MC Shipping to Buy 2 LP Gas Tankers

July 5, 2006

MC Shipping Inc., said it plans to buy a pair of semi-refridgerated liquefied petroleum gas tankers from Germany's Bernhard Schulte Group. The company did not disclose the cost of the ships, but together with its recent purchase of the 20,700 CBM-capacity Hans Maersk, MC Shipping spent a combined $71.5m on the three vessels. The company said it expects to take delivery of the Tyco Brahe and the Immanuel Kant sometime before July 31. Then the company intends to time-charter the vessels back to the Schulte Group for use in the Scandigas Pool, a pool of vessels operated by A.P. Moller-Maersk Group of Denmark, for a minimum of 2 years. The rate was not disclosed. MC Shipping said the two vessels, which were paid for in cash and through a bank loan, should contribute $14.5 million in revenue annually. Separately, the company appointed Johan Wedell-Wedellsborg to its board of directors. He is the owner and chief executive of shipowner and operator Weco-Rederi A/S, as well as CEO of its Dannebrog Rederi subsidiary. Wedell-Wedellsborg replaces Tullio Biggi, who is stepping down from the board after two years. Source: AP

MC Shipping to Buy 2 LP Gas Tankers

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