Ultrabulk Continues Its Fleet Expansion

In addition to the announcement covering three newbuilding units made by Ultrabulk on March 19th, Ultrabulk now confirms having added five further units to its long term fleet. The new units are one additional 61,000tdw Supramax bulker to be built at a Japanese yard and scheduled for delivery 2016, joined by another 81,000tdw Kamsarmax bulker for delivery in 2015.

Both of these units are of the new generation Eco-type design and scheduled to be delivered on up to 12 and 13 years charter to the Ultrabulk platform and includes the option for Ultrabulk to buy the vessels during the charter period.

Ultrabulk has further expanded their contract with Japanese builder Oshima Shipbuilding Company from previously confirmed two to three units of the new generation Eco-type Handysize bulkers of 37,000tdw. While the first two units were ordered as Ultrabulk own purchase, the third unit has been confirmed with the support from Japanese partners, and will enter the Ultrabulk platform on a time charter of up to 8 years and also includes the option for Ultrabulk to buy the vessel during the charter. The third Oshima built vessel is scheduled for delivery in 2015.

“This is a natural development for our long term fleet renewal program that we started in 2012 when we contracted three firm units within the handysize segment” says Henrik Sleimann Petersen, Executive Vice President and Head of Ship Holdings and continues “There are still considerable challenges facing the dry bulk market in the years to come with a very sizeable order book, but we consider newbuilding contract prices have reached a level where we, with strong support from long term financial and commodity partners, have been able to continue our commitment to the long term market by adding additional units to our fleet.”

Ultrabulk further announces having entered into a 50/50 joint – venture with Norwegian shipping fund “Maritime Opportunities” for the joint ownership of two 36,000tdw Handysize bulkers to be built at Chinese yard, Samjin Shipbuilding. The first vessel was contracted by Ultrabulk in 2012, and with the establishment of the joint – venture, Ultrabulk has now declared the option for the second unit. This second vessel is scheduled for delivery in 2015. Both vessels will upon completion of construction from the yard enter the Ultrabulk commercial platform.

Ultrabulk continues to focus on new generation Eco-type designs built at reputable yards. The primary source of the Ultrabulk future fleet remains to be the Japanese market, but with the confirmation of a 2nd unit from Samjin Shipbuilding the commitment has also ventured into China.

[mappress]
Press Release, May 8, 2013