Italian shipping company Premuda SpA has completed a $30.9 million bond issue in order to acquire more ships.
The bond issue will
give Premuda greater liquidity and allow it to acquire further bulk ships following a significant upward trend in dry cargo shipping markets, company officials said.
Premuda officials said the company's affiliate, United Bulk International, recently acquired two 1993-built Panamax bulk carriers for about $26.7 million.
The bonds will mature in five years and are limited to existing shareholders.
The new bulk carriers
, due to be delivered in the next few weeks, will take the group's fleet to 20 vessels including four oil tankers being built in Korea for delivery in 2001.