Bourbon $545M Deal for 16 Supramax Carriers

Monday, June 28, 2010

Bourbon announced that its subsidiary Setaf SA has signed a $545m sale agreement for 16 bulk carriers with U.S. group Genco Shipping and Trading Ltd. The closing is expected by end of July 2010.

“As a shipowner, we are a pragmatic company, and we seized an opportunity. Following the Group strategy for its Bulk Division, Setaf is actively managing its shipping activity as a freight operator as well as a ship owner, to offer customized services and dedicated advanced ships to its customers” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. “The contemplated sales will contribute significantly to the financing of the new “Bourbon 2015’ Leadership Strategy“.

Aside from the vessels sold, Setaf owns directly a 28,000 ton cement carrier, which is under a longterm charter to Lafarge, and charters a fleet of an average 10 to 12 chartered bulk carriers.

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