Western Bulk’s Shipholding division has agreed to enter into two additional Japanese lease time charter contracts with attractive extension and purchase options. Both vessels are Ultramax Eco-design from Japan with favorable delivery timing, having the following details:
“ Adding these high-quality vessels to WB Shipholding’s fleet underpins our amitions and strengthen our relationships in Japan by securing the best vessels available. In a market where newbuilding prices are increasing, we are very pleased to have concluded these contracts at similar terms as we have done earlier this year, ” says Jens Ismar, Chief Executive Officer of Western Bulk.
With these two vessels, WB Shipholding has a fleet of 25 vessels and newbuildings, of which 4 vessels are partly owned, 5 vessels and 16 Eco-newbuildings are chartered in with extension and purchase options. The chartered-in vessels with purchase options are chartered at attactive rate levels. The last 14 contracts concluded since beginning of 2012 (including the contracts above) are all Supra- and Ultramaxes with an average rate per vessel of approximately USD 13,000/day for the firm charter period. Contracts with purchase options effectively give WB Shipholding an attractive and fully leveraged exposure towards a potential future rebound in vessel values.
[mappress] Press Release, November 1, 2013