ISP has arranged a long-term bareboat contract with a purchase obligation to a new company headed by Albatros Travel in Copenhagen.

Albatros Travel is the largest leisure travel company in Denmark, and since 2007, ISP has had the pleasure of chartering a number of small cruise vessels to Albatros on voyage charters, including the Quest, Ocean Nova, Clipper Odyssey, Island Sky and Clipper Adventurer.

ISP will become the manager of the new ship-owning entity when it takes delivery of the Clipper Adventurer on May 1, 2011, and will continue as Technical and Hotel Manager of the vessel. ISP will also assume the commercial management of the vessel on behalf of the new owners.

Søren Rasmussen, Owner and President of Albatros Travel states…”Since 2005 Albatros has been expanding its market in Denmark within expedition and luxury cruising. Over the last six years, each year we have chartered in more tonnage and foresee that in the future it will become more difficult to find quality vessels. For the past few years we have successfully operated the Ocean Nova in Greenland, and therefore wanted to secure capacity for our Greenland operation for future years. We are very pleased that we have been able to do this by securing the Clipper Adventurer which also has a 35% higher capacity than the Ocean Nova. Since 2007 we have chartered most of our tonnage from ISP, and are very pleased that ISP will also manage the Clipper Adventurer in the future.”

Since 2004 ISP has expanded within the expedition and small luxury cruise market and have become the largest manager of this type tonnage, as well as the largest tonnage provider to the travel industry within expedition cruising. “We also foresee that there will be a lack of quality tonnage in the years to come, as there are no new ships being built, and due to age, a number of vessels will disappear from the market. From a strategy point of view it is a smart move by Albatros Travel to secure capacity for the future” states Niels-Erik Lund, President ISP, who further states, “it is great for ISP to be able to continue to offer the Clipper Adventurer to other operators, through the continued commercial management of the vessel. It is the expectation that we will continue to see Quark Expedition chartering the vessel for Antarctica in the winter and Adventure Canada chartering the vessel from mid-summer through the fall season. Albatros’ main interest continues to be operating the vessel in Denmark and Greenland”.