containers for the frozen food industry; and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.

NEW YORK, May 24, 2004 - Castle Harlan, Inc., the New York private-equity investment firm, announced today it had signed a definitive agreement to purchase Horizon Lines, LLC, one of the largest American container shipping companies. The price of the transaction was set at $650 million.

The company, based in Charlotte, North Carolina, owns 16 vessels and approximately 21,700 cargo containers that handle 37 percent of marine container shipments between the U.S. mainland and ports in Alaska, Hawaii, Guam and Puerto Rico, and is the only carrier serving all of those markets.

Horizon is the largest container shipping company operating under the Jones Act, which requires that maritime trade between U.S. ports be conducted exclusively by companies owned and incorporated in the U.S. that use ships built and registered in the U.S. and that employ predominantly American crews.

"This is an outstanding company with solid growth prospects," said Marcel Fournier, the Castle Harlan managing director who led the negotiations. "It has a highly stable revenue base, well diversified cargo shipments and a stable core of strong customers."

He noted also that the nature of the business, as well as the Jones Act, provide high barriers to entry for any potential competitors.

"Horizon has an exceptionally strong and experienced management team that will continue with the company," Fournier added. "At Castle Harlan, we look forward to building on the firm foundation that was established over many years by CSX and continued by Carlyle, and helping the company move to the next level of profitability and success." He said senior management would continue to own an interest in the company.

Horizon recorded revenues in fiscal 2003 of more than $830 million, up 9.6 percent from the previous year, Fournier said.

Castle Harlan is acquiring the company from The Carlyle Group, a private-equity investment firm based in Washington, D.C, that had bought the company from CSX Corporation in February 2003.

Earlier this month, Castle Harlan agreed to acquire Caribbean Restaurants, LLC (CRI), operator of 165 Burger King restaurants in Puerto Rico, for $340 million. CRI is the market leader and the most successful quick-service restaurant franchise on the island.

Both CRI and Horizon will be purchased by Castle Harlan Partners IV, L.P., an investment fund totaling $1.163 billion in commitments that closed last September.

Founded in 1987, Castle Harlan is a leading New York private-equity investment firm, investing primarily in controlling interests in the buyout and development of middle-market companies in North America and Europe. Castle Harlan's team of 10 managing directors, including its founders, has completed more than 60 acquisitions with a total value in excess of $7 billion. The firm traces its roots to the start of the institutionalized private-equity business in the late 1960s.

Castle Harlan also invests in Australia, New Zealand and the Australasian region through its Sydney-based affiliate, CHAMP, which is one of Australia's oldest and largest private equity firms.

Castle Harlan's portfolio companies, which employ more than 26,000 people, include AdobeAir, Inc., a leading manufacturer of evaporative coolers; Associated Packaging Technologies, the country's leading manufacturer of CPET containers for the frozen food industry; and Advanced Accessory Systems, the largest manufacturer of automotive roof racks and tow systems in North America and Europe.