Greek owner orders VLOC trio

Two of the vessels are scheduled to be delivered in the second and fourth quarters of 2012 and the third vessel is scheduled to be delivered in the first quarter of 2013. The total purchase price for the three vessels is approximately $204 million.

Anthony Kandylidis, ceo of OceanFreight, commented: “This newbuilding order is pivotal for the long-term development of OceanFreight. These three high specification bulk carriers were ordered at the behest of our customers and are specifically designed to serve the long-haul Brazil to China iron ore trade. Utilizing our close relationships with charterers we have secured employment for the vessels well in advance of their contractual delivery dates thereby locking in visible cash flows. The staggered periods and profit sharing element of the charters will serve us well into the future achieving both profitability and upside potential. Basset’s support for the project ensures that the project is fully funded from day one.”