Saturday, March 12, 2011

Whats happening to german shipping

Conditional agreement has been reached today between John T Essberger and
Schoeller Holdings on the sale of the UCT fleet to John T Essberger. In the
coming weeks both parties will be working together to ensure that all
details of the agreement are completed with minimal impact to the safe and
efficient operation of the ships. It is not intended to change technical
management or crewing of the fleet at this time or in the short-term future.


The commercial operation of the fleet during the transitional period will be
arranged in a professional and efficient manner between the parties while
the vessels are handed over to the new owners. It is the intention of both
the buyers and the sellers that the handover should be seamless and that
commercial operations will not be adversely affected.

Vivek Rao

VARENCO PTY LTD

www.varenco.com

Mob: +61-437-597-579

Tel: +61-2-9882-6947

Fax: +61-2-8079-6889

ABN 99 127 152 363

19 Willis Road Castle Cove NSW 2069 Australia

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