SinOceanic Takes Delivery of Its New Vessel from HHI, South Korea

SinOceanic II AS took delivery of 13,100 TEU vessel MSC Altair today from Hyundai Heavy Industries Ulsan Shipyard, South Korea. The vessel is placed on a 15 year charter with MSC, the 2nd largest container line in the world, at a rate of USD 60.250,- daily.

The purchase price of “MSC Altair” (USD 154,4 million) and the initial working capital requirements of Sino II have been financed by the USD 100 million senior secured bond issue referred to in the Company’s press releases of 8th and 17th February 2012 and by a junior secured loan in the amount of USD 60 million provided to Sino II by Oceanus International Investment AS (Oceanus), the largest shareholder in the Company.

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Source: SinOceanic, March 28, 2012