MC Shipping Announces New LPG Tanker Acquisition and Sale of Two Coastal Bulkers
June 16 2006 - 10:05AM
Business Wire
MC Shipping Inc. (AMEX: MCX) (the "Company") announced today that
it has taken further steps to focus on the liquefied petroleum gas
(LPG) shipping sector with an agreement to acquire a liquefied
petroleum gas (LPG) tanker from the A.P. Moller - Maersk Group of
Denmark. The vessel, Hans Maersk is a 1993-built semi-refrigerated
LPG carrier of 20,700 cbm capacity. The acquisition is being funded
out of current cash holdings and a bank loan. The vessel is
expected to be delivered before July 31, 2006. Simultaneously with
the purchase, she will be time-chartered back to A.P. Moller -
Maersk for a minimum period of 5 years. The Company further
announced that it has signed contracts to sell its two small
coastal bulkers, Bay Trader and Link Trader. Delivery to buyers is
expected within June 2006. "In line with our strategy, we continue
to grow our interests in the LPG sector and we are very pleased to
have the chance to do that with a secure long term contract,"
commented CEO Tony Crawford. "Concurrently, while our investment in
the Bay Trader and Link Trader has been profitable for
shareholders, the time has come to dispose of these vessels that
are non-core to the Company's main business. The sale proceeds will
be used for further investments in the LPG sector shortly,"
continued Crawford. Following the delivery of Hans Maersk and sale
of two coastal bulkers, the Company will fully or partially own a
fleet of 17 vessels, of which 13 are LPG tankers ranging in
capacity from 3,000 to 77,000 cbm. The Company retains an
investment in four container carriers. This news release contains
forward-looking statements, within the meaning of Section 21E of
the Securities Exchange Act of 1934, which are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. One can generally identify these forward-looking
statements because they contain "expect", "believe", "anticipate",
"estimate", "confident" and other words that convey a similar
meaning. One can also identify these statements as statements that
do not relate strictly to historical or current facts. One should
understand that it is not possible to predict or identify all
factors that could cause actual results to differ from the
Company's forward-looking statements. The Company expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in the Company's expectations with
respect thereto or any change in events, conditions or
circumstances on which any such statement is based.
M C Shipping (AMEX:MCX)
Historical Stock Chart
From Sep 2024 to Oct 2024
M C Shipping (AMEX:MCX)
Historical Stock Chart
From Oct 2023 to Oct 2024