World’s First and Largest LNG-Powered Containerships To Serve Puerto Rico For TOTE, Inc.

December 4, 2012

State-of-the-Art Ships to Benefit Island’s Economy, Environment

TOTE MaritimePRINCETON, NJ – TOTE, Inc. announced today it has committed to the construction of two new state-of-the-art containerships for the Puerto Rico trade, with options for three more vessels for additional domestic service. The agreement with General Dynamics NASSCO represents a major technological milestone in international shipping.

The vessels will be the most environmentally friendly containerships in the world with CO2 emissions-per-container that are 71% less than the vessels now in the Puerto Rican trade. Particulate Matter will be reduced by 99%. Sulfur oxides will be reduced by 98%. Nitrogen oxides will be reduced by 91%. The 3100 TEU vessels are expected to be the largest ships of any kind in the world powered primarily by liquefied natural gas (LNG). Both ships will be powered by dual-fuel LNG engines that greatly surpass the requirements of the U.S. Environmental Protection Agency’s clean air regulations.

General Dynamics NASSCO in San Diego, California will build the vessels, with construction expected to sustain 600 American shipyard jobs in Southern California. The first two vessels will be delivered and enter service between Jacksonville, FL and San Juan, PR in 2015 and 2016.

These new TOTE, Inc. ships will be the most efficient in the trade. The ship design accommodates five times more 53-foot containers than current ships in Puerto Rico and will allow for the transport of everything from cars to corn syrup. The ships will include expanded volumes for refrigeration equipment, critical to ensure that pharmaceuticals, produce and other foodstuffs vital to the residents of Puerto Rico are delivered in the best possible condition. The maritime shipping trade to Puerto Rico is an essential part of sustained economic development for the Island and these vessels will provide the most modern, reliable service available. The total capital committed to the project is over $350 million.

Anthony Chiarello, President and CEO of TOTE, Inc. said, “This investment demonstrates our commitment to the people of Puerto Rico and our environment. These vessels mark a new age of shipping using the best technology in the world.”

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