In January MV Scandinavian Express (Handymax bulker, 53,000 DWT, built 2003) was sold with a short term charter back. The charter for the vessel expired in May and the vessel has in the mean time been redelivered to its Owners.
Furthermore MV Peruvian Express (Panamax bulker, 82,000 DWT, built 2006) has been sold in May and delivered to its new owners. In addition we sold MV Brazilian Express (charter name Venice Express, 1679 TEU, built 2001) in May. This vessel has been chartered back to Vroon on a long term basis.
In April we entered into two newbuilding contracts with the Tsuneishi Shipyard group for the construction of two Panamax bulk carriers to be delivered into the first quarter of 2008. Last but not least we entered into contracts to sell two Handymax newbuildings that are being constructed at the Dayang Shipyard in China. These two vessels will be transferred to the new owners upon delivery by the Shipyard in December 2006 and April 2007.