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Fairwind Shipping arrests last ship of Pegasus fleet - 27/06/2003

Fairwind Shipping Ltd have confirmed the arrest of the 229-metre MT Lanner, one of 11 ships of the Pegasus fleet. Fairwind were acting on behalf of J.P.Morgan Chase Bank.

The value of this ship has been appraised at $5.8 million US and will be sold at sheriff's auction by sealed bid on July 11 in Halifax, Nova Scotia.

"In simple terms, the ship is sold at auction; the court takes the money and releases the ship" said Trevor Fairhurst, chairman of Fairwind Shipping Ltd. in London, England. "Then all the people who think they have claims against the ship fight over the pot of money" Mr. Fairhurst said.

Mr Fairhurst advised that the other ten ships in the fleet have also been arrested in various locations, including Rotterdam, Nassau and Singapore. "As well, three were sold on the high seas" said Mr. Fairhurst.

Fairwind Shipping Ltd is a London-based company offering banks, companies, institutions and investors a wide range of marine consultancy and support functions, including commercial strategic advice and management for the purpose of resolving any problems with the minimum of exposure and expenditure. For further details see www.fairwind.co.uk , or send email to fairgale@fairwind.co.uk