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BNSF Logistics acquires Albacor Shipping

December 31 - BNSF Logistics has acquired Albacor Shipping, the Toronto, Canada-based international global project and general cargo provider with locations across North America, Europe and Russia.

Albacor Shipping established operations in Canada and the U.S.A. in 1998 and expanded to Europe in 2003 and most recently acquired eight operating locations throughout Russia.

"Project cargo is a highly fragmented market that is dominated by foreign nationals. This acquisition expands our North American presence while establishing our first foray into new foreign markets necessary to serve North American clients here and around the world. We look forward to building on the success of Albacor Shipping as we further expand our geographic and service footprint," said Ray Greer, BNSF Logistics president.

In a statement, BNSF Logistics said that an industrial renaissance is underway in so many global economies, new and old, and with the acquisition it believes it is now well positioned to better serve and take advantage of the full range of opportunities across the mining, civil engineering, oil & gas, renewable energy and power generation industries.

"The scope, experience and service capabilities of Albacor combined with the resources, brand identity and financial foundation of BNSF Logistics means a strong new player has emerged in the global project cargo arena," added Wolfgang Spillner, Albacor president.

Albacor added that negotiations between the two companies had been ongoing for a year and its acquisition will provide stability to Albacor Shipping for years to come, and allow access to increased financial resources as well as BNSF Logistics' expertise in rail and rail transloading and various other services, presently not offered by Albacor Shipping.

HLPFI understands that there will be no change in regards to contacts within Albacor, with the daily operations of the company continuing as in the past.

BNSF Logistics is a wholly owned subsidiary of Burlington Northern Santa Fe, a Berkshire Hathaway company.

Albacor Shipping is a long-standing member of the Worldwide Project Consortium (WWPC) network for USA, Canada and Russia/Siberia.

www.albacorshipping.com

www.bnsflogistics.com

www.wwpc.eu.com

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