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Odense to Build Carriers for Carras Hellas Group

Maritime Activity Reports, Inc.

August 30, 2007

Odense Steel Shipyard Ltd. (Odense Staalskibsværft A/S) has concluded contracts with Carras Hellas Group, Greece, for a series of newbuilding Capesize bulk carriers. This new 180,000 dwt design has been developed between Odense and Carras with deliveries beginning in 2009. These orders, which will be built in the largest dock at the shipyard will, together with existing orders, fill up the capacity of Odense Steel Shipyard into 2010.

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