Tallink Grupp

AS Tallink Grupp has concluded sale-charterback agreements for MS Superstar

Tallinn, 2015-11-10 08:50 CET (GLOBE NEWSWIRE) --

AS Tallink Grupp has concluded sale-charterback agreements for MS Superstar

AS Tallink Grupp subsidiary Tallink Superfast Limited has entered into

agreement with Medinvest SpA (Corsica Ferries Group) to sell the fast ferry

Superstar at price of EUR 91.5 million. Concurrently AS Tallink Grupp and

Medinvest SpA have entered into bareboat charter agreement and Tallink will

continue to operate the fast ferry Superstar on its Tallinn-Helsinki route

shuttle service until beginning of 2017, when the Tallink?s new LNG fast ferry

will start to operate on the same route. Change of the ownership and start of

the charter period of the fast ferry Superstar is planned in December 2015.

The sale of fast ferry Superstar will result one-off book loss from sale

approximately EUR 7.6 million in the fourth quarter of 2015 financial year. The

cash proceeds from the sale will be used mainly to repay loans to continue the

deleveraging strategy and for the down payment of the new LNG fast ferry under

construction. The Group expects to incur one-off costs from premature

termination of the loan contract, related to the sale of the vessel.

The sale of the fast ferry Superstar prepares the Group for the delivery of the

new generation LNG fast ferry to the Tallinn-Helsinki route early 2017 and

supports Tallink?s strategy to secure and strengthen its position in its route

with largest passenger volumes.

Veiko Haavapuu

Finance Director

AS Tallink Grupp

Sadama 5/7, 10111 Tallinn

Tel +372 640 9914

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