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    "Premuda S.P.A.": sale and charter back of ships

Premuda S.p.A. completes an agreement concerning the sale of the motor ships "Four Glens" and "Four Lochs", including chartering of same sole vessels for a period of five years. The ships in question had been built as bulk carriers in 1981 and transformed into tankers in 1988: they then joined the Premuda fleet in 1995 as part of the purchase of the entire Fermar tanker division. The sale of the ships as such allows Premuda to retain intact its commercial role in the fundamental sector of Panamax Tankers, to enjoy significant gain (about 7bn Lire, net of exchange charges relating to currency financing provided for the vessels sold) and to release funds to support the vast on-going program of new in-process constructions.
Premuda has, moreover, retained the right to buy the ships back throughout the five-year charter period, hence ensuring itself the opportunity to benefit from any increase in market value of the two vessels.

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