20 JAN 2016

Subsequent to The National Shipping Company of Saudi Arabia (Bahri) announcement on December 24, 2015 regarding the board approval of the purchase two (2) second hand VLCCs, one of the two VLCCs (Voss Spirit) was transferred to Bahri's ownership on Tuesday, 19 January 2016 and her name was changed to (Arsan). The second vessel (Hemsedal Spirit) will be re-named to (Dilam) and is scheduled for delivery to Bahri in January 2016. The financial impact of the delivered vessel is expected during the first quarter of 2016.