TITAN Redelivers Salvaged Car Carrier Cougar Ace to Ship Owner

(Dutch Harbor, Alaska; Aug. 17, 2006) – TITAN, worldwide salvage company and subsidiary of Crowley Maritime Corporation, redelivered the car carrier Cougar Ace to owners yesterday in Dutch Harbor, Alaska.

The vessel was delivered safely afloat in a condition acceptable to the vessel owners. The vessel still has a small list to port to contain the small pockets of water still onboard, but is well within the vessels normal operating parameters.

The ship, operated by Mitsui O.S.K. Lines, Ltd. (MOL), is loaded with approximately 5,000 automobiles bound for the U.S. and Canada. This concludes a 24-day salvage job that started with the vessel listing 70 degrees to port, in the North Pacific. The U.S. Coast Guard had removed the crew of the Cougar Ace from the vessel while it was adrift south of the Aleutian Islands.

TITAN, which is a wholly owned subsidiary of Crowley and part the company’s Marine Services business segment and, is a worldwide salvage company based in Fort Lauderdale, FL. The company also has offices in Newhaven, UK, Singapore and Sao Paulo, Brazil and equipment depots in Batam, Indonesia and Dubai, UAE. Over the past 25 years, TITAN has performed more than 200 salvage and wreck removal projects worldwide. Additional information about TITAN may be found at www.titansalvage.com

Oakland-based Crowley Maritime Corporation, founded in 1892, is primarily a family and employee-owned company that provides diversified transportation and logistics services in domestic and international markets by means of four operating lines of business: Liner Services; Logistics Services; Petroleum Services and Marine Services. Other services provided within these business lines include contract towing and transportation; ship assist and escort; energy support; salvage and emergency response; vessel management, and petroleum and chemical transportation, distribution and sales. Additional information about Crowley its subsidiaries and business units may be found on the Internet at www.crowley.com.

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