WAML in newbuild charter deal

Chennai-based West Asia Maritime Ltd (WAML), which is into dry bulk transportation business, has entered into a $33.5 million agreement with Mitsui of Japan for taking a bulk vessel under bareboat charter with purchase option deal. The deal is believed to be the first-of-its-kind in Indian industry. Under the charter deal, WAML will be getting the vessel for a period of 12.5 years and would have the option to buy the vessel during the charter period at a pre-determined price.

The 56,120 DWT bulk carrier, which will be built by IHIMU, Japan, is expected to be delivered in the first quarter of 2008. WAML, along with its two subsidiaries in Singapore, owns and operates a fleet of about 23 bulk carriers and two chemical tankers. It has also entered the bulk chemical business for movement of sulphuric acid, phosporic acid and vegetable oil.