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ERRIA<br />

Contents<br />

Keeping up the good work............................................................... 2<br />

Financial result of 2009 ................................................................... 2<br />

Chemical market - taking a positive view......................................... 3<br />

ERRIA MARIA 3 year bareboat charter in Argentina........................ 4<br />

Crew list as per end of March 2010 ................................................. 6<br />

Karsten Bundgard turns 60 ............................................................. 8<br />

Planned succession in the Board of Directors ................................. 8<br />

Vietnam and Saigon Shipping J/S Company are gearing up ........... 9<br />

New assignment for ERRIA Consulting ........................................ 10<br />

M/T ERRIA MIE through the ice .................................................... 11<br />

Fleet List ....................................................................................... 12<br />

Editor’s notes ................................................................................ 12<br />

March 2010<br />

No. 30<br />

M/T ERRIA MARIA in Copenhagen at sunrise<br />

- ready for a 3 year chartering contract landed through ERRIA teamwork


Keeping up the good work<br />

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

With joint efforts from employees, shareholders and our lenders,<br />

we have created a solid platform to turn ERRIA when we hopefully<br />

get through the current - and unprecedented - global crisis.<br />

Last year was significantly worse than expected - especially when<br />

it came to earnings. Significantly lower demand in the transport of<br />

especially containers resulted in the lay-up of several container<br />

ships and that eroded much of the great savings obtained and<br />

put pressure on our liquidity.<br />

I am sure that with the expectation of rising freight rates, planned<br />

realisation of selected financial and tangible assets as well as<br />

continuing to work closely with the 2 main banks we have secured<br />

the liquidity preparedness for 2010.<br />

I know that it is hard to maintain motivation in these times when<br />

all our services are provided by individuals and not by ships<br />

alone. Everything suggests, however, that all employees are doing<br />

a great job for our customers and shareholders which I am<br />

incredibly proud of!<br />

So keep up the good work - there is light ahead.<br />

Financial result of 2009<br />

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

The Erria Group has maintained the per 30 June, 2009 announced<br />

90.7 mDKK write-downs of the ships in the financial<br />

statements per 31 December, 2009.<br />

Net profit of the primary operation was -151,813 tDKK (2008:<br />

-15,017 tDKK), which is consistent with the expectations announced<br />

in the interim report dated 30 September, 2009. Year<br />

total income was -155,573 tDKK (2008: -24,612 tDKK).<br />

Henrik B. Funk<br />

2<br />

Henrik N. Andersen<br />

Three of the four segments (Chartering, Ship Management and<br />

Consulting) contributed with 9.9 mDKK in operating profit and<br />

total income.<br />

The fourth segment, “Shipowner Activities / Investment”, is in<br />

2009 influenced by said write-downs in the ships and the lower<br />

freight rates.<br />

The Group’s equity represents 123,726 tDKK against 287,267<br />

tDKK in 2008 and the solvency ratio was 24 in 2009 versus 48<br />

in 2008.<br />

Expectations for 2010<br />

2010 will also be a difficult year for the shipping market. The first<br />

months of 2010, however, give a particular focus on the optimistic<br />

prospects of chemical tankers.<br />

Due to increasing volume of new orders, the segments Chartering,<br />

Ship Management and especially Consulting are expected,<br />

to continue the positive earnings during 2010.<br />

In view of the operating budget for 2010 with the expectation of<br />

rising freight rates, planned realization of selected financial and<br />

tangible assets as well as continuing to work closely with the 2<br />

main banks, it is our firm opinion that our liquidity contingency will<br />

be sufficient to fund the ongoing capital needs during the year.<br />

ERRIA NEWS No. 30 March 2010


Chemical market - taking a positive view<br />

by Kenneth Jan Madsen, Commercial Director , Erria A/S<br />

As of 1 January, 2010, IBEX is operating a modern fleet of 23<br />

chemical tankers in the range of 3,000-17,000 TDW. All the tonnage<br />

is modern double hull, mainly marine line coated with IGS<br />

fitted. There are still some units to be delivered during 2010/11,<br />

but due to the present financial situation, it is uncertain how many.<br />

During 2009, market conditions were extremely difficult not only<br />

for our trade, but for most of the transport sector. A lot of tonnage<br />

have fixed contracts or timecharter rates, which do not even<br />

cover the running costs of the vessel or the OPEX. Twice during<br />

2009, there were indications that the market would increase but<br />

both times it went down again, and at the end of the year it was<br />

at the lowest ever seen. In general, however, there is optimism<br />

in the market. We believe, and can see, that 2010 has started off<br />

better than the end of 2009.<br />

After the first 3 months of trade in 2010 and the information that<br />

we have obtained from our clients, we are of the impression<br />

that 2009 seems to be the worst in the market and that in 2010<br />

volumes are increasing again. It will take time to obtain higher<br />

freight rates, but at least we are going in the right direction.<br />

It takes approx. 6-12 months from delivery of a newbuilding until<br />

she is fully approved by the major oil companies and even with<br />

the high amount of deliveries from our partners we have found it<br />

very hard to find long term employment for vessels straight from<br />

the shipyard.<br />

As per now, we have more or less achieved our goal of 30% covered<br />

by firm contracts, 30% by timecharter and/or bareboat and<br />

the remaining 40% in the spot market.<br />

ERRIA managed to renew a COA for 2010 with an Israeli customer,<br />

even though we have had heavy competition from newer<br />

tonnage in a market with less activity. Volume has increased by<br />

30%, and if every shipment is 4,000 mts and we handle this using<br />

ERRIA’s smaller tonnage, it will cover approx. 40-50% employment<br />

of one vessel. The route is Haifa / Med with a cargo of<br />

aromatics.<br />

We were also able to renew a COA for 2010 with a European<br />

customer. Volume has gone up 100 % with charterers being<br />

extremely satisfied with our performance. So far, there has not<br />

been a single failure of tank cleaning adding to our good image<br />

with the customer. The route is North Africa to South Europe and<br />

M/V Atlantis Andaman Haifa Terminal<br />

the cargo is very sensitive cargo.<br />

Over the past 10 years, ERRIA has had almost exclusive business<br />

dealings with an American American Oil Trader. If this<br />

continues, we could more or less keep one of our 11,330 TDW<br />

vessels fully employed throughout the next year. The route is<br />

worldwide and the cargo is lubrication oils.<br />

ERRIA has secured a new contract with a Dutch customer, who<br />

is a representative of a large oil company in the Middle East and<br />

Africa. This contract is normally in 6,000 mts lots and equates to<br />

approx. one shipment per month, which, depending on rotations,<br />

could keep one of our 11,330 TDW vessels employed approx.<br />

50-60 percent of the time per year. The route is Europe / Red<br />

Sea with a cargo of aromatics.<br />

We have also secured another contract with the same customer<br />

and for the same cargo, which can be done on any size of vessel.<br />

Quantities will slowly increase, but so far we have carried the<br />

cargo on smaller vessels on a part cargo basis. This can keep<br />

one of our 4,750 TDW vessles employed approx. 20-25 percent<br />

throughout the year. The route is Europe / WC Africa.<br />

We succeeded in renewing the T/C contract with M/T Ingrid Jakobsen<br />

which was due to an excellent proformance of both crew<br />

and vessel.<br />

At the end of 2009, we managed to close a longer B/B with M/T<br />

ERRIA MARIA, with clients in Argentina (see article on page 4).<br />

During 2009 we have increased our focus and efforts on the future<br />

and on our long term relationships with clients. The decision<br />

was made in order to focus more on our long term owners and<br />

keep our contract shipments with those companies who have<br />

supported us for many years. That is also the reason why no<br />

further tonnage has been taken into commercial management<br />

even though we have many options every month.<br />

During 2009, ERRIA took delivery of three newbuildings from<br />

Atlantis (1 x 5,850 TDW and 2 x 6,400 TDW) and two newbuildings<br />

from Yilmar (both 7,000 TDW). As a result of the increased<br />

activity, we have increased our staff and are happy to welcome<br />

Mrs. Perin Suygen to operations and Mr. Fatih Meteoglu to chartering.<br />

3


ERRIA MARIA 3 year bareboat charter in Argentina<br />

by Thomas N. Bech, Superintendent, Erria A/S<br />

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

M/T ERRIA MARIA, which is the oldest of our chemical tankers,<br />

had for some months in 2009 been trading out of Lagos in Africa.<br />

In October 2009, it was decided, due to the ongoing financial<br />

economic crisis, to shift the vessel to Copenhagen for lay-up.<br />

Laying up vessels is always a tough decision and a lot of issues<br />

need to be planned prior to starting preparations for lay-up. It is<br />

important to decide in which port the vessel is to be laid-up. Will<br />

minimum crew stay on board? Is cold or warm lay-up the best<br />

decision? For how long should lay-up be planned? And many<br />

other questions need to be answered in order to comply with<br />

Class regulations.<br />

M/T ERRIA MARIA arrived in Copenhagen 23 November, 2009<br />

and preparations for BV Class approval of lay-up were started.<br />

On 7 December, 2009 the vessel was officially laid-up with acceptance<br />

from BV Class.<br />

After having received BV Class acceptance, most crew was<br />

signed off. On board was only AB/Cook and C/E due to further<br />

preparations before having the vessel fully prepared for cold layup<br />

during the winter time with sub-zero temperatures.<br />

The decision of maintaining crew on board and to carry out necessary<br />

preparation turned out to be a very good decision since<br />

the vessel as per 19 January, 2010 was signed up for a 3 year<br />

Bareboat charter.<br />

The contract for a 3 year bareboat charter required the vessel to<br />

have all certificates and surveys valid for at least 6 months and<br />

be fitted with an inert gas system. During the preparation for the<br />

delivery latest by 28 February, 2010, more than 500 jobs were<br />

carried out - some of the largest jobs were:<br />

•<br />

•<br />

•<br />

•<br />

•<br />

4<br />

Boiler renewal<br />

Main & Aux. Engines<br />

Nitrogen plant<br />

Docking Propeller shaft<br />

New piping installations and piping repairs<br />

The inert gas system turned out to be quite a challenge since<br />

normal delivery time for a complete unit approved by Class is at<br />

least 16 working weeks and the deadline was less than 5 weeks<br />

ahead.<br />

The search for a Nitrogen unit started and soon we where searching<br />

all around the world ending in China where we investigated<br />

whether Nitrogen units built for ERRIA’s newbuildings were to be<br />

used. Other units built and designed for other vessels were found<br />

and checked. Unfortunately, they all turned out to be not-fitting or<br />

negotiations were not possible or without the needed progress.<br />

Throughout the entire network of ERRIA and our business associates<br />

a search for a Nitrogen unit was going on and suddenly<br />

a golden opportunity arose. Danish Company, Gazcon, informed<br />

us that they might have a complete inert gas system available<br />

due to a customer not being able to settle an overdue amount.<br />

The Nitrogen unit was inspected in the workshop prior to negotiations,<br />

the supplier handed over drawings and the next step was<br />

to check and make sure that Nitrogen could actually be installed<br />

on board the vessel.<br />

The offered Nitrogen unit was capable of supplying 1000 m3 Nitrogen<br />

with a purity of 99.8%, i.e. only 0.2% Oxygen.<br />

Actually the unit was larger than needed and therefore also dimensions<br />

were quite big, and larger than expected.<br />

The complete Nitrogen unit consists of 6 parts including 2 air<br />

compressors, 1 air receiver unit, 1 Nitrogen receiver unit, 1 Nitrogen<br />

generator unit and junction boxes, the largest component<br />

weighing almost 6 tons and being 3x2x2 meters in size.<br />

With the drawings and dimensions of the Nitrogen unit at hand,<br />

the only thing left was to go onboard the vessel and check installation<br />

possibilities.<br />

After intensive negotiations, ERRIA managed to purchase this<br />

system and thereby finalizing the project suddenly became realistic.<br />

A new crew was also found and luckily ERRIA Crewing was able<br />

to find and sign on crew which had at least 1 contract on board<br />

M/T ERRIA MARIA.<br />

ERRIA NEWS No. 30 March 2010


All work started 19 January, 2010 and dry-dock specification<br />

based on information received from the last crew was made and<br />

presented to 3 different shipyards. An action plan covering all<br />

necessary repairs and installation was prepared by the technical<br />

department of ERRIA and after approval of banks, lawyers and<br />

signing the contract with the new Charterers, the action plan was<br />

put into operation.<br />

Work on deck changing steam pipes was fairly challenging since<br />

winter in Denmark for once decided to be the coldest and most<br />

snowy winter for more than 20 years. This situation made work<br />

on deck cutting, measuring, removing and welding steel pipes a<br />

really tough job.<br />

As the vessel was laid-up, BV Class and Flag administration had<br />

to approve the vessel for a single voyage only. On 9 February,<br />

2010 the vessel was approved for a single voyage, Copenhagen<br />

to Fredericia Shipyard for dry docking.<br />

Thursday, 11 February, 2010, at 10:00 hours, the vessel was in<br />

dry dock and preparations for final installation and repairs commenced.<br />

M/T ERRIA MARIA was undocked 17 February, 2010, only 11<br />

days before hand-over survey with the new Charterers which<br />

was scheduled for 28 February, 2010.<br />

At the same time, the new Argentine crew started to join the<br />

vessel on a daily basis for familiarisation with the vessel and of<br />

course to also make sure that all agreed work was carried out.<br />

All in all, the story of preparing M/T ERRIA MARIA turned out<br />

to be a challenging task and the task would have been for sure<br />

even tougher if ERRIA had not had all skilled persons in house.<br />

During all preparations ERRIA Consulting, ERRIA Crewing and<br />

ERRIA Technical had put up an extraordinary team spirit and<br />

shown that by keeping an open mind and working hard, we can<br />

go all the way.<br />

The Charterer is an Argentina based company which needed a<br />

chemical tanker for a contract with a major oil company. Since<br />

the size and availability of M/T ERRIA MARIA fitted very well, a<br />

contract was signed.<br />

I would personally like to thank everyone who has worked on this<br />

project. It has been a real challenge, and I am sure that everyone<br />

has the nice feeling of achievement, now that we have landed<br />

the contract.<br />

M/T ERRIA MARIA on her way<br />

Teamwork & co-operation<br />

Allan Sparholt, Technical Manager, Erria A/S<br />

The overall ERRIA MARIA project with recommissioning<br />

and installation of a Nitrogen Plant with the purpose of<br />

delivering the vessel into a bareboat charter has showed<br />

how the entire ERRIA organisation can mobilize strength<br />

and combine individual knowledge, capabilities and skills<br />

leading to a success story in difficult times.<br />

This project has proven that our organisation has the<br />

capability and internal knowledge for project management<br />

without purchasing of services and knowhow from external<br />

sources. Each and every department of ERRIA has<br />

contributed positively with timely delivery to the charterers.<br />

The Chartering department closed the bareboat charter.<br />

The Finance department created plans and liquidity<br />

budgets after input from the management of the company<br />

and successfully had the plans approved by the Board of<br />

Directors and the bank.<br />

Our Consulting department has contributed with e.g.<br />

strength, flow, and light weight calculations and updating<br />

of plans and drawings in connection with the Nitrogen<br />

plant installations.<br />

The Crewing department recruited the necessary onboard<br />

crew internally and externally and the Purchase department<br />

provided support and logistic of the supplies to the<br />

vessel in Copenhagen and Fredericia.<br />

The HSQE dept, Vetting dept, PMS dept, Technical dept.<br />

as well as the Board of Directors provided support and<br />

actual manpower as crew members for the ERRIA MARIA<br />

during voyage from Copenhagen to Fredericia where the<br />

crew department supported the individuals with updating<br />

of their seafarers licences.<br />

The Technical dept. provided the overall project management<br />

including electrical installations and modifications<br />

and the onboard attendance for nearly two months with<br />

Superintendent Thomas N. Bech in charge of the maintenance<br />

and repairs with Hasse E. Schmidt in charge of the<br />

installation of the Nitrogen plant.<br />

It is of high value and quite important to mention that each<br />

and every employee has contributed positively to this<br />

project - directly or indirectly.<br />

It should also be mentioned that without our suppliers’ and<br />

partners’ benevolence and loyal support, we would not<br />

have been able to complete the project.<br />

The positive involvement and contribution by the<br />

mentioned departments and all strength of the employees<br />

involved, we ERRIA have again, as a group,<br />

proven real cooperation and excellent teamwork.<br />

5


Crew list as per end of March 2010<br />

RANK DAGMAR CALORIUS JOULIUS<br />

Master Ermelo Daelo<br />

Chief Officer Porfirio Villar Jr.<br />

1 st Officer<br />

2 nd Officer Pedro De Leon<br />

3 rd Officer<br />

Chief Engineer Rene Jimeno<br />

1 st Engineer<br />

2 nd Engineer Edgar Lutero<br />

3 rd Engineer Medelino Aguirre<br />

Elec. Engineer Ronald Novesteras<br />

Pumpman<br />

Bosun / Fitter Roldan B Quijano<br />

Able seaman<br />

RANK ERRIA ANNE ERRIA IDA ERRIA NIMMER<br />

Master Dariusz Kazimierz Kuczynski Jacek Czubski Tomasz Witold Klaput<br />

Chief Officer Zenon Czopek Lukasz Kraszewski Mohammad Tariq<br />

1 st Officer<br />

2 nd Officer Wieslaw Sobkowiak Sebastian Kaczmarczyk Aleksandrs Bondars<br />

3 rd Officer Lukasz Kniter Jacek Adam Kutowinski Przemyslaw Lebiedz<br />

Chief Engineer Henryk Dembczynski Dariusz Grzegorz Denis Algirdas Zemgulis<br />

1 st Engineer<br />

2 nd Engineer Zbigniew Rydzewski Grzegorz Jan Binerowski Vjaceslavs Subnikovs<br />

3 rd Engineer Pawel Filutowicz<br />

Elec. Engineer<br />

Pumpman Wieslav Wisniewski<br />

Bosun / Fitter Franciszek Cycak Ryszard Surowiec Anatolijs Anisimovs<br />

Able seaman<br />

6<br />

Earl C. Valdehueza<br />

Briant N. Rios<br />

Jonathan B. Hiasa<br />

Ordinary seaman Charles Henry L. Porticos<br />

Motorman Ronnie Quibuyen<br />

Cook Marciano A. Borja<br />

Catering<br />

Andrzej Tomczak<br />

Robert Stegienko<br />

Piotr Toronski<br />

Ordinary seaman Marcin Fijol<br />

Fritz Carstens<br />

(Hans Jørgen Birkmann)<br />

Per Knox Sørensen<br />

(Klaus Bo Madsen)<br />

Piotr Prokopowicz<br />

Leszek Kowalski<br />

Krzysztof Zygmunt Lal<br />

Tomasz Krawczyk<br />

Igors Trubnikovs<br />

Deniss Gnatoks<br />

Zabirovs Rinats<br />

Belajevs Jurijs<br />

Motorman Marek Muzacz Damian Ulanowicz Sergejs Nefedovs<br />

Cook Jerzy Dowbor Eugeniusz Bzdrega Mihails Hotjanovics<br />

Catering Jan Heliniak<br />

Michael Köllner<br />

(Henning Johannes Petersen)<br />

Ib Jacobsen<br />

(Villy Andersen)<br />

Torben Jensen Iversen<br />

Jørgen Sand Kirk<br />

(John Juel Jensen)<br />

(Per Maj)<br />

Niels J. B. Hemmingsen<br />

(Andy Rasmussen)<br />

Jens-Peter Hagelund Aagesen<br />

(Jørgen Aaskilde Christensen)<br />

Bo Hjertmann Frederiksen<br />

(Leif Marius Nørholm Nielsen)<br />

Thomas Haugegaard Gotfredsen<br />

(Michael Verner Pedersen)<br />

Lars Dolleris<br />

Poul-Erik Petersen<br />

(Birger Jørgensen)<br />

(Knud Aage Nielsen)<br />

(Poul Andersen)<br />

(Kjeld Andersen)<br />

ERRIA NEWS No. 30 March 2010


ERRIA HELEN ERRIA JULIE INGRID JAKOBSEN ERRIA DORTHE<br />

Adam Hajdukiewicz Vasilij Kalincuk Dawid Marcin Sadecki Cezary Zarzycki<br />

Romans Golubevs Kuznecovs Jevgenijs Michal Kierczynski Mariusz Smialkowski<br />

Aleksandrs Jersovs Anatolijs Dominuks Tomasz Checinski Longin Wisniewski<br />

Kakhaber Varshanidze Jambajevs Rinats Tomasz Sujka<br />

Marek Jerzy Ptasznik Algimantas Narmontas Artur Matkowski Sylwester Leszczynski<br />

Jan Miroslaw Lisowski Eduard Kiseliov Jacek Lawniczak Marek Stanczyk<br />

Muskevits Dmitri<br />

Mikelsons Maris Vladimirs Kalinicenko Romeo S. Macahis<br />

Aleksandrs Utkins<br />

Grigorenko Igors<br />

Aleksejs Vaciks<br />

Aleksejs Kirejevs<br />

Kudrins Pavels<br />

ERRIA MIE NEUTRON PROTON ELECTRON<br />

Rafal Czeslaw Jazdzewski<br />

Danevskij Viktor<br />

Rescenko Pavels<br />

Aleksandrs Pavlovs<br />

Aleksandr Filin<br />

Artur Krotowski<br />

Mihhail Karuzin<br />

Konstantins Grigorovics<br />

Alexander Fedko<br />

Pavels Prokopecs<br />

Klamts Olegs<br />

Sergejs Kornijenko<br />

Pavels Rudzitis<br />

Valerijs Baboks<br />

Aleksandrs Vasiljevs<br />

Fjodors Dobrins<br />

Genadijus Anuscenko<br />

Olegs Omelanskis<br />

Nikolajs Bondarevs<br />

Romanenko Vladimirs<br />

Frank Schmidt<br />

(Hans Ulrik Bollerup)<br />

Børge Richs<br />

(Gunnar Dahlbæk Nielsen)<br />

(Bent Rasmussen)<br />

Jesper Valdemar Petersen<br />

(Gert Nielsen)<br />

Daniel J. Johannesen<br />

(Dan Kristensen)<br />

Poul Erik Olsen<br />

Rasmus Peter Virenberg Larsen<br />

(Jan Abildgaard Eggert)<br />

(Kim Martin Hansen)<br />

Ronnie I. Tuares Henryk Chomiak<br />

Wilfredo Plaza Ureta<br />

Michael C Manaban<br />

Enrique P. Gutierrez<br />

Jesus A Ulgasan<br />

Sergejs Radzabovs Vingris Jurijs Alberto Gabertan Ismael<br />

Tor Holger Tobiasen<br />

(Henning Iversen)<br />

Bo Larsen<br />

(Claus Ole Andersen)<br />

Lars Peter V. Johansen<br />

(Kim Jensen)<br />

Tomasz Kobusz<br />

(Dion Klockmann Malmberg)<br />

Lars Henrik Larsen<br />

Kurt Gråhøj<br />

(Jimmy Espersen)<br />

(Thomas Ortved Larsen)<br />

Pawel Scibor<br />

Romuald Nowak<br />

Ryszard Konarski<br />

Zbigniew Krzysztoszek<br />

Dariusz Pachula<br />

Voinarovskis Valerijs Alens Kurackins Michael Marmeto Merino Czeslaw Lenartowski<br />

Jurijs Likovs<br />

Esben Abildtrup Lauritsen<br />

(Elo Hardy Nielsen)<br />

Jens Otto Fleischer<br />

(Uffe Bjerre)<br />

Peter Knud Madsen<br />

(Ole Bagge)<br />

Morten Kold<br />

(Erling Nielsen)<br />

(Eigil Skytte Nielsen)<br />

(Niels Bjørn Rasmussen)<br />

Leo Berg<br />

Brian Lykke Nielsen<br />

(Palle Ringgaard)<br />

(Ove Dolleris)<br />

(name) = home/vacation<br />

7


Karsten Bundgard turns 60<br />

by Per Schorling, Editor<br />

Karsten Bundgaard<br />

Planned succession in the Board of Directors<br />

by Kaare Vagner, Chairman, Erria A/S<br />

Jan Erlund<br />

Finn Buus Nielsen<br />

8<br />

Karsten Bundgaard has turned 60 on 12 January, 2010. He has<br />

worked with Erria A/S for approx. 5 years as of June, 2010, and<br />

started out as controller in the accounts department, but in recent<br />

years, focus has turned to tasks related to investors.<br />

“It’s a job I enjoy being in, amongst good colleagues.”, says<br />

Karsten, who at the time of the interview is in the midst of finalising<br />

the annual report for 2009.<br />

Karsten was employed for 20 years in the shipping company<br />

Knud I. Larsen, working with vessel accounts and administrative<br />

IT systems of both the Company as well as on vessels. The<br />

job also included economic reporting to Executive Management,<br />

Ship Managers and investors. With a background favouring jobs<br />

in shipping, Karsten has been around most of the world in connection<br />

with visits onboard vessels. The journeys have included<br />

several sailings where administrative IT systems were implemented<br />

on board.<br />

Karsten’s hobby is the training of dogs in the Danish Police Dog<br />

Association. “I have had German sheepdogs for 34 years, and<br />

they continue to challenge me in my limited spare time”, Karsten<br />

Bundgaard says.<br />

I have a 35 year old son, who is a librarian in Aarhus.<br />

A planned succession in the Board of Erria A/S is expected to take place at the upcoming General<br />

Assembly in Copenhagen on 23 April, 2010. Jan Erlund, Deputy Chairman, will not run for<br />

re-election, and a new board member is expected to take his place.<br />

The Board will nominate President Finn Buus Nielsen (60) as new Deputy Chairman of the<br />

Board.<br />

Finn Buus Nielsen has worked his entire career in the A.P. Moller - Maersk group of companies<br />

with production and project management, as well as general management. His last position<br />

was President of Odense Steel Shipyard - Lindø from which he retired in 2009.<br />

Finn Buus Nielsen will contribute with significant competences in both the technical and commercial<br />

areas of vessel construction and operation, as well as general management of maritime<br />

companies.<br />

The Company would like to express its appreciation of the long and profound effort of Jan Erlund<br />

in the Board, and we are certain that Erria A/S would not have developed as consistently<br />

without the experience and influence of Mr. Jan Erlund.<br />

ERRIA NEWS No. 30 March 2010


Vietnam and Saigon Shipping J/S Company are gearing up<br />

by Kaare Vagner, Chairman, Erria A/S<br />

The overall business environment in Vietnam is improving when<br />

we see it from ERRIA’s perspective. Many new activities have<br />

been initiated, and both vessels and the new distribution centre<br />

add to our capabilities as a full-service provider of logistics in<br />

Vietnam.<br />

The combined container service of road- and river transportation<br />

with own trucks and river vessels has tripled for the first two<br />

months of 2010 compared to the same period last year, and we<br />

expect this positive trend to develop further during 2010.<br />

The vessels are in good operation and further positive developments<br />

are expected because of the extensive investments being<br />

carried out in land, warehouse and vessels.<br />

On 1 April, 2010, Saigon Shipping J/S Company will be opening<br />

the recently constructed 6,000 m2 bonded warehouse in Thu Duc<br />

industrial zone. It is yet another milestone in the development of<br />

the Company, and on this page, you can see a scale model and a<br />

photo of the new addition.<br />

During the summer of 2010, we will further add to this a new<br />

distribution centre in the port of Danang.<br />

The Annual General meeting on 12 April, 2010 will propose a dividend<br />

of 4% based on positive developments and good indications<br />

for the future.<br />

Saigon Shipping J/S Company is owned partly by SAMCO (Peoples<br />

Committee) with 51% ownership and ERRIA with 35% ownership.<br />

ERRIA and Saigon Shipping J/S Company are ready to follow<br />

the market demand from our many customers, and have great<br />

expectations for our investments in Vietnam.<br />

The Board of Directors of SSCO with Mrs. Denmark running for<br />

Mrs. World 2009 in the contest in Vietnam.<br />

The 6,000 m 2 bonded warehouse in Thu Duc industrial zone.<br />

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

9


New assignment for ERRIA Consulting<br />

by Vagn Skaarup Christensen, Project Engineer, ERRIA Consulting<br />

ERRIA Consulting has entered into one of its largest international<br />

assignments ever.<br />

ERRIA Consulting will participate as an advisor to an ongoing<br />

construction project for PDVSA (Petroleos de Venezuela), the<br />

national oil company in Caracas, Venezuela.<br />

Initially, this is the building of four AFRAMAX tankers from 2010<br />

and four years ahead. AFRAMAX has nothing to do with Africa,<br />

but stands for “Average Freight Rate Assessment”.<br />

We will assist with an inspection team at the shipyard, who<br />

at the same time shall act as a mentor for PDVSA’s own Site<br />

Manager at the shipyard.<br />

In addition to project coordination, the office in Copenhagen<br />

shall work with drawing approval and technical support.<br />

Managing Director Henrik N. Andersen, General Manager Consulting<br />

Jørgen Thuesen and Project Engineer Vagn Skaarup<br />

visited SADRA yard where the ships will be built.<br />

It is the first time that the shipyard will build a tanker. The yard<br />

was involved in construction of a small multipurpose container<br />

vessel, but the building of that ship was never completed. In<br />

other words, it is a shipyard with limited experience in shipbuilding,<br />

so this will be a great task and challenge for ERRIA<br />

Consulting<br />

An AFRAMAX tanker is around 113,000 DWT. Cargo tanks can<br />

contain up to 129,500 cubic meters of crude oil, 250 meters<br />

long and have a width of 44 metres. As it can be hard to imagine<br />

the size of such a large construction, you must imagine it<br />

placed on a football field (see drawing to the right).<br />

As shown in the drawing, it is necessary to find three football<br />

fields in line, for the ship to stand on the lawn!<br />

The total steel weight, i.e. the ship without machinery and outfitting<br />

is 17,184 T. When the next shipment of steel plates arrives<br />

at the yard, the construction of straight and curved panels<br />

will begin.<br />

These sections will then be combined into blocks, of a size that<br />

make them fit inside the paint shop, where the coating process<br />

starts with grit blasting followed by painting.<br />

The blocks will then be assembled into huge blocks, after which<br />

they will be lifted into the dock.<br />

This is still in the future although the building was started several<br />

months ago. The only visible sign of the first AFRAMAX is<br />

a lot of T-bars.<br />

It is expected that the actual commencement will begin in April,<br />

when the steel plates arrive at the shipyard. At that time, we will<br />

have placed our site manager at the shipyard.<br />

10<br />

The delegation from ERRIA<br />

An AFRAMAX placed on three football fields<br />

The very beginning of an AFRAMAX tanker<br />

Until now, T-bars, is the only visible sign of the first AFRAMAX<br />

ERRIA NEWS No. 30 March 2010<br />

An AFRAMAX placed on three football fields.


M/T ERRIA MIE through the ice<br />

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

When M/T ERRIA MIE, under the command of Captain Sergey<br />

Sidlovskis, departed from Assimi, Sardinia on 12 May, 2009<br />

bound for Maptaphut, Thailand he had no chance to foresee the<br />

different climates the vessel would encounter during her coming<br />

9 months.<br />

The following ports were called after Maptaphut: Singapore, Male<br />

at the Maldives, Colombo at Sri Lanka, Durban, Luanda and then<br />

more than 4 months in Ship-to-Ship Transfer (STS) Operations<br />

off the West Coast of Africa.<br />

M/T ERRIA MIE was upon completion of the STS heading back<br />

for Europe, where Captain Sergey Sidlovskis took some interesting<br />

photos of the ice situation when the vessel called his home<br />

town of Liepaja, Latvia on 6 February, 2010.<br />

After successful loading, the vessel departed Liepaja and was<br />

again heading for a warmer climate.<br />

We thank Captain Sergey Sidlovskis for the “frozen” pictures.<br />

Please send more photos<br />

“A photo says more than a thousand words”, it is<br />

often said, and this article is real proof that this is<br />

the case - I guess everyone can feel the cold air of<br />

winter now that spring is approaching.<br />

We would like to encourage everyone to send us<br />

photos for ERRIA NEWS and for www.<strong>erria</strong>.dk<br />

Email them to ps@processupport.dk and we shall<br />

make sure that they are put to good use.<br />

Per Schorling, Editor<br />

11


Fleet List<br />

TANK & CHEMICAL DWT Cap. cbm No. of tanks Built Flag Trading area/employment<br />

ERRIA MARIA 6,744 7,436 13 2001 Liberia BB Charter South America<br />

ERRIA ANNE 4,710 5,069 12+2 2006 Malta North Europe - Med - Africa<br />

ERRIA DORTHE 4,672 5,069 12+2 2007 Malta North Europe - Med - Africa<br />

ERRIA JULIE 4,710 5,069 12+2 2007 Malta North Europe - Med - Africa<br />

ERRIA NIMMER 4,710 5,069 12+2 2008* Malta North Europe - Med - Africa<br />

INGRID JAKOBSEN 6,450 6,940 12 2006 Antigua Carribeans<br />

ERRIA HELEN 11,336 12,650 14+2 2006 Malta Worldwide<br />

ERRIA IDA 11,336 12,650 14+2 2007 Malta Worldwide<br />

ERRIA MIE 11,336 12,650 14+2 2007 Malta Worldwide<br />

YM JUPITER 15,995 18,069 12+2 2007 Malta Worldwide<br />

YM SATURN 15,988 18,069 12+2 2007 Malta Worldwide<br />

YM URANUS 7,000 8,050 10+2 2008 Malta North Europe - Med - Africa<br />

YM NEPTUNE 7,000 8,050 10+2 2009 Malta North Europe - Med - Africa<br />

YM PLUTO 7,000 8,050 10+2 2009 Malta North Europe - Med - Africa<br />

YM VENUS 5,846 6,435 10+2 2005 Malta North Europe - Med - Africa<br />

YM EARTH 5,758 6,585 10+2 2005 Malta North Europe - Med - Africa<br />

ATLANTIS ANDAMAN 6,400 7,000 12+2 2009 Malta North Europe - Med - Africa - WCI<br />

ATLANTIS ALHA<strong>MB</strong>RA 6,400 7,000 12+2 2009 Malta North Europe - Med - Africa - WCI<br />

ATLANTIS ANTIBES 5,850 6,464 10+2 2009 Malta North Europe - Med - Africa - WCI<br />

ATLANTIS ALDABRA 3,517 4,101 10+2 2005 Isle of Man North Europe<br />

ATLANTIS ARMONA 3,517 4,101 10+1+1 2004 Isle of Man North Europe<br />

ATLANTIS ALVARADO 3,502 4,101 10+1+1 2004 Isle of Man North Europe - Med - Africa<br />

ATLANTIS ANTALYA 3,445 3,692 10+2 2004 Isle of Man South America<br />

DRY CARGO and more DWT Cap. cbm Cap. TEU Built Flag Trading area/employment<br />

VENTO DI GRECALE 14,140 1,166 1991 Antigua Worldwide<br />

FILIPPA 14,140 1,158 1991 Antigua Worldwide<br />

DAGMAR 7,300 599 1993 Antigua Worldwide<br />

INGRID 7,733 534 1995 Antigua Worldwide<br />

FREYFAXI 1,387 1966 Panama Norwegian Coast<br />

KANUTTA 840 1958 Panama Norwegian Coast<br />

ERRIA VIETNAM 2,900 3,000 128 2008 Antigua Caribbeans<br />

ELISABETH BOYE 2,650 1990 Denmark Worldwide<br />

INDUSTRIAL LEADER 3,959 1996 Denmark Worldwide<br />

AMANDA 1,790 1981 Denmark North Europe<br />

VEGA 1,950 1975 Denmark North Europe<br />

MARIBO 920 1965 Panama Norwegian Coast<br />

TENEDOS 3,124 1980 Panama Med - Black Sea<br />

EURO TRANS 1,350 1979 Panama North Europe<br />

WANI LOGGER 2,900 1976 Barbados Worldwide<br />

WANI POINT 2,800 1979 Barbados North Europe<br />

WANI WILL 2,800 1978 Barbados North Europe<br />

TUGS & BARGES DWT KW Built Flag Trading area/employment<br />

CALORIUS Tugboat 3,375 KW 1988 DAS Dong Energy Power<br />

JOULIUS Tugboat 3,375 KW 1989 DIS Vattenfall Danmark<br />

VT ELECTRON Tugboat 2,730 KW 1984 DIS Vattenfall Danmark<br />

VT PROTON Tugboat 2,730 KW 1983 DIS Vattenfall Danmark<br />

VT NEUTRON Tugboat 2,339 KW 1981 DIS Vattenfall Danmark<br />

POUL 10,883 1987 DAS Dong Energy Power<br />

SVEND ÅGE 10,883 1987 DAS Dong Energy Power<br />

IHOLM II 7,550 1978 DAS Dong Energy Power<br />

DREJØ II 15,700 1991 DAS Dong Energy Power<br />

VT WARSAW 16,690 1992 DIS Vattenfall Danmark<br />

T COPENHAGEN 16,690 1992 DIS Vattenfall Danmark<br />

VT STOCKHOLM 16,690 1992 DIS Vattenfall Danmark<br />

KARBON 10,883 1992 DAS Vattenfall Danmark<br />

TRIAS 10,900 1987 DAS Vattenfall Danmark<br />

SILUR 10,883 1987 DAS Vattenfall Danmark<br />

JURA 10,883 1987 DAS Vattenfall Danmark<br />

Editor’s notes<br />

Chief editor and responsible to the press<br />

Henrik N. Andersen<br />

henrik@<strong>erria</strong>.dk<br />

T +45 3336 4400<br />

Editor’s note<br />

We thank all contributors for the articles that we have received.<br />

If you feel inspired to contribute with a story for the next issue,<br />

please send us your story by email as .doc or .pdf along with<br />

photos (approx. 1Mb) to ps@processupport.dk.<br />

Best regards<br />

Per Schorling, T +45 6220 6980

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