Contract for new buildings 8 x 4.500 dwt made effective

Wilson`s contract with the Chinese yard Shandong
Baibuting Shipbuilding Co Ltd (Rong Cheng, Kina)
for the building of a series of 8 bulk vessels of
4.500 dwt has been made effective today.

In line with the company`s stated objective of
growth and as announced previously the company has
negotiated with the Chinese yard Baibuting
Shipbuilding Co Ltd (Rong Cheng, Kina) regarding
the building of 8 bulk vessels of 4.500 dwt. The
various reservations have now been lifted by both
parties, hereunder are mutual guarantees in place,
and the contract is thereby made effective. The
first instalment to the yard shall be settled
during the next days.

The 8 vessels will be delivered as from the middle
of 2010 until the beginning of 2012. The contract
involves a split payment in USD (60%) and EUR (40%)
and based on today`s rates of exchange means a cost
price of around MEUR 7,0 (MUSD 11,0) per vessel.
The capital requirements is planned financed out of
own capital and long term bank financing.

Wilson presently operates a fleet of 108 ships
whereof 50 of these are in the segment 3.500-4.500

Om oss

The Company’s business concept is to offer Norwegian and European industry competitive, secure, reliable, flexible and long-term maritime transport services. With large transport volumes and long-term transport portfolios, Wilson can optimise sailing patterns and achieve efficient operations and thus secure long-term stable earnings. The Company’s strategy is to focus on growth and expansion in the European dry cargo segment by increasing the volume of long-term freight contracts, purchasing tonnage, acquiring companies or entering into alliances with other players. The Company’s financial strategy is to keep focus on and control risk, as well as hedge against major fluctuations in general market conditions for Wilson by aiming for: - A high contractual share of the total freigt volume- A reasonable balance between contract portfoilio and freight capacity- A balanced currency risk- Reduced exposure to fluctuations in bunker pricesAs a part of Wilson’s company culture, core values and ethical guidelines have been prepared and implemented. Wilson’s core values are to be: reliable, service minded, professional, long term, solid, competitive and innovative.