South Korea: SinOceanic Takes Delivery of 13.100 TEU Vessel MSC Altair

March 28, 2012

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.

Vessel particulars:

Length o.a. – 366,5m

Length p.p. – 350m

Breadth(mld) – 48,2m

Depth(mld) – 29,85m

Draught – 15,5m

Hyundai Heavy (HHI), the world’s number one shipbuilder, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry

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Shipbuilding Tribune Staff, March 28, 2012;