Norway: SinOceanic Shipping Takes Delivery of Container Vessel MSC Vega

SinOceanic Shipping ASA today took delivery of the 2nd largest container vessel in the world the MSC Vega. The second vessel MSC Altair will be delivered in late February 2012, and the third vessel MSC Regulus in April 2012.

The three vessels, together with YM Portland, a 4.400TEU vessel presently owned by the Company, will generate a total gross freight income of approximately USD 1 billion over the course of the Charter periods, with an EBIDTA of USD 60 million per year.

The agreed purchase price for each vessel is approximately USD 155 million, of which a total of approximately USD 62 million has already been paid as partial consideration prior to delivery. The USD 62 million pre delivery and deposit installments paid for the three new vessels have been financed by way of shareholder loans from the sponsor and largest shareholder in SINO, Oceanus International Investment AS. (“Oceanus”). Oceanus is owned by HNA Group Co. Limited, China (“HNA”) which is the ultimate owner of 33.33% of the shares in the Company.

The remaining part of the purchase price for the vessels which falls due on delivery, and the refinancing of the loans from Oceanus (HNA), was intended to be financed by raising new debt and equity.

[mappress]

Shipbuilding Tribune Staff, January 11, 2012; Image: er-ship