March 2010

Contents

No. 30

ERRIA

Keeping up the good work............................................................... 2Financial result of 2009 ................................................................... 2Chemical market - taking a positive view......................................... 3ERRIA MARIA 3 year bareboat charter in Argentina........................ 4Crew list as per end of March 2010 ................................................. 6Karsten Bundgard turns 60 ............................................................. 8Planned succession in the Board of Directors ................................. 8Vietnam and Saigon Shipping J/S Company are gearing up ........... 9New assignment for ERRIA Consulting ........................................ 10M/T ERRIA MIE through the ice .................................................... 11Fleet List ....................................................................................... 12Editor’s notes ................................................................................ 12

M/T ERRIA MARIA in Copenhagen at sunrise - ready for a 3 year chartering contract landed through ERRIA teamwork

ERRIA NEWS No. 30 March 20102

by Henrik N. Andersen, Managing Director, Erria A/S

Keeping up the good work

The Erria Group has maintained the per 30 June, 2009 an-nounced 90.7 mDKK write-downs of the ships in the financial statements per 31 December, 2009.

Net profit of the primary operation was -151,813 tDKK (2008: -15,017 tDKK), which is consistent with the expectations an-nounced in the interim report dated 30 September, 2009. Year total income was -155,573 tDKK (2008: -24,612 tDKK).

Three of the four segments (Chartering, Ship Management and Consulting) contributed with 9.9 mDKK in operating profit and total income.

The fourth segment, “Shipowner Activities / Investment”, is in 2009 influenced by said write-downs in the ships and the lower freight rates.

The Group’s equity represents 123,726 tDKK against 287,267 tDKK in 2008 and the solvency ratio was 24 in 2009 versus 48 in 2008.

Expectations for 20102010 will also be a difficult year for the shipping market. The first months of 2010, however, give a particular focus on the optimis-tic prospects of chemical tankers.

Due to increasing volume of new orders, the segments Charter-ing, Ship Management and especially Consulting are expected, to continue the positive earnings during 2010.

In view of the operating budget for 2010 with the expectation of rising freight rates, planned realization of selected financial and tangible assets as well as continuing to work closely with the 2 main banks, it is our firm opinion that our liquidity contingency will be sufficient to fund the ongoing capital needs during the year.

by Henrik B. Funk, Director Business and Strategy Development, Erria A/S

Financial result of 2009

With joint efforts from employees, shareholders and our lenders, we have created a solid platform to turn ERRIA when we hope-fully get through the current - and unprecedented - global crisis.

Last year was significantly worse than expected - especially when it came to earnings. Significantly lower demand in the transport of especially containers resulted in the lay-up of several container ships and that eroded much of the great savings obtained and put pressure on our liquidity.

I am sure that with the expectation of rising freight rates, planned realisation of selected financial and tangible assets as well as continuing to work closely with the 2 main banks we have se-cured the liquidity preparedness for 2010.

I know that it is hard to maintain motivation in these times when all our services are provided by individuals and not by ships alone. Everything suggests, however, that all employees are do-ing a great job for our customers and shareholders which I am incredibly proud of!

So keep up the good work - there is light ahead.

Henrik B. Funk

Henrik N. Andersen

3

Chemical market - taking a positive view

by Kenneth Jan Madsen, Commercial Director , Erria A/S

As of 1 January, 2010, IBEX is operating a modern fleet of 23 chemical tankers in the range of 3,000-17,000 TDW. All the ton-nage is modern double hull, mainly marine line coated with IGS fitted. There are still some units to be delivered during 2010/11, but due to the present financial situation, it is uncertain how many.

During 2009, market conditions were extremely difficult not only for our trade, but for most of the transport sector. A lot of tonnage have fixed contracts or timecharter rates, which do not even cover the running costs of the vessel or the OPEX. Twice during 2009, there were indications that the market would increase but both times it went down again, and at the end of the year it was at the lowest ever seen. In general, however, there is optimism in the market. We believe, and can see, that 2010 has started off better than the end of 2009.

After the first 3 months of trade in 2010 and the information that we have obtained from our clients, we are of the impression that 2009 seems to be the worst in the market and that in 2010 volumes are increasing again. It will take time to obtain higher freight rates, but at least we are going in the right direction.

It takes approx. 6-12 months from delivery of a newbuilding until she is fully approved by the major oil companies and even with the high amount of deliveries from our partners we have found it very hard to find long term employment for vessels straight from the shipyard.

As per now, we have more or less achieved our goal of 30% cov-ered by firm contracts, 30% by timecharter and/or bareboat and the remaining 40% in the spot market.

ERRIA managed to renew a COA for 2010 with an Israeli cus-tomer, even though we have had heavy competition from newer tonnage in a market with less activity. Volume has increased by 30%, and if every shipment is 4,000 mts and we handle this us-ing ERRIA’s smaller tonnage, it will cover approx. 40-50% em-ployment of one vessel. The route is Haifa / Med with a cargo of aromatics.

We were also able to renew a COA for 2010 with a European customer. Volume has gone up 100 % with charterers being extremely satisfied with our performance. So far, there has not been a single failure of tank cleaning adding to our good image with the customer. The route is North Africa to South Europe and

the cargo is very sensitive cargo. Over the past 10 years, ERRIA has had almost exclusive busi-ness dealings with an American American Oil Trader. If this continues, we could more or less keep one of our 11,330 TDW vessels fully employed throughout the next year. The route is worldwide and the cargo is lubrication oils. ERRIA has secured a new contract with a Dutch customer, who is a representative of a large oil company in the Middle East and Africa. This contract is normally in 6,000 mts lots and equates to approx. one shipment per month, which, depending on rotations, could keep one of our 11,330 TDW vessels employed approx. 50-60 percent of the time per year. The route is Europe / Red Sea with a cargo of aromatics. We have also secured another contract with the same customer and for the same cargo, which can be done on any size of ves-sel. Quantities will slowly increase, but so far we have carried the cargo on smaller vessels on a part cargo basis. This can keep one of our 4,750 TDW vessles employed approx. 20-25 percent throughout the year. The route is Europe / WC Africa.

We succeeded in renewing the T/C contract with M/T Ingrid Ja-kobsen which was due to an excellent proformance of both crew and vessel.

At the end of 2009, we managed to close a longer B/B with M/T ERRIA MARIA, with clients in Argentina (see article on page 4).

During 2009 we have increased our focus and efforts on the fu-ture and on our long term relationships with clients. The decision was made in order to focus more on our long term owners and keep our contract shipments with those companies who have supported us for many years. That is also the reason why no further tonnage has been taken into commercial management even though we have many options every month.

During 2009, ERRIA took delivery of three newbuildings from Atlantis (1 x 5,850 TDW and 2 x 6,400 TDW) and two newbuild-ings from Yilmar (both 7,000 TDW). As a result of the increased activity, we have increased our staff and are happy to welcome Mrs. Perin Suygen to operations and Mr. Fatih Meteoglu to char-tering.

M/V Atlantis Andaman Haifa Terminal

ERRIA NEWS No. 30 March 20104

M/T ERRIA MARIA, which is the oldest of our chemical tankers, had for some months in 2009 been trading out of Lagos in Africa.

In October 2009, it was decided, due to the ongoing financial economic crisis, to shift the vessel to Copenhagen for lay-up.

Laying up vessels is always a tough decision and a lot of issues need to be planned prior to starting preparations for lay-up. It is important to decide in which port the vessel is to be laid-up. Will minimum crew stay on board? Is cold or warm lay-up the best decision? For how long should lay-up be planned? And many other questions need to be answered in order to comply with Class regulations.

M/T ERRIA MARIA arrived in Copenhagen 23 November, 2009 and preparations for BV Class approval of lay-up were started. On 7 December, 2009 the vessel was officially laid-up with ac-ceptance from BV Class.

After having received BV Class acceptance, most crew was signed off. On board was only AB/Cook and C/E due to further preparations before having the vessel fully prepared for cold lay-up during the winter time with sub-zero temperatures.

The decision of maintaining crew on board and to carry out nec-essary preparation turned out to be a very good decision since the vessel as per 19 January, 2010 was signed up for a 3 year Bareboat charter.

The contract for a 3 year bareboat charter required the vessel to have all certificates and surveys valid for at least 6 months and be fitted with an inert gas system. During the preparation for the delivery latest by 28 February, 2010, more than 500 jobs were carried out - some of the largest jobs were:

Boiler renewal • Main & Aux. Engines • Nitrogen plant • Docking Propeller shaft • New piping installations and piping repairs •

The inert gas system turned out to be quite a challenge since normal delivery time for a complete unit approved by Class is at

least 16 working weeks and the deadline was less than 5 weeks ahead.

The search for a Nitrogen unit started and soon we where search-ing all around the world ending in China where we investigated whether Nitrogen units built for ERRIA’s newbuildings were to be used. Other units built and designed for other vessels were found and checked. Unfortunately, they all turned out to be not-fitting or negotiations were not possible or without the needed progress.

Throughout the entire network of ERRIA and our business as-sociates a search for a Nitrogen unit was going on and suddenly a golden opportunity arose. Danish Company, Gazcon, informed us that they might have a complete inert gas system available due to a customer not being able to settle an overdue amount.

The Nitrogen unit was inspected in the workshop prior to negotia-tions, the supplier handed over drawings and the next step was to check and make sure that Nitrogen could actually be installed on board the vessel.

The offered Nitrogen unit was capable of supplying 1000 m3 Ni-trogen with a purity of 99.8%, i.e. only 0.2% Oxygen.

Actually the unit was larger than needed and therefore also di-mensions were quite big, and larger than expected.

The complete Nitrogen unit consists of 6 parts including 2 air compressors, 1 air receiver unit, 1 Nitrogen receiver unit, 1 Ni-trogen generator unit and junction boxes, the largest component weighing almost 6 tons and being 3x2x2 meters in size.

With the drawings and dimensions of the Nitrogen unit at hand, the only thing left was to go onboard the vessel and check instal-lation possibilities.

After intensive negotiations, ERRIA managed to purchase this system and thereby finalizing the project suddenly became re-alistic.

A new crew was also found and luckily ERRIA Crewing was able to find and sign on crew which had at least 1 contract on board M/T ERRIA MARIA.

by Thomas N. Bech, Superintendent, Erria A/S

ERRIA MARIA 3 year bareboat charter in Argentina

Mustering of the experienced crew on M/T ERRIA MARIA - can you recognise team members?

5

All work started 19 January, 2010 and dry-dock specification based on information received from the last crew was made and presented to 3 different shipyards. An action plan covering all necessary repairs and installation was prepared by the technical department of ERRIA and after approval of banks, lawyers and signing the contract with the new Charterers, the action plan was put into operation.

Work on deck changing steam pipes was fairly challenging since winter in Denmark for once decided to be the coldest and most snowy winter for more than 20 years. This situation made work on deck cutting, measuring, removing and welding steel pipes a really tough job.

As the vessel was laid-up, BV Class and Flag administration had to approve the vessel for a single voyage only. On 9 February, 2010 the vessel was approved for a single voyage, Copenhagen to Fredericia Shipyard for dry docking.

Thursday, 11 February, 2010, at 10:00 hours, the vessel was in dry dock and preparations for final installation and repairs com-menced.

M/T ERRIA MARIA was undocked 17 February, 2010, only 11 days before hand-over survey with the new Charterers which was scheduled for 28 February, 2010.

At the same time, the new Argentine crew started to join the vessel on a daily basis for familiarisation with the vessel and of course to also make sure that all agreed work was carried out.

All in all, the story of preparing M/T ERRIA MARIA turned out to be a challenging task and the task would have been for sure even tougher if ERRIA had not had all skilled persons in house.

During all preparations ERRIA Consulting, ERRIA Crewing and ERRIA Technical had put up an extraordinary team spirit and shown that by keeping an open mind and working hard, we can go all the way.

The Charterer is an Argentina based company which needed a chemical tanker for a contract with a major oil company. Since the size and availability of M/T ERRIA MARIA fitted very well, a contract was signed.

I would personally like to thank everyone who has worked on this project. It has been a real challenge, and I am sure that everyone has the nice feeling of achievement, now that we have landed the contract.

Teamwork & co-operationAllan Sparholt, Technical Manager, Erria A/S

The overall ERRIA MARIA project with recommissioning and installation of a Nitrogen Plant with the purpose of delivering the vessel into a bareboat charter has showed how the entire ERRIA organisation can mobilize strength and combine individual knowledge, capabilities and skills leading to a success story in difficult times.

This project has proven that our organisation has the capability and internal knowledge for project management without purchasing of services and knowhow from exter-nal sources. Each and every department of ERRIA has contributed positively with timely delivery to the charterers.

The Chartering department closed the bareboat char-ter. The Finance department created plans and liquidity budgets after input from the management of the company and successfully had the plans approved by the Board of Directors and the bank.

Our Consulting department has contributed with e.g. strength, flow, and light weight calculations and updating of plans and drawings in connection with the Nitrogen plant installations.

The Crewing department recruited the necessary onboard crew internally and externally and the Purchase depart-ment provided support and logistic of the supplies to the vessel in Copenhagen and Fredericia.

The HSQE dept, Vetting dept, PMS dept, Technical dept. as well as the Board of Directors provided support and actual manpower as crew members for the ERRIA MARIA during voyage from Copenhagen to Fredericia where the crew department supported the individuals with updating of their seafarers licences.

The Technical dept. provided the overall project manage-ment including electrical installations and modifications and the onboard attendance for nearly two months with Superintendent Thomas N. Bech in charge of the mainte-nance and repairs with Hasse E. Schmidt in charge of the installation of the Nitrogen plant.

It is of high value and quite important to mention that each and every employee has contributed positively to this project - directly or indirectly.

It should also be mentioned that without our suppliers’ and partners’ benevolence and loyal support, we would not have been able to complete the project.

The positive involvement and contribution by the mentioned departments and all strength of the em-ployees involved, we ERRIA have again, as a group, proven real cooperation and excellent teamwork.

M/T ERRIA MARIA on her way

ERRIA NEWS No. 30 March 20106

Crew list as per end of March 2010

RANK ERRIA ANNE ERRIA IDA ERRIA NIMMER ERRIA MIE NEUTRON PROTON ELECTRON

Master Dariusz Kazimierz Kuczynski Jacek Czubski Tomasz Witold Klaput Rafal Czeslaw Jazdzewski Frank Schmidt (Hans Ulrik Bollerup)

Tor Holger Tobiasen (Henning Iversen)

Esben Abildtrup Lauritsen (Elo Hardy Nielsen)

Chief Officer Zenon Czopek Lukasz Kraszewski Mohammad Tariq Danevskij ViktorBørge Richs(Gunnar Dahlbæk Nielsen)(Bent Rasmussen)

Bo Larsen(Claus Ole Andersen)

Jens Otto Fleischer (Uffe Bjerre)

1st Officer

2nd Officer Wieslaw Sobkowiak Sebastian Kaczmarczyk Aleksandrs Bondars Rescenko Pavels

3rd Officer Lukasz Kniter Jacek Adam Kutowinski Przemyslaw Lebiedz Aleksandrs Pavlovs

Chief Engineer Henryk Dembczynski Dariusz Grzegorz Denis Algirdas Zemgulis Aleksandr Filin Jesper Valdemar Petersen (Gert Nielsen)

Lars Peter V. Johansen (Kim Jensen)

Peter Knud Madsen(Ole Bagge)

1st Engineer

2nd Engineer Zbigniew Rydzewski Grzegorz Jan Binerowski Vjaceslavs Subnikovs Artur Krotowski Daniel J. Johannesen (Dan Kristensen)

Tomasz Kobusz (Dion Klockmann Malmberg)

Morten Kold (Erling Nielsen)(Eigil Skytte Nielsen)(Niels Bjørn Rasmussen)

3rd Engineer Pawel Filutowicz Mihhail Karuzin

Elec. Engineer

Pumpman Wieslav Wisniewski

Bosun / Fitter Franciszek Cycak Ryszard Surowiec Anatolijs Anisimovs Konstantins Grigorovics

Able seamanAndrzej Tomczak Robert Stegienko Piotr Toronski

Piotr Prokopowicz Leszek Kowalski

Igors Trubnikovs Deniss Gnatoks

Alexander Fedko Pavels Prokopecs Klamts Olegs

Poul Erik Olsen Rasmus Peter Virenberg Larsen(Jan Abildgaard Eggert) (Kim Martin Hansen)

Lars Henrik LarsenKurt Gråhøj(Jimmy Espersen) (Thomas Ortved Larsen)

Leo Berg Brian Lykke Nielsen(Palle Ringgaard) (Ove Dolleris)

Ordinary seaman Marcin Fijol Krzysztof Zygmunt Lal Tomasz Krawczyk

Zabirovs Rinats Belajevs Jurijs

Sergejs Kornijenko Pavels Rudzitis

Motorman Marek Muzacz Damian Ulanowicz Sergejs Nefedovs Valerijs Baboks

Cook Jerzy Dowbor Eugeniusz Bzdrega Mihails Hotjanovics Aleksandrs Vasiljevs

Catering Jan Heliniak Fjodors Dobrins

RANK DAGMAR CALORIUS JOULIUS ERRIA HELEN ERRIA JULIE INGRID JAKOBSEN ERRIA DORTHE

Master Ermelo Daelo Fritz Carstens(Hans Jørgen Birkmann)

Niels J. B. Hemmingsen (Andy Rasmussen) Adam Hajdukiewicz Vasilij Kalincuk Dawid Marcin Sadecki Cezary Zarzycki

Chief Officer Porfirio Villar Jr. Per Knox Sørensen(Klaus Bo Madsen)

Jens-Peter Hagelund Aagesen (Jørgen Aaskilde Christensen) Romans Golubevs Kuznecovs Jevgenijs Michal Kierczynski Mariusz Smialkowski

1st Officer

2nd Officer Pedro De Leon Aleksandrs Jersovs Anatolijs Dominuks Tomasz Checinski Longin Wisniewski

3rd Officer Kakhaber Varshanidze Jambajevs Rinats Tomasz Sujka

Chief Engineer Rene Jimeno Michael Köllner (Henning Johannes Petersen)

Bo Hjertmann Frederiksen (Leif Marius Nørholm Nielsen) Marek Jerzy Ptasznik Algimantas Narmontas Artur Matkowski Sylwester Leszczynski

1st Engineer

2nd Engineer Edgar Lutero Ib Jacobsen (Villy Andersen)

Thomas Haugegaard Gotfredsen (Michael Verner Pedersen) Jan Miroslaw Lisowski Eduard Kiseliov Jacek Lawniczak Marek Stanczyk

3rd Engineer Medelino Aguirre Muskevits Dmitri

Elec. Engineer Ronald Novesteras

Pumpman Ronnie I. Tuares Henryk Chomiak

Bosun / Fitter Roldan B Quijano Mikelsons Maris Vladimirs Kalinicenko Romeo S. Macahis Pawel Scibor Romuald Nowak

Able seamanEarl C. Valdehueza Briant N. Rios Jonathan B. Hiasa

Torben Jensen IversenJørgen Sand Kirk (John Juel Jensen)(Per Maj)

Lars Dolleris Poul-Erik Petersen(Birger Jørgensen)(Knud Aage Nielsen)(Poul Andersen) (Kjeld Andersen)

Aleksandrs Utkins Grigorenko Igors

Genadijus Anuscenko Olegs Omelanskis Nikolajs Bondarevs

Wilfredo Plaza Ureta Michael C Manaban Enrique P. Gutierrez Jesus A Ulgasan

Ryszard Konarski Zbigniew Krzysztoszek

Ordinary seaman Charles Henry L. PorticosAleksejs Vaciks Aleksejs Kirejevs Kudrins Pavels

Romanenko Vladimirs Dariusz Pachula

Motorman Ronnie Quibuyen Sergejs Radzabovs Vingris Jurijs Alberto Gabertan Ismael

Cook Marciano A. Borja Voinarovskis Valerijs Alens Kurackins Michael Marmeto Merino Czeslaw Lenartowski

Catering Jurijs Likovs

7

(name) = home/vacation

Crew list as per end of March 2010

RANK ERRIA ANNE ERRIA IDA ERRIA NIMMER ERRIA MIE NEUTRON PROTON ELECTRON

Master Dariusz Kazimierz Kuczynski Jacek Czubski Tomasz Witold Klaput Rafal Czeslaw Jazdzewski Frank Schmidt (Hans Ulrik Bollerup)

Tor Holger Tobiasen (Henning Iversen)

Esben Abildtrup Lauritsen (Elo Hardy Nielsen)

Chief Officer Zenon Czopek Lukasz Kraszewski Mohammad Tariq Danevskij ViktorBørge Richs(Gunnar Dahlbæk Nielsen)(Bent Rasmussen)

Bo Larsen(Claus Ole Andersen)

Jens Otto Fleischer (Uffe Bjerre)

1st Officer

2nd Officer Wieslaw Sobkowiak Sebastian Kaczmarczyk Aleksandrs Bondars Rescenko Pavels

3rd Officer Lukasz Kniter Jacek Adam Kutowinski Przemyslaw Lebiedz Aleksandrs Pavlovs

Chief Engineer Henryk Dembczynski Dariusz Grzegorz Denis Algirdas Zemgulis Aleksandr Filin Jesper Valdemar Petersen (Gert Nielsen)

Lars Peter V. Johansen (Kim Jensen)

Peter Knud Madsen(Ole Bagge)

1st Engineer

2nd Engineer Zbigniew Rydzewski Grzegorz Jan Binerowski Vjaceslavs Subnikovs Artur Krotowski Daniel J. Johannesen (Dan Kristensen)

Tomasz Kobusz (Dion Klockmann Malmberg)

Morten Kold (Erling Nielsen)(Eigil Skytte Nielsen)(Niels Bjørn Rasmussen)

3rd Engineer Pawel Filutowicz Mihhail Karuzin

Elec. Engineer

Pumpman Wieslav Wisniewski

Bosun / Fitter Franciszek Cycak Ryszard Surowiec Anatolijs Anisimovs Konstantins Grigorovics

Able seamanAndrzej Tomczak Robert Stegienko Piotr Toronski

Piotr Prokopowicz Leszek Kowalski

Igors Trubnikovs Deniss Gnatoks

Alexander Fedko Pavels Prokopecs Klamts Olegs

Poul Erik Olsen Rasmus Peter Virenberg Larsen(Jan Abildgaard Eggert) (Kim Martin Hansen)

Lars Henrik LarsenKurt Gråhøj(Jimmy Espersen) (Thomas Ortved Larsen)

Leo Berg Brian Lykke Nielsen(Palle Ringgaard) (Ove Dolleris)

Ordinary seaman Marcin Fijol Krzysztof Zygmunt Lal Tomasz Krawczyk

Zabirovs Rinats Belajevs Jurijs

Sergejs Kornijenko Pavels Rudzitis

Motorman Marek Muzacz Damian Ulanowicz Sergejs Nefedovs Valerijs Baboks

Cook Jerzy Dowbor Eugeniusz Bzdrega Mihails Hotjanovics Aleksandrs Vasiljevs

Catering Jan Heliniak Fjodors Dobrins

RANK DAGMAR CALORIUS JOULIUS ERRIA HELEN ERRIA JULIE INGRID JAKOBSEN ERRIA DORTHE

Master Ermelo Daelo Fritz Carstens(Hans Jørgen Birkmann)

Niels J. B. Hemmingsen (Andy Rasmussen) Adam Hajdukiewicz Vasilij Kalincuk Dawid Marcin Sadecki Cezary Zarzycki

Chief Officer Porfirio Villar Jr. Per Knox Sørensen(Klaus Bo Madsen)

Jens-Peter Hagelund Aagesen (Jørgen Aaskilde Christensen) Romans Golubevs Kuznecovs Jevgenijs Michal Kierczynski Mariusz Smialkowski

1st Officer

2nd Officer Pedro De Leon Aleksandrs Jersovs Anatolijs Dominuks Tomasz Checinski Longin Wisniewski

3rd Officer Kakhaber Varshanidze Jambajevs Rinats Tomasz Sujka

Chief Engineer Rene Jimeno Michael Köllner (Henning Johannes Petersen)

Bo Hjertmann Frederiksen (Leif Marius Nørholm Nielsen) Marek Jerzy Ptasznik Algimantas Narmontas Artur Matkowski Sylwester Leszczynski

1st Engineer

2nd Engineer Edgar Lutero Ib Jacobsen (Villy Andersen)

Thomas Haugegaard Gotfredsen (Michael Verner Pedersen) Jan Miroslaw Lisowski Eduard Kiseliov Jacek Lawniczak Marek Stanczyk

3rd Engineer Medelino Aguirre Muskevits Dmitri

Elec. Engineer Ronald Novesteras

Pumpman Ronnie I. Tuares Henryk Chomiak

Bosun / Fitter Roldan B Quijano Mikelsons Maris Vladimirs Kalinicenko Romeo S. Macahis Pawel Scibor Romuald Nowak

Able seamanEarl C. Valdehueza Briant N. Rios Jonathan B. Hiasa

Torben Jensen IversenJørgen Sand Kirk (John Juel Jensen)(Per Maj)

Lars Dolleris Poul-Erik Petersen(Birger Jørgensen)(Knud Aage Nielsen)(Poul Andersen) (Kjeld Andersen)

Aleksandrs Utkins Grigorenko Igors

Genadijus Anuscenko Olegs Omelanskis Nikolajs Bondarevs

Wilfredo Plaza Ureta Michael C Manaban Enrique P. Gutierrez Jesus A Ulgasan

Ryszard Konarski Zbigniew Krzysztoszek

Ordinary seaman Charles Henry L. PorticosAleksejs Vaciks Aleksejs Kirejevs Kudrins Pavels

Romanenko Vladimirs Dariusz Pachula

Motorman Ronnie Quibuyen Sergejs Radzabovs Vingris Jurijs Alberto Gabertan Ismael

Cook Marciano A. Borja Voinarovskis Valerijs Alens Kurackins Michael Marmeto Merino Czeslaw Lenartowski

Catering Jurijs Likovs

ERRIA NEWS No. 30 March 20108

A planned succession in the Board of Erria A/S is expected to take place at the upcoming Gen-eral Assembly in Copenhagen on 23 April, 2010. Jan Erlund, Deputy Chairman, will not run for re-election, and a new board member is expected to take his place.

The Board will nominate President Finn Buus Nielsen (60) as new Deputy Chairman of the Board.

Finn Buus Nielsen has worked his entire career in the A.P. Moller - Maersk group of companies with production and project management, as well as general management. His last position was President of Odense Steel Shipyard - Lindø from which he retired in 2009.

Finn Buus Nielsen will contribute with significant competences in both the technical and com-mercial areas of vessel construction and operation, as well as general management of maritime companies.

The Company would like to express its appreciation of the long and profound effort of Jan Er-lund in the Board, and we are certain that Erria A/S would not have developed as consistently without the experience and influence of Mr. Jan Erlund.

by Per Schorling, Editor

Karsten Bundgaard has turned 60 on 12 January, 2010. He has worked with Erria A/S for approx. 5 years as of June, 2010, and started out as controller in the accounts department, but in re-cent years, focus has turned to tasks related to investors.

“It’s a job I enjoy being in, amongst good colleagues.”, says Karsten, who at the time of the interview is in the midst of finalis-ing the annual report for 2009.

Karsten was employed for 20 years in the shipping company Knud I. Larsen, working with vessel accounts and administra-tive IT systems of both the Company as well as on vessels. The job also included economic reporting to Executive Management, Ship Managers and investors. With a background favouring jobs in shipping, Karsten has been around most of the world in con-nection with visits onboard vessels. The journeys have included several sailings where administrative IT systems were imple-mented on board.

Karsten’s hobby is the training of dogs in the Danish Police Dog Association. “I have had German sheepdogs for 34 years, and they continue to challenge me in my limited spare time”, Karsten Bundgaard says.

I have a 35 year old son, who is a librarian in Aarhus.

Karsten Bundgard turns 60

by Kaare Vagner, Chairman, Erria A/S

Planned succession in the Board of Directors

Finn Buus Nielsen

Jan Erlund

Karsten Bundgaard

9

Vietnam and Saigon Shipping J/S Company are gearing up

by Kaare Vagner, Chairman, Erria A/S

The overall business environment in Vietnam is improving when we see it from ERRIA’s perspective. Many new activities have been initiated, and both vessels and the new distribution centre add to our capabilities as a full-service provider of logistics in Vietnam.

The combined container service of road- and river transporta-tion with own trucks and river vessels has tripled for the first two months of 2010 compared to the same period last year, and we expect this positive trend to develop further during 2010.

The vessels are in good operation and further positive develop-ments are expected because of the extensive investments being carried out in land, warehouse and vessels.

On 1 April, 2010, Saigon Shipping J/S Company will be opening the recently constructed 6,000 m2 bonded warehouse in Thu Duc industrial zone. It is yet another milestone in the development of the Company, and on this page, you can see a scale model and a photo of the new addition.

During the summer of 2010, we will further add to this a new distribution centre in the port of Danang.

The Annual General meeting on 12 April, 2010 will propose a divi-dend of 4% based on positive developments and good indications for the future.

Saigon Shipping J/S Company is owned partly by SAMCO (Peo-ples Committee) with 51% ownership and ERRIA with 35% own-ership.

ERRIA and Saigon Shipping J/S Company are ready to follow the market demand from our many customers, and have great expectations for our investments in Vietnam.

The Board of Directors of SSCO with Mrs. Denmark running for Mrs. World 2009 in the contest in Vietnam.

The 6,000 m2 bonded warehouse in Thu Duc industrial zone.

The scale model of the new bonded warehouse, which will increase the capacity of Saigon Shipping J/S Company even further.

ERRIA NEWS No. 30 March 201010

ERRIA Consulting has entered into one of its largest interna-tional assignments ever.

ERRIA Consulting will participate as an advisor to an ongoing construction project for PDVSA (Petroleos de Venezuela), the national oil company in Caracas, Venezuela.

Initially, this is the building of four AFRAMAX tankers from 2010 and four years ahead. AFRAMAX has nothing to do with Africa, but stands for “Average Freight Rate Assessment”.

We will assist with an inspection team at the shipyard, who at the same time shall act as a mentor for PDVSA’s own Site Manager at the shipyard.

In addition to project coordination, the office in Copenhagen shall work with drawing approval and technical support.

Managing Director Henrik N. Andersen, General Manager Con-sulting Jørgen Thuesen and Project Engineer Vagn Skaarup visited SADRA yard where the ships will be built.

It is the first time that the shipyard will build a tanker. The yard was involved in construction of a small multipurpose container vessel, but the building of that ship was never completed. In other words, it is a shipyard with limited experience in ship-building, so this will be a great task and challenge for ERRIA Consulting

An AFRAMAX tanker is around 113,000 DWT. Cargo tanks can contain up to 129,500 cubic meters of crude oil, 250 meters long and have a width of 44 metres. As it can be hard to imag-ine the size of such a large construction, you must imagine it placed on a football field (see drawing to the right).

As shown in the drawing, it is necessary to find three football fields in line, for the ship to stand on the lawn!

The total steel weight, i.e. the ship without machinery and out-fitting is 17,184 T. When the next shipment of steel plates ar-rives at the yard, the construction of straight and curved panels will begin.

These sections will then be combined into blocks, of a size that make them fit inside the paint shop, where the coating process starts with grit blasting followed by painting.

The blocks will then be assembled into huge blocks, after which they will be lifted into the dock.

This is still in the future although the building was started sev-eral months ago. The only visible sign of the first AFRAMAX is a lot of T-bars.

It is expected that the actual commencement will begin in April, when the steel plates arrive at the shipyard. At that time, we will have placed our site manager at the shipyard.

New assignment for ERRIA Consulting

by Vagn Skaarup Christensen, Project Engineer, ERRIA Consulting

The delegation from ERRIA

An AFRAMAX placed on three football fields. An AFRAMAX placed on three football fields

The very beginning of an AFRAMAX tanker

Until now, T-bars, is the only visible sign of the first AFRAMAX

11

When M/T ERRIA MIE, under the command of Captain Sergey Sidlovskis, departed from Assimi, Sardinia on 12 May, 2009 bound for Maptaphut, Thailand he had no chance to foresee the different climates the vessel would encounter during her coming 9 months.

The following ports were called after Maptaphut: Singapore, Male at the Maldives, Colombo at Sri Lanka, Durban, Luanda and then more than 4 months in Ship-to-Ship Transfer (STS) Operations off the West Coast of Africa.

M/T ERRIA MIE was upon completion of the STS heading back for Europe, where Captain Sergey Sidlovskis took some interest-ing photos of the ice situation when the vessel called his home town of Liepaja, Latvia on 6 February, 2010.

After successful loading, the vessel departed Liepaja and was again heading for a warmer climate.

We thank Captain Sergey Sidlovskis for the “frozen” pictures.

by Carl Peter Ipsen, Superintendent, Master Mariner, Erria A/S

Please send more photos

“A photo says more than a thousand words”, it is often said, and this article is real proof that this is the case - I guess everyone can feel the cold air of winter now that spring is approaching.

We would like to encourage everyone to send us photos for ERRIA NEWS and for www.erria.dk

Email them to ps@processupport.dk and we shall make sure that they are put to good use.

Per Schorling, Editor

M/T ERRIA MIE through the ice

TANK & CHEMICAL DWT Cap. cbm No. of tanks Built Flag Trading area/employmentERRIA MARIA 6,744 7,436 13 2001 Liberia BB Charter South AmericaERRIA ANNE 4,710 5,069 12+2 2006 Malta North Europe - Med - AfricaERRIA DORTHE 4,672 5,069 12+2 2007 Malta North Europe - Med - AfricaERRIA JULIE 4,710 5,069 12+2 2007 Malta North Europe - Med - AfricaERRIA NIMMER 4,710 5,069 12+2 2008* Malta North Europe - Med - AfricaINGRID JAKOBSEN 6,450 6,940 12 2006 Antigua CarribeansERRIA HELEN 11,336 12,650 14+2 2006 Malta WorldwideERRIA IDA 11,336 12,650 14+2 2007 Malta WorldwideERRIA MIE 11,336 12,650 14+2 2007 Malta WorldwideYM JUPITER 15,995 18,069 12+2 2007 Malta WorldwideYM SATURN 15,988 18,069 12+2 2007 Malta WorldwideYM URANUS 7,000 8,050 10+2 2008 Malta North Europe - Med - AfricaYM NEPTUNE 7,000 8,050 10+2 2009 Malta North Europe - Med - AfricaYM PLUTO 7,000 8,050 10+2 2009 Malta North Europe - Med - AfricaYM VENUS 5,846 6,435 10+2 2005 Malta North Europe - Med - AfricaYM EARTH 5,758 6,585 10+2 2005 Malta North Europe - Med - AfricaATLANTIS ANDAMAN 6,400 7,000 12+2 2009 Malta North Europe - Med - Africa - WCIATLANTIS ALHAMBRA 6,400 7,000 12+2 2009 Malta North Europe - Med - Africa - WCIATLANTIS ANTIBES 5,850 6,464 10+2 2009 Malta North Europe - Med - Africa - WCIATLANTIS ALDABRA 3,517 4,101 10+2 2005 Isle of Man North EuropeATLANTIS ARMONA 3,517 4,101 10+1+1 2004 Isle of Man North Europe ATLANTIS ALVARADO 3,502 4,101 10+1+1 2004 Isle of Man North Europe - Med - AfricaATLANTIS ANTALYA 3,445 3,692 10+2 2004 Isle of Man South AmericaDRY CARGO and more DWT Cap. cbm Cap. TEU Built Flag Trading area/employmentVENTO DI GRECALE 14,140 1,166 1991 Antigua WorldwideFILIPPA 14,140 1,158 1991 Antigua WorldwideDAGMAR 7,300 599 1993 Antigua WorldwideINGRID 7,733 534 1995 Antigua WorldwideFREYFAXI 1,387 1966 Panama Norwegian CoastKANUTTA 840 1958 Panama Norwegian CoastERRIA VIETNAM 2,900 3,000 128 2008 Antigua CaribbeansELISABETH BOYE 2,650 1990 Denmark WorldwideINDUSTRIAL LEADER 3,959 1996 Denmark WorldwideAMANDA 1,790 1981 Denmark North EuropeVEGA 1,950 1975 Denmark North EuropeMARIBO 920 1965 Panama Norwegian CoastTENEDOS 3,124 1980 Panama Med - Black SeaEURO TRANS 1,350 1979 Panama North EuropeWANI LOGGER 2,900 1976 Barbados WorldwideWANI POINT 2,800 1979 Barbados North EuropeWANI WILL 2,800 1978 Barbados North EuropeTUGS & BARGES DWT KW Built Flag Trading area/employmentCALORIUS Tugboat 3,375 KW 1988 DAS Dong Energy PowerJOULIUS Tugboat 3,375 KW 1989 DIS Vattenfall DanmarkVT ELECTRON Tugboat 2,730 KW 1984 DIS Vattenfall DanmarkVT PROTON Tugboat 2,730 KW 1983 DIS Vattenfall DanmarkVT NEUTRON Tugboat 2,339 KW 1981 DIS Vattenfall DanmarkPOUL 10,883 1987 DAS Dong Energy PowerSVEND ÅGE 10,883 1987 DAS Dong Energy PowerIHOLM II 7,550 1978 DAS Dong Energy PowerDREJØ II 15,700 1991 DAS Dong Energy PowerVT WARSAW 16,690 1992 DIS Vattenfall DanmarkT COPENHAGEN 16,690 1992 DIS Vattenfall DanmarkVT STOCKHOLM 16,690 1992 DIS Vattenfall DanmarkKARBON 10,883 1992 DAS Vattenfall DanmarkTRIAS 10,900 1987 DAS Vattenfall DanmarkSILUR 10,883 1987 DAS Vattenfall DanmarkJURA 10,883 1987 DAS Vattenfall Danmark

Fleet List

Chief editor and responsible to the pressHenrik N. Andersen henrik@erria.dkT +45 3336 4400

Editor’s noteWe thank all contributors for the articles that we have received. If you feel inspired to contribute with a story for the next issue, please send us your story by email as .doc or .pdf along with photos (approx. 1Mb) to ps@processupport.dk.

Best regardsPer Schorling, T +45 6220 6980

Editor’s notes