Green Reefers Sells Vessels for $30m

Green Reefers agreed to sell the M/V Green Tundra, Green Summer, Green Spring and Green Winter for $30 million. The vessels, built in 1986, 1988, 1989 and 1989 respectively are each of about 270,000 cu. ft.

The vessels will be sold to a Norwegian single purpose entity initiated by Platou Finans. Green Reefers will participate in the new owning company with a shareholding of 25%. The vessels will be bareboat chartered back to Green Reefers for periods of 2-8 months.

Throughout 2005 Green Reefers has expanded its fleet with a total of nine vessels, seven of which have been purchased by the company. This has been part of a fleet renewal program involving sale of the oldest units and these vessels being replaced by more modern, efficient and bigger units. The vessels acquired during 2005 have also provided new market opportunities for the company.