Arcade Acquisition Corp. to Purchase Ten Container Vessels

Monday, September 22, 2008

Arcade Acquisition Corp. announced that it has entered into a series of agreements pursuant to which it has agreed to acquire ten (10) feeder service containerships (with a total capacity of 21,135 TEU) for an aggregate purchase price of $261.7 million.  Six of the ten vessels will be purchased from Palmosa Shipping Corp. in exchange for common stock and the repayment of debt and four will be acquired from companies whose ships are managed by Tsakos Shipping & Trading S.A. for a combination of cash and common stock.

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