Green Reefers Sells Ship

Green Reefers has concluded sale of the M/V Green Igloo for $2.1 mill. The vessel is 73,000 cu. ft. and built in 1983. Delivery to new owners will take place during April 2006. The transaction generates a profit of about $1 mill and generates free cash of about $800,000. In 2005 Green Reefers expanded its fleet with a total of nine vessels, whereof seven vessels have been purchased by the company.