NOCC Sells PCTC ‘Vinni’

Norwegian Car Carriers ASA reported that the 51% owned subsidiary Eidsiva 2 RoRo KS has concluded an agreement for the sale of the 1994 built vessel’ “Vinni”.

The vessel has been sold for recycling in line with the requirements set out in the Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 (the Hong Kong Convention). The vessel is scheduled to be delivered to the new owner ultimo January 2014.

On a consolidated basis the sale will generate an estimated preliminary book loss of NOK 9.1 million including a NOK 4.7 million reversal of IFRS translation differences.

The estimated preliminary loss of NOK 9.1 million will be booked as an impairment charge in the accounts for the fourth quarter of 2013.

Engebret Dahm, CEO at NOCC comments: “Through the sale of “Vinni” NOCC exits a loss making investment in the still difficult short sea car carrier/ro-ro market. The sale is in line with our strategy to focus our fleet on large and modern car carriers.”

NOCC, January 19, 2014

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