Rederi AB Transatlantic has today sold its Dry Cargo Division consisting of the wholly owned subsidiary Transbulk AB.

 

The buyer is the Greece based shipping company Drybulk SA.

 

The sale has led to a capital gain after tax of approximately MSEK 175 corresponding to about SEK 5,70 per share. Thereof about MSEK 20 is reported as part of the current year profit for the Transatlantic Group. Through the sale, the Transatlantic Group is effected by, net, approximately MSEK 160.

 

"As a result of the positive dry cargo market, we have accumulated substantial excess values which are now realized. Transbulk will be part of a larger industrial bulk shipping operation while we are freeing resources for a continued development and concentration to our core operations in Atlantic and European Services as well as in Icebreaking/Offshore", comments Håkan Larsson, CEO of Transatlantic.

 

Transbulk is a dry cargo operator within the Panamax segment. Yearly volumes of approximately 6 millions are transported, consisting of steel, coal, ore, grain and other bulk cargoes. The company is located in Gothenburg, Sweden, and had net sales of MSEK 420 during 2004.

 

Nordea Corporate Finance acted as advisor to Rederi AB Transatlantic.

 

For further information, please contact CEO Håkan Larsson or CFO Hans Carlweitz - telephone +46 304 67 47 00