Hunter Buys Five Capsize Bulkers
Hunter Maritime Acquisition Corp. said it has entered into definitive agreements pursuant to which it has agreed to purchase, for an aggregate purchase price of $139.4 million in cash, five identified Capesize dry bulk carriers in an en-bloc transaction from five Cyprus-based companies affiliated with one or more members of the Oskar Wehr group of companies of Hamburg, Germany.
The vessels were built by Chinese shipyard New Times Shipbuilding Co. Ltd. and consist of MV Charlotte Selmer (2011), MV Greta Selmer (2011), MV Tom Selmer (2011), MV Lene Selmer (2010) and MV Hugo Selmer (2010). The vessels have a combined cargo-carrying capacity of approximately 876,352 deadweight tons and an average fleet age of approximately 6.2 years.
Four of the vessels are employed on time charter, expiring as early as July 2017, August 2017, December 2017 and February 2018, respectively. As part of the acquisition, the company expects to have the time charter agreements or other employment arrangements that are in place upon the consummation of the acquisition novated to the company or otherwise assumed by the company.
Commencing upon the closing of the acquisition, it is intended that Oskar Wehr Group affiliate Ambra Shipmanagement Ltd. will continue to provide technical management services for the vessels, while Hunter affiliate Bocimar International NV will provide commercial management services.
In connection with the acquisition, Hunter said it intends to offer to purchase up to 8,233,100 of its Class A common shares, par value $0.0001 per share, that were sold in the company’s initial public offering, at a purchase price of $10.00 per share, subject to certain conditions. Only Class A common shares validly tendered, and not properly withdrawn, will be purchased by the company pursuant to the tender offer. Class A common shares tendered pursuant to the tender offer but not purchased by the company in the tender offer will be returned at the company’s expense promptly following the expiration of the tender offer.
The closing of the acquisition is conditioned upon certain factors, including final approval of the company’s board of directors, the successful closing of the tender offer and the company having available funds sufficient to pay the purchase price of the vessels.
