29 DEC 2015

Subsequent to The National Shipping Company of Saudi Arabia (Bahri) announcement on October 27, 2015 regarding the board approval of the purchase two (2) second hand VLCCs, one of the two VLCCs (Blue Pearl) was transferred to Bahri's ownership on Tuesday, 29 December 2015 and her name was changed to (KIDAN). The second vessel (Blue Topaz) will be re-named to (WEDYAN) and is scheduled for delivery to Bahri in January 2016. The financial impact of both vessels is expected during the first quarter of 2016.