News - page 4

Company management will speak at the Fearnley investor conference taking place January 14^th at the Hotel Bristol in Oslo, Norway, and at Marine Money’s London Ship Finance Forum on January 28^th at the Dorchester Hotel in London, England.

Ridgebury Tankers today took delivery in Le Havre, France, of the Ridgebury Alice M, a 2003 Sumitomo-built Aframax tanker and sister to the Ridgebury Sally B. The addition of the Alice M brings the Ridgebury fleet to 15 vessels.

Ridgebury Tankers today took delivery of the Ridgebury Sally B, a 2003 Sumitomo-built Aframax tanker. The addition marked the first Aframax tanker in Ridgebury’s growing fleet, joining the company’s seven Suezmax and six MR product tankers. The ship will be employed in the spot market.

The Ridgebury Nicholas A was re-delivered from a fixed rate time charter in Southwest Pass, Louisiana, and immediately placed on a variable rate time charter to Heidmar Trading LLC, for employment in the Heidmar Blue Fin pool. Ridgebury will earn pool revenue, subject to an annually calculated floor of $14,000 per day and will share 50% of any revenue earned in excess of $55,000 per day, also calculated on an annual basis.