EX-99.1 CHARTER
2
exhibit99_1.htm
MC SHIPPING EXHIBIT 99.1
MC Shipping Exhibit 99.1
Exhibit
99.1
MC
Shipping Inc.
24
Ave de Fontvielle,
Monte
Carlo, Monaco
New
York Telephone 646. 623.5333
Email.
MCShipping @ aol.com
…FOR IMMEDIATE
RELEASE…
January
20th 2005. MC
Shipping Inc. (AMEX:MCX) announces that they have sold four container
vessels to a special purpose company formed by German finance house KGAL. The
vessels are due to be delivered to KGAL within the next few days.
The four
vessels (Maersk Belawan, Maersk Brisbane, Maersk Bacelona and Ankara) which have
been owned by the Company for over seven years secured an en bloc price of
$30 million, approximately $17.5 million over their current book value.
Concurrently, the Company will prepay $15 million under the $45 million long
term debt agreement with Fortis Bank entered into on October 11, 2004 to
refinance the Company's outstanding debt. The repayment schedule of the loan
will be reduced proportionately.
The
vessels will continue on their charter to Maersk and as part of the transaction,
the Company will make a minority investment in the acquisition company and
maintain operational responsibilities for the vessels.
" By
executing this transaction we are able to show to our shareholders that we are
capable of unlocking some of the hidden value in our company and greatly
increase the immediately available cash within the Company", said CEO Tony
Crawford.
"As we
will continue to manage and assume certain technical responsibilities for
the vessels, this will allow us to continue to work closely with Maersk and at
the same time free up significant resources for future investments", concluded
Crawford.
The
company expects to defer the profit and record it over the remaining
useful life of the vessels as required under US GAAP.
With the
sale of these vessels, the company will continue to own 100% of nine vessels
primarily in the LPG sector and a minority investment in the 4 vessels
discussed above.
For
further information please contact
Peter
Shaerf at MC Shipping Inc.
646 623
5333
Email
either MCShipping@aol.com
or
Investorrelations@mcshipping.com

EX - 99 . 1 CHARTER 2 exhibit99 _ 1 . htm MC SHIPPING EXHIBIT 99 . 1 MC Shipping Exhibit 99 . 1 Exhibit 99 . 1 MC Shipping Inc . 24 Ave de Fontvielle , Monte Carlo , Monaco New York Telephone 646 . 623 . 5333 Email . MCShipping @ aol.com … FOR IMMEDIATE RELEASE … January 20th 2005 . MC Shipping Inc . ( AMEX : MCX ) announces that they have sold four container vessels to a special purpose company formed by German finance house KGAL . The vessels are due to be delivered to KGAL within the next few days . The four vessels ( Maersk Belawan , Maersk Brisbane , Maersk Bacelona and Ankara ) which have been owned by the Company for over seven years secured an en bloc price of $ 30 million , approximately $ 17.5 million over their current book value . Concurrently , the Company will prepay $ 15 million under the $ 45 million long term debt agreement with Fortis Bank entered into on October 11 , 2004 to refinance the Company 's outstanding debt . The repayment schedule of the loan will be reduced proportionately . The vessels will continue on their charter to Maersk and as part of the transaction , the Company will make a minority investment in the acquisition company and maintain operational responsibilities for the vessels . " By executing this transaction we are able to show to our shareholders that we are capable of unlocking some of the hidden value in our company and greatly increase the immediately available cash within the Company " , said CEO Tony Crawford . " As we will continue to manage and assume certain technical responsibilities for the vessels , this will allow us to continue to work closely with Maersk and at the same time free up significant resources for future investments " , concluded Crawford . The company expects to defer the profit and record it over the remaining useful life of the vessels as required under US GAAP . With the sale of these vessels , the company will continue to own 100 % of nine vessels primarily in the LPG sector and a minority investment in the 4 vessels discussed above . For further information please contact Peter Shaerf at MC Shipping Inc . 646 623 5333 Email either MCShipping@aol.com or Investorrelations@mcshipping.com
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