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American Steamship Company Purchases Ocean Barge To serve Jones Act Trading

BUFFALO, February 20 -- American Steamship Company today announced that it has acquired an ocean barge, the AMERICAN GULF V. The vessel is a Jones Act eligible, ocean class covered hopper barge. American Steamship will use the vessel to carry dry bulk commodities, including coal and grain, in Jones Act coastal trade. Built in 1981, the AMERICAN GULF V has a cargo capacity of 33,700 dead weight tons.

Ned A. Smith, president of American Steamship, said, "American Steamship has been a leader in dry bulk marine transportation since 1907. As the largest U.S. carrier of dry bulk commodities on the Great Lakes, we are very experienced in iron ore, coal, limestone aggregate, and grain transportation. Capitalizing on our experience in these markets, the acquisition of the AMERICAN GULF V will allow us to transport similar bulk commodities in the Jones Act coastwise and nearby foreign trade markets."

American Steamship is a subsidiary of Chicago-based GATX Corporation (NYSE:GMT). American Steamship operates a fleet of 11 self-unloading vessels on the Great Lakes serving the dry bulk commodity markets. The fleet has the largest cargo capacity of any fleet operating on the Great Lakes.

GATX Corporation provides approximately $6 billion of service-enhanced assets primarily used to help its customers transport, store or distribute their products and information. GATX's assets include railcars and locomotives, bulk liquid terminals and pipelines, ships, commercial aircraft, technology equipment and others assets and related services worldwide. In addition, GATX offers a variety of financial services focused on enhancing the value of owned and leased assets.