Odfjell – Sale & Leaseback of Ship

Friday, November 07, 2008

On Nov. 6, Odfjell sold MT Bow Sky with a net gain of $32m.

Odfjell has been working on ways of strengthening their equity since the Norwegian retroactive tax was imposed last year. This process has been hindered by the impact of the financial crises. Despite the difficult financial markets, Odfjell announced the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back.

The transaction is entered into with a subsidiary of nabCapital, the institutional banking and capital markets division of National Australia Bank Limited. The ship will be delivered to its new owner in November. The ship will continue in the Odfjell Tankers Pool and will continue to be managed by Odfjell.

(www.odfjell.com)

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