November 12, 2007

Bore continues its Fleet Renewal Program – two newly acquired general cargo vessels has entered the fleet under Finnish flag

The Bore fleet has grown over the past few years to include 22 vessels. The age of the fleet was decided to be rejuvenated and thus a Fleet Renewal Program was built up. Two newbuildings are due for delivery in year 2011 and this autumn two older vessels – MV Smaragden and MV Passaden – has been sold and two vessels built in year 2001 has been acquired.

MV Swegard joined the Bore fleet on 25^th October and took her first journey from Riga, Latvia to Kotka, Finland and is now on her way to Spain. MV Fingard joined the Bore fleet today and she is due to join our trade during week 46.

Jhonny Husell, Executive Vice President Commercial, says: “With the transactions we have made over the past few months we strengthened our presence in the Contract of Affreightment traffic with freight contracts which continuously increase. The MV Fingard and MV Swegard are of a vessel type and size which our customers will appreciate and show a demand for.”

Thomas Franck, Senior Executive Vice President for Bore, says: " The average age of the Bore fleet is now rejuvenated as planned and will be further so with the new builds. We have decided to sail the vessels under Finnish flag despite the fact that there still is no well-functioning competitive tonnage tax system available, however, we trust that this will be improved shortly. ”

For further information contact Senior Executive Vice President Thomas Franck, tel + 358 9 61883 213.

Bore is a shipping business area of Rettig Group Ltd with a fleet of 22 vessels. In 2007 the turnover is expected to reach EUR 75 million, capital employed EUR 250 million and the number of employees 450.

Rettig Group is a Finnish family owned industrial group focusing on three core business areas: Rettig ICC (hydronic and electrical heating, indoor climate regulation), Bore (shipping) and Tarkala (real estate development and rental). In 2006, the turnover amounted to EUR 700 million and the number of personnel is 4,000.