July 20, 2004

Dredging Projects Advance

Marinex Construction, Inc. will be hired to perform maintenance dredging at Union Pier and Columbus Street terminals at a cost of $651,800. The work will be performed with a hydraulic dredge and the material will be deposited, by pipeline, in the Morris Island and Drum Island dredge disposal sites. The contractor will mobilize to the site during July and perform the dredging in August.

Berths 1, 2, and 3 at Columbus Street Terminal will be dredged to a depth of -52 feet MLW in coordination with the harbor project depth of -45 feet MLW. The amount of material to be dredged at Columbus Street is estimated to be 100,000 cubic yards. All berths at Union Pier Terminal will be dredged to a depth of -45 feet MLW. The amount of material to be dredged at Union Pier is
estimated to be 125,000 cubic yards.