Green Energy Resources, Inc. (GRGR)

[OldPro]

GRGR: 7-Year Charter Agreement for Woodchip Carrier Vessel; Seeks More Ships

Wednesday, July 18, 2007 13:52ET

By Fain Hughes, [e-mail]

Green Energy Resources (GRGR) has chartered a woodchip carrier to meet increasing order demand. The new charter is for seven years and ensures a secure freight capacity to deliver product to its customers. The ship has a 40,000 metric ton capacity and will make continuous voyages over the next seven years. The ship can make between 10 to 12 voyages annually, generating approximately $2-$3 million in gross sales revenues per shipment.

The Company is currently seeking other ships.