A.C.L.N. Limited Ships 16,610 Cars in April as Demand in Africa Continues To Increase
Company Enters Into Time Charter Agreement With 'K' Line
LOS ANGELES, June 4 /PRNewswire/ -- A.C.L.N. Limited (Nasdaq: ACLNF - news), a global leader in the distribution and logistics of new and pre-owned automobiles, today announced that in response to continued increases in demand for automobiles in Africa, the Company shipped 16,610 automobiles in April, 2001, a 57.9% percent increase from shipments in April 2000. According to A.C.L.N. Chairman Joseph Bisschops, the Company also had a backlog at the end of April 2001 of approximately 8,200 cars at its ports in Europe awaiting delivery to ports in Africa through the Company's logistics services operations.
A.C.L.N. also announced that it has entered into a time charter agreement with the ``K'' Line division of Kawasaki Kisen Kaisha, Ltd. of Tokyo to time charter a 3,000 car capacity vessel. The vessel, the Diamond Highway will be utilized primarily for West African shipments for two voyages. Due to the inherent economies of scale in employing larger vessels such as these, the agreement is expected to reduce one of the Company's principal costs of sales -- sea freight. By chartering the vessel, A.C.L.N. expects to improve the unit economics in its West African business, while increasing capacity to rapidly respond to growing demand in its markets. The Company has already commenced shipping vehicles on the vessel.
Car Volume Comparisons
Q2 April April Year over Year
2000 2000 2001 Percent Change
New Cars Sold & Delivered 3,300 1,100 2,800 154.5%
Logistics Cars
(pre-owned) Delivered 26,149 *9,417 13,810 46.6%
Total Cars Delivered 29,449 10,517 16,610 57.9%
*Of the 9,417 cars shipped in April 2000, 5,713 arrived in April 2000,
the balance arrived in May 2000.
Aldo Labiad, A.C.L.N. President and Chief Executive Officer, commented, ``A number of strong economic and market forces are positively impacting the markets we serve in Africa, resulting in rapid increases in demand for cars and trucks. These forces include emerging political and economic stability, governments striving to improve the economies of their countries, a rising consumer class, improved access to oil and gasoline, and a current automobile ownership rate of less than 1.5 percent. With virtually no local automotive manufacturing, this rising demand can only be served by importing new and used vehicles. The strong growth in our April shipments and for the last several months is a direct result of our unique ability to readily respond to and profitably service sharp increases in demand.'' |
