Solvang has entered into a new fixed rate timecharter contract for the Clipper Sirius, a Panamax VLGC, for 2 years from January 1st 2015 and throughout 2016, with the addition of 1+1 optional year after 2016. The contract is with an oil major. Solvang's ownership share in Clipper Sirius is 30%.
The Panamax VLGCs have a favourable position in the market driven by export growth from the US Gulf, and that there are only four such ships in the world. Solvang has reported for some time that the Panamax VLGCs are successfully utilizing their unique position by achieve higher freight rates compared to the VLGC market in general.
Stavanger 31.03.2014
Solvang ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.