References

The undersigned has known and conducted business on behalf of Western Overseas and its principals for the past twenty five years. I had the honor of introducing Western Overseas to the vessel recycling market, having sold them their first vessel and subsequently acted as their exclusive broker for a number of years since. We have concluded approximately 200 vessel transactions on behalf of Western Overseas since its inception and have always found them to be highly professional in their conduct and to be excellent performers.

One of the best testaments to a buyer’s performance is being selected by an owner to conclude repeat business. This is the case with Western Overseas, as we have concluded multiple sales to Western Overseas from many of our clients, including but not limited to Overseas Shipholding Group (OSG), SeaRiver/Exxon, Stolt, APL, Texaco, Lykes, Keystone.

We continue our long standing relationship with Western Overseas to this day and continue to recommend them to our clients.”

Braemar has had a longstanding association with Western Overseas since its formation in 1990 having concluded in excess of 100 deals encompassing all types of tonnages, ranging between 10,000 and 425,000 dwt. Such acquisitions being purchased either on a ‘delivered’ or ‘as is’ basis and those stricken, under tow. We have concluded repeated deals with some of the major owners such as Vela, Zodiac, Embiricos, Tanker Pacific, Fredriksen, Evergreen, etc.

Their performance to date during this period has given them a reputation in the market as a ‘very safe pair of hands’.”

We have worked closely with Western Overseas for more than 5 years successfully concluding business and often repeat business. We would be pleased to conclude sales with them for both ‘as is’ and ‘delivered’ vessels.”

We have had the opportunity to work with Western Overseas over the past years through a number of successful demolition sales. They have always demonstrated professional and ethical caliber during our cooperation. Therefore, we highly recommend them.”