Siem Shipping has entered into a contract with the 
Russian banana charterer, the Banex Group, to provide 
a regular weekly service from Ecuador to St Petersburg 
starting in June 2012 for a period of one year. The 
service will deploy 7 vessels, some of which will need 
to undergo ice-strengthening in order qualify for the 
trade.

Some years ago Siem Shipping chartered-in 12 modern 
specialist reefers vessels for a duration of 10 years 
from their respective  dates of delivery. Agreement 
has now been reached with the vessel owners to extend 
the charter period by three years for each of the 12 
vessels and amend the charter rates.

Siem Shipping is in the process of hedging some of its 
bunker exposure at rates which are likely to be 
significantly lower than those achievable only a month 
ago.

It is anticipated that the net impact of the above 
agreements will be sufficiently positive to allow SSI 
to return to profitability, before impairment charge, 
in 2012.

June 25 2012