Euroceanica Acquires Seven Chem Tankers

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.

Peter Costalas, Managing Director of Euroceanica, who established the London base for the Group in July of last year said, “The acquisition of these seven high specification chemical carriers, as a major addition to our fleet, will reinforce our position in the UK market as a significant shipping operation and provide a platform for further expansion”.

The chemical tankers, which all fly the European Flag, are to be technically managed by V.Ships. The Company says it hopes to come to an arrangement with FINAVAL on retaining current crews to continue service on board the vessels.

Vessels to be acquired by Euroceanica (UK) Limited.

Name Date of Build DWT

Isola Atlantica 2000 16,631

Isola Azzurra 1997 13,843

Isola Amaranto 1999 9,931

Giovanni Fagioli 1998 9,554

Isola Ambra 1998 8,053

Isola Corallo 1999 4,470

Isola Mora 1998 3,746