Pacific Basin to purchase 10 vessels through exercising purchase options
Pacific Basin Shipping Limited will purchase 10 vessels through exercising purchase options on 10 bareboat charterparties of vessels that are currently treated as finance lease vessels in its consolidated accounts. The owners of the vessels are two separate groups of sellers, said in the company's press release.
Five indirect wholly-owned subsidiaries of the Company entered into the First Agreement with the First Sellers, pursuant to which the First Buyers exercised the options under the relevant bareboat charterparties to purchase all five handysize vessels on 10 June 2013 for an aggregate consideration of US$56.3 million. Simultaneously, the bareboat charterparties of these five vessels were terminated.
On the same date, another five indirect wholly-owned subsidiaries of the Companyentered into the Second Agreement with the Second Sellers, pursuant to which the Second Buyers will exercise the options under the relevant bareboat charterparties to purchase all five handysize vessels on 29 July 2013 for an aggregate consideration of US$62.5 million. Upon such purchase, the bareboat charterparties of these five vessels will be terminated simultaneously.
