MC Shipping Acquires New Vessels

Monday, February 27, 2006
MC Shipping Inc., has agreed to acquire two liquefied petroleum gas (LPG) vessels from the Bernhard Schulte Group of Germany. The vessels, Hermann Schulte and Dorothea Schulte are semi-refrigerated and of 5,600 cbm capacity each. The acquisition is being funded out of current cash holdings and a bank loan facility from one of the Company's regular financiers. The vessels are expected to be delivered before March 31, 2006. Simultaneously with the purchase, they will be time-chartered back to the Schulte Group for a minimum period of 1 year.

Following the delivery of these two ships, MC Shipping Inc. will fully or partially own a fleet of 18 vessels, of which 12 are LPG tankers ranging from 3,000 to 77,000 cbm capacity. The Company retains an investment in four container carriers and ownership of two small coastal bulkers. MC Shipping Inc. further announced that it has renewed charters on its LPG tankers whose contracts expired in the last three months. The vessels have been employed on time charters to major oil and gas trading and transportation companies at rates which reflect the improved LPG market. The new contract rates are on average about 45% higher than on the previous charters and will have a corresponding positive effect on the pertinent vessels' revenues and the Company's net income.

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bangladesh Aims to be World's 'First Solar Nation

Residents of Islampur, a remote village in the northern Bangladeshi district of Naogaon, were stunned one night last summer when the darkness was suddenly illuminated

India Not Pressurized by US-China Deal

Indian Prime Minister Narendra Modi said a climate deal between the United States and China does not put pressure on India, but that global warming itself was reason to take action.

U.S., India to Seal Nuclear Deal

The United States and India have reached a breakthrough on two issues holding up civil nuclear cooperation between them, U.S. President Barack Obama told a news conference in New Delhi on Sunday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1994 sec (5 req/sec)