Havila Shipping - Cancellation of charter

The vessel Havila Phoenix was delivered from the yard to Havila
Shipping last week.
After that the company sent notice of delivery to Phoenix
International Inc as Charterer and requested the rest of their
obligations corresponding to the charter agreement that was published
to Oslo Stock Exchange at 29. August 2007.
The obligations not fulfilled, includes payment of mobilisation fee
and guarantee from bank for an amount equal to 6 months hire, which
Phoenix International Inc has rejected. The Contract is therefore
cancelled.

The company is working on several possibilities for other contracts
for the vessel.

Contact:  CEO Njål Sævik (+47) 909 35 722