Noble, K-Line Form Joint Venture (USA)

Noble Chartering Inc (NCI), the dry bulk chartering arm of commodity trader Noble Group, and Kawasaki Kisen Kaisha, Ltd (“K” Line) announce the signing of an agreement to commercially operate several Cape Size Bulk Carriers. A new company (K Noble Hong Kong Ltd.) will run the joint venture which will be comprised of a pool of Cape Size Bulkers, starting July 2012.

The Venture is a natural consequence of the close relationship between the “K” Line Group and Noble that dates back several years, and follows a number of successful dry bulk projects between the companies.

NCI and “K” Line has identified major synergies between their respective Cape businesses. These will provide the new operation with efficiencies and cost savings, and additionally with enhanced market knowledge. This venture will be well positioned to offer competitive pricing and freight solutions to customers, while creating value for shareholders.

The joint venture will be managed out of Hong Kong.

[mappress]

Source: K Line, June 18, 2012