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STX Pan Ocean Chooses MAGNUM® Container Reefers

Belgium (November 25, 2008) - Thermo King is pleased to welcome STX Pan Ocean to its fast-growing MAGNUM® container reefer family. The Seoul, Korea-based shipping company was started 42 years ago as a bulk carrier and is today one of the leading shipping companies in the world. It became a member of STX Business Group as a subsidiary of STX Shipbuilding Com., Ltd. in 2004.

STX Pan Ocean developed its solid service reputation in tanker operation, dry bulk and car and truck carrier services, and expanded into container service offerings beginning in 1973 between Korea and Japan. Today, the company has a 31-route container service scope that features Far East Asia, including China, Korea and Japan; Southeast Asia, including Thailand, Indonesia, Singapore, and Vietnam; India Sub-Continent, including India, Pakistan, and Sri Lanka; and the Middle East. In 2008, STX Pan Ocean's Container Division began a new service between Korea and Australia, and has plans to expand to Europe in the near future - all further strengthening its position as a 'global carrier.'

To assist with its growth and success plans in the container market, STX Pan Ocean has chosen Thermo King's MAGNUM unit, ordering a quantity of 100 in April 2008 with delivery completed by mid-May. The company currently operates 18 ships for its container service, 4 owned and 14 chartered. This is the first time STX Pan Ocean will offer MAGNUM reefers to its customers.

"We had heard about the advantages and benefits of the MAGNUM from other shipping lines that were already operating the unit," said Jung-Ah Park, assistant general manager, Operations & Logistics Team, Container Business Division, STX Pan Ocean. "The savings in bunker costs by economic bunker consumptions is most attractive to us."

All MAGNUM-cooled containers are operating successfully and STX Pan Ocean is preparing the advanced equipment for the requirement of future customers.

"We are very satisfied with the MAGNUM unit and are continuously marketing its quality performance and availability through STX Pan Ocean container services to our sales department and customers alike," said Park.

"We are excited to team up with STX Pan Ocean and be a part of their worldwide expansion efforts," said Dennis Trusler, Director, Thermo King container sales, Asia Pacific. "We believe the MAGNUM unit will be a key factor in the company's cargo carrying flexibility -from the deep frozen variety for which MAGNUM first earned its reputation, to the fresh categories due to the reefer's fast pull-down capabilities.

"But equally important in today's shipping world is, of course, energy consumption, power savings, and a decreased carbon footprint. No other container on the market performs like MAGNUM in any of these areas."

Thermo King is the global leader in solutions for temperature-controlled transport, supplying the world market from 11 production facilities and over 800 distributors world-wide. The company offers a wide range of refrigeration and heating units for vehicles of all sizes, from small vans to large trailers, as well as airborne and ocean-going containers. In addition Thermo King provides heating, ventilation and air-conditioning equipment for passenger buses and railcars.

Thermo King also offers service maintenance programmes and finance solutions, as well as a range of accessories, temperature monitoring, and tracking equipment. For more information on Thermo King's products and services please visit www.thermoking.com.

Thermo King is a business unit of leading diversified industrial company Ingersoll Rand, a global provider of products, services, and integrated solutions to industries as diverse as transportation, manufacturing, construction and agriculture. Further information on Ingersoll Rand can be found on the company's website at www.irco.com.

Thermo King Corporation, a business unit of diversified industrial firm Ingersoll Rand Company Limited, was founded in 1938 and manufactures transport temperature control systems for a variety of mobile applications, including trailers, truck bodies, buses, shipboard containers and railway cars. The company operates 10 manufacturing facilities and 17 parts distribution centers worldwide. Sales and service is provided by a global dealer network of 865 independently owned companies in 75 countries.


Contact:
Bram Robichez, Thermo King Corporation
32 2714 5711
bram_robichez@eu.irco.com

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