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CAPITAL GAINS AND FLEET EXPANSION
Added: (Tue May 13 2008)
CMB confirms that Bocimar International has sold the vessels CMB Aurélie (2007 – 76,588 dwt), CMB Laetitia (2007 – 75,991 dwt) and CMB Yangtze (2007 – 53,617 dwt) to subsidiaries of Genco Shipping and Trading (USA).
The total net sale price amounts to USD 253 million. At the time of the delivery of these vessels, all scheduled to take place in the course of the third quarter, a total capital gain of more than USD 154 million will be realised.
Further, Bocimar has ordered two 176,000 dwt Capesize newbuildings from Jinhaiwan (China). The purchase price amounts to USD 88.5 million per vessel and the delivery is scheduled to take place in April 2009 and July 2010.
Finally Bocimar, in joint venture with Wah Kwong (Hong Kong), has ordered two Postpanamax 93,000 dwt newbuildings from Shanhaiguan (China). The newbuilding price amounts to USD 52.8 million per vessel. The vessels will be delivered in December 2010 and February 2011. As Bocimar’s stake will, in turn, be contributed into a 50/50 joint venture with Drylog, its overall share in these vessels will be reduced to 25%.