Horizon Lines to charter five new vessels

Domestic ocean container carrier Horizon Lines Inc reached an agreement in principle to charter five new United States flag, foreign-built vessels for 12-year terms from Ship Finance International Ltd. The five vessels will each carry 2,800 TEU (20-foot equivalent) containers and have 23-knot service speed.

These new vessels will be deployed in Horizon's weekly service linking the US West Coast with Guam and Asia, upgrading the TP1 service now being served with five Jones Act-qualified vessels.

The five vessels are expected to be deployed beginning in early 2007. As of July 2007, Horizon plans to operate 17 active ships and have four vessels in reserve status.