Fednav Limited

Environmental Policy Statement

December 2008

At Fednav we understand that our business has an impact on the environment. While shipping remains the most environmentally friendly form of transportation for the majority of the world’s goods and commodities, ships and their airborne and waterborne emissions affect our natural surroundings. We are keenly aware of, and committed to, our responsibility to conduct our business in an ethical and sustainable manner.

The Fednav Group is dedicated to the continuous improvement of our operational performance in order to reduce our environmental footprint. As leaders in the international shipping industry, Fednav conducts business in a thoughtful, responsible way, with a view to preventing pollution and safeguarding our natural environment.

The Fednav Group is committed to:

• Maintaining a corporate environmental policy and setting standards to operate in a environmentally responsible manner, with additional emphasis on minimizing adverse environmental impact
• Complying with, in letter and in spirit, and exceeding where possible, all applicable standards, requirements, laws, rules and regulations, as well as continual adoption, if not introduction, of industry best practices
• Preventive identification and evaluation of environmental risk, along with the implementation of measures to eliminate or control that risk
• Communication and promotion of awareness, accountability, and environmental responsibility among our employees, customers, partners, suppliers, as well as government, the public, and other stakeholders
• Reducing waste and pollution through recycling, conservation, education, and efficient use of resources
• Including protection of the environment as a critical factor in business decisions
• Providing industry leadership on environmental matters
• Investing in and supporting research and development of environmentally directed industry programs

Paul Pathy
Executive Vice-President
Fednav Limited