MC Shipping Announces Acquisition of Three LPG Vessels
June 14 2007 - 6:59AM
Business Wire
MC Shipping Inc. (AMEX: MCX) announced today that it has agreed to
acquire three liquefied petroleum gas (LPG) vessels from the Komaya
Group of Japan. The vessels, Windermere, Ullswater and Grasmere,
built in 1995, 1996 and 1997, respectively, are fully pressurized
LPG tankers of 6,500 to 7,200 cbm capacity each. The acquisition is
being funded out of current cash holdings and a facility from one
of the Company's regular financiers. The vessels are expected to be
delivered before August 15, 2007. Simultaneously with the purchase,
they will be time-chartered to Vitol SA, a major international oil
and gas trading company for initial periods of up to 3 years.
�Earlier this year, we created a special purpose vehicle which
allowed us to retain exposure to our core market but also released
additional equity from our small LPG vessels to a German KG�,
stated CEO Tony Crawford. �Continuing our focus on LPG shipping, we
are pleased now to reinvest again in this attractive segment.� �The
Company estimates that the purchase will add approximately $10.5
million in revenue and $6.3 million in EBITDA in a full year of
trading, improve our fleet's age profile and increase our presence
in the chosen industry sector", concluded Crawford. Following the
delivery of these three LPG tankers, MC Shipping Inc. will fully or
partially own a fleet of 22 vessels, of which 18 are LPG carriers
ranging from 3,000 to 77,000 cbm capacity. The Company retains an
investment in four container carriers. ABOUT MC SHIPPING INC. MC
Shipping Inc. is an international shipping company focused on
maritime transportation of liquefied petroleum gas (LPG), with
headquarters in Monaco and an office in London. MC Shipping fully
or partially owns and operates a fleet of 19 vessels that serve the
world�s major oil, gas, shipping and trading companies.
FORWARD-LOOKING STATEMENTS Except for the historical information
contained herein, the matters discussed in this press release could
contain �forward-looking statements� that are based on current
expectations and assumptions that involve risks and uncertainties,
which could cause actual results to differ materially from those
predicted. MC Shipping Inc. undertakes no obligation to update any
forward-looking statement to conform to actual results or changes
in the Company�s expectations, whether as a result of new
information, future events, or otherwise.
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