Change in Shareholding at Lisnave

Friday, October 22, 2004
There has been change in the shareholding at Portugal’s Lisnave following discussions between Germany’s German Industrial Group (GIG) and Portugal’s Estudos e Projectos Navais SA (Navivessel). The original agreement between these two companies included the possibility, if certain conditions and events were met, that GIG would acquire an additional stake of 40% of Lisnave’s share capital, thus obtaining control of the company. However, it has been decided that GIG would not increase its existing share capital and that Navivessel would acquire the 20% share capital acquired by GIG during 2002. The strategic partnership between GIG and Lisnave, which is linked with the execution of counter-trade measures, within the frame of the programme for the acquisition of submarines for the Portuguese Navy and the tightening of the commercial relations between the several entities involved, will continue. The strategic participation and the shareholder relationship with Germany’s ThyssenKrupp Werften, which holds 20% of Lisnave’s share capital, remains unchanged. Meanwhile, the new vessels arrived this week include, the 150,875 dwt tanker Sifnos, owned by Kyklades Maritime Corp, the 45,219 dwt tanker Midnight Sun, owned by MOL Tankship Management, the 99,450 dwt tanker Zeus, owned by Hanseatic Shipping and Egon Oldendoorff OHG’s 18,297 dwt bulk carrier Anna Oldendorff.

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