ISP Issues Statement on Happy Cruises

International Shipping Partners (ISP) which had chartered the Ocean Pearl and Gemini to Happy Cruises, which has ceased operations, has issued the following statement:

On Monday, September 26, ISP was unexpectedly informed that Happy Cruises, charterers of the cruise vessels M/V GEMINI and the M/V OCEAN PEARL, would cease operation and cancel all remaining cruises for the 2011 season.

Based on this, the GEMINI and the OCEAN PEARL have been untimely redelivered by the charterers and are therefore immediately available for sale or charter. The two vessels were in full operation in the Mediterranean; are fully classed; SOLAS-approved and ready for trading.

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