1999-12-13

Godby Shipping Ab has entered into time charter contracts for the vessels Link Star, Mimer and Midas with UPM-Kymmene Seaways Oy Ltd. UPM-Kymmene Seaways is a 100% owned subsidiary of the Helsinki stock listed UPM-Kymmene Oyj. UPM-Kymmene has a turnover of abt 50 billion FIM (9 billion USD) and a yearly production of 6-7 million tons of paper products.

The vessels will be employed in a weekly service between Rauma (Finland) and Santander (Spain) so that each vessel is making 14 days roundvoyages. The cargoes will be paper products, plywood and timber.

The vessels Link Star and Mimer are already owned by the Godby Shipping group while Midas (ex mv Bore Sea) has been brought from Oy Rettig Ab Bore, Turku. The new ship was taken over in Mariehamn 8th December. The expansion of the fleet will lead to recruitment of 18 additional employees.

Today, when the situation is turbulent in the Finnish forest industry and liner sectors, we feel that it is strategically important to establish contacts directly with the forest industry.

In addition to Link Star, Mimer and Midas the group owns the vessels Mistral and Miranda sailing for Oy Transfennica Ab in their liner traffic between Hanko, Finland and Lübeck, Germany.

For additional information, please contact Dan Mikkola, Godby Shipping Ab, phone +358 18 41121 or Jukka Hölsä, UPM-Kymmene Seaways, phone 0204-155 920.

Yours faithfully,

GODBY SHIPPING AB

Dan Mikkola