Crowley Logistics Acquires Speed Cargo Service

(Jacksonville, Fla.; Oct. 3, 2002) – Crowley Logistics announced today that it has acquired Speed Cargo Service, the Miami-based transportation services provider. The company will become a division of Crowley Logistics and will continue to operate from its existing headquarters under its own identity and with the same employees, assets and facilities.

Speed Cargo specializes in transportation services to and from Central America and the Caribbean providing air, ocean and inland transportation services to customers throughout the United States and Latin America. Services offered include freight consolidation, documentation, warehousing and distribution.

“Our acquisition of Speed Cargo is a unique opportunity for Crowley to add a complementary business line to our present logistics activities,” said Tom Crowley Jr., Chairman, President and CEO of Crowley Maritime. “Speed Cargo’s knowledge of Central American and Caribbean markets combined with Crowley’s facilities and strategic partnerships will allow for expanded service to customers.”

Carlos Rice, CEO of Speed Cargo, said, “The synergy in thought and direction of this venture will strengthen our position in the market. It will provide our customers unprecedented access to a wider array of shipping transportation services that will facilitate and enhance their logistics planning and shipping efforts.”

“Our priority will be to blend the resources and expertise of both organizations to provide the best possible services to customers,” said John Hourihan, senior vice president and general manager of Crowley Logistics. “The addition of Speed Cargo’s capabilities will enhance our Transportation Management package.”

Crowley’s Transportation Management Center offers customers a single source for all their worldwide transportation needs, offered individually or on an integrated basis. The center provides freight forwarding, ocean transportation, inland transportation, air freight transportation, warehousing and distribution and customs house brokerage.

Crowley’s acquisition of Speed Cargo will not impact existing Speed Cargo customers.

“Speed Cargo customers will continue to do business with the company the same way they always have,” Hourihan said. “They will interact with the same employees, enjoy the same service offerings and receive the same high levels of customer service.”

Crowley Logistics, headquartered in Jacksonville, Fla., is a subsidiary of Crowley Maritime Corporation and is part of its liner services segment. As a third-party logistics provider, the company offers supply chain management, freight consolidation, warehousing, transportation management, and cross-docking services throughout the United States, Central America and South America. The company’s Transportation Management Center serves as the heart of its logistics framework, enabling clients to combine and tailor services as needed, and tap into the company’s sophisticated materials and shipment tracking technology.

Oakland-based Crowley Maritime Corporation, founded in 1892, is primarily family- and employee-owned and is engaged in worldwide logistics, liner services, contract towing and transportation, energy support services, ship assist and escort services, vessel management and petroleum and chemical marine transport. Additional information about Crowley its subsidiaries and business units may be found on the Internet at www.crowley.com.

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