Green Reefers Sells Vessel

Green Reefers sold M/V Green Arctic at for $2.5 million. The vessel is 124,000 cu. ft. and built in 1980. Delivery to new owners will take place during April/May 2006. The transaction generates a profit of about $700,000 and generates free cash of about $1 million.

During the last 12 months Green Reefers has expanded its fleet with a total of 9 vessels, whereof 7 vessels have been purchased by the company. By the sale of the "Green Arctic", the company has sold three of the smallest and oldest units as part of our fleet renewal program.