NOCC: New time charter contracts for the vessels
"Nocc Kattegat", "Nocc Caribbean" and "Vinni"

18 November 2011

Norwegian Car Carriers ASA has entered into new time charter contracts for the two 100 % owned car carriers "NOCC Kattegat" and "NOCC Caribbean" for a period of 12 months starting from January 2012. The concluded time charter rates for the two vessels are as an average about 4 % higher than the current charter rates and reflect a continued gradual improvement in the charter-market for deepsea car carriers.

A partnership in which NOCC has an ownership share of 51 % has entered into a new time charter contract for the shortsea-car carrier "Vinni" for a period of about 6 months until April 2012. The sister vessel "Vibeke", owned by the same partnership, completed her last charter in early October 2011 and the partnership has decided to lay-up the vessel from November 2011. The employment situation for the two vessels reflects a weak short sea car carrier market, and the concluded time charter rate for "Vinni" is lower than the previous charter rate. NOCC's share of ownership in each of these two vessels account for about 3 % of total ship market values at the end of September 2011 and about 3% of total operating revenues in the first three quarters of 2011 and is the company's only exposure to the short sea car carrier market.

With the abovementioned new charters, NOCC has a charter coverage of 78 % in 1st half 2012 and 53 % in 2nd half 2012.

About NOCC:
Norwegian Car Carriers ASA is a shipping company listed on the Oslo Stock Exchange. The company has a fleet of 13 vessels for the transportation of cars and other rolling cargoes and has in addition one car carrier newbuilding on order for delivery in 2012.

NOCC - Norwegian Car Carriers ASA, press release