Solvang in Time-Charter Agreement for Panamax VLGC

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.

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.

The company 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.

[mappress]
solvang, March 31, 2014