Exhibit 99
Contact: Peter W. Keegan
Senior Vice President
(212) 521-2950
Candace Leeds
V.P. of Public Affairs
(212) 521-2416
Joshua E. Kahn
Investor Relations
(212) 521-2788
LOEWS CORPORATION
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NEWS RELEASE
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FOR IMMEDIATE RELEASE
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LOEWS CORPORATION ANNOUNCES FINAL SUPERTANKER OPTION EXERCISED
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NEW YORK, January 9, 2001 - Loews Corporation (NYSE:LTR) today reported that its
Majestic Shipping Corporation subsidiary has exercised its final option with
Daewoo Shipbuilding and Marine Engineering Co., Ltd. to build a fourth 442,500
deadweight ton ultra-large crude carrying ship.
Hellespont Shipping Corporation, a 49%-owned subsidiary of Loews Corp., had
already committed to build four 303,000 deadweight ton very-large crude
carrying ships.
The total yard cost of the eight new supertankers will be approximately $660
million. Delivery of the new vessels is scheduled to begin in the fourth
quarter of 2001.
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