Yangfan Group receives order for a series of 64K bulk carriers
2013-11-15 09:00
Baltic Trading, a dry bulk carrier owner listed on the New York Stock Exchange, announced on the 13th (local time) that it will acquire up to four Ultramax dry bulk carriers from Yangfan Group Co., Ltd. of China.
Baltic will sign contracts to purchase two 64,000 DWT newbuildings once the relevant documentation and final conditions are completed. The contract includes two optional vessels of the same specifications, with the option expiring in January 2014. The purchase price is US\$28 million per vessel.
The two firm Ultramax newbuildings are scheduled for delivery in the third and fourth quarters of 2014, while the two optional vessels, if exercised, will be delivered in the second and third quarters of 2015. Given the relatively early delivery dates of the two firm vessels, the contracts may be resale contracts. The shipowner will use commercial bank financing and external funding to cover some of the acquisition costs.
Baltic President John C. Wobensmith stated, “The attractiveness of the vessel acquisition market has led to this, our third newbuilding purchase this year. Specifically, building up to four Ultramax dry bulk carriers based on Eco design will further enhance the competitiveness of our fleet in the long term.”
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