Invest in New Shipping On-line Exchange

Clarkson (Horace) PLC
5 April 2000


Clarksons today announced its intention to invest in the creation of a new
Internet based on-line exchange which is set to revolutionise the traditional
marketplace where ship owners, shipbrokers and cargo owners conduct business.

The new company, LevelSeas.com, will offer a 'life-of-the-voyage' solution for
all seaborne wet and dry bulk commodity shipping. It will provide
comprehensive freight management services encompassing market intelligence,
online chartering, pre and post fixture activities and risk management tools,
including freight derivatives.

LevelSeas.com also has the backing of BP Amoco, Cargill and Royal Dutch/Shell
Group - investors who represent significant shipping volume and expertise -
and will accelerate industry-wide adoption of the new marketplace. 

LevelSeas.com will provide greater market access, lower costs and greater
efficiencies in today's shipping environment, delivering significant value to
a broad community of large and small industry players, including
intermediaries.

Gary Weston, Chairman of Clarksons Shipbroking Division commented, 'The advent
of LevelSeas.com provides a real opportunity to create an electronic market
place for the shipping industry. We believe LevelSeas.com will provide
liquidity as well as a level playing field for all participants to trade on.
This is an environment in which Clarksons can assist our clients in making the
move to on-line trading.'

LevelSeas.com will be uniquely positioned to cater to the freight needs of
international businesses which rely on ocean transportation as a critical link
in their global commodity supply chain.

According to consulting firm Booz-Allen Hamilton, the global bulk ocean
transportation market has an annual turnover in excess of a US$100 billion. 
This industry is ideally suited for an online marketplace that can bring
together buyers and sellers of freight across the world and streamline the
present substantial administrative burden.

LevelSeas.com is committed to developing further strategic alliances and
relationships with other businesses in the industry to ensure its position as
the recognised industry standard.

Initially the company will be based in Europe, with offices located in key
markets to reflect the international scope of the shipping industry. Launch of
the new venture is scheduled for the third quarter of 2000.