Waterfront Shipping AS (“Waterfront”) has controlled six panamax product tankers (large range ships “LR 1” about 84.000 dwt.) through a bareboat lease with the Greek ship-owner Prime Marine Ltd (“Prime”). During April and May, 2008, Waterfront has sold Sitakathrine (1986) and Sitamia (1988) to Wilmar Ship Holdings Pte. Ltd. (“Wilmar”), and redelivered Sitacamilla (1988), Sitamarie (1988), Sitavera (1989) and Sara Viking (1990) to Prime. The sale and redelivery of the named vessels terminated early the five year sale leaseback (bareboat charter) that Waterfront entered into with Prime in October 2003. Following the transaction, Waterfront no longer operates any ships but remain a shareholder in IMAREX NOS ASA.
