2003-12-29

Godby Shipping Ab and UPM-Kymmene Seaways Oy Ltd have entered into long-term time-charter contracts for the vessels Mistral and Miranda. The contract for Mistral starts from January 2004 and the contract for Miranda from January 2005.

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

The new contract will increase the transport capacity between Finland and Spain to about 375.000 ton/year. Additionally a new port will be used as from January 2004 when Mistral will trade Rauma – El Ferrol – Santander. 

Mimer and Midas will continue on the line Rauma – Santander until end 2004 when they will be replaced by the faster Miranda.

The forest and transport industry is today going through many changes. Therefore we see the new contract as strategically very important, especially since UPM-Kymmene is the largest Finnish forest company and also one of the leading companies worldwide.

For additional information, please contact Dan Mikkola, Godby Shipping Ab, phone +358 18 41121 or Jukka Hölsä, UPM-Kymmene Seaways, phone 0204-15191.

Yours faithfully,

GODBY SHIPPING AB

Dan Mikkola