Euroceanica (UK) Limited agreed to purchase seven modern chemical tankers from Finaval S.P.A., of Rome. The vessels will be chartered back to Finaval for periods of up to one year to complete their existing charters. It is then the intention of Euroceanica to maintain the chemical tankers within a time charter portfolio with leading international and Italian charterers. Euroceanica (UK) Limited is the holding company of the Euroceanica Group. In 2004, the company re-located to London in order to take advantage of the UK tonnage tax arrangements. In addition to the seven chemical tankers acquired from Finaval, Euroceanica currently owns two Panamax dry cargo vessels and one new building Aframax tanker currently under construction at the Hyundai Shipyard.