1998-11-26

The Godby Shipping group has sold its two multi-purpose container vessels Jenolin and Julia to Portugal. The vessels are built 1992 and 1993 and have a cargo capacity of about 5.000 tons and Finnish/Swedish ice class 1A.

The reason for the sale is the failure of the Finnish government to implement measures according to the guidelines for support of EU flag vessels. The consequence is that Finnish flagged tonnage has a disadvantage in the competition with other EU and non-EU flagged vessels.

The sale will not lead to redundancies. The crew from Jenolin and Julia will be transferred to other vessels in the group.

Yours faithfully,

GODBY SHIPPING AB

Dan Mikkola