Siem Sells Its Less Efficient Vessels for Recycling

Siem Shipping has sold one of its less efficient vessels, the Timaru Star, for recycling.

The sales price was USD 2.0 million. The transaction will have no profit or loss impact in Q3 2013. The terms of the sale are that the vessel must be recycled according to ISO-standards.

The transaction was part of the Company’s strategy to sell its less efficient vessels.

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Siem Shipping, August 9, 2013