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CMB acquires dry bulk assets from Delphis
Thursday, 05 April 2012 08:58

Last week the Board of Directors of CMB met and authorised the company to acquire the dry bulk assets of Delphis on the basis of current market values. 

Delphis is a subsidiary of SAVERCO, one of CMB’s reference shareholders.

The acquisition will include a 50% participating interest in the joint venture company Ocean Capes Limited, owner of the capesize vessels ‘Mineral Subic’, ‘Lake Dolphin’ and ‘Bulk Canada’. 

Joint-venture partner Boxlog will hold the remaining 50%.

The ‘Lake Dolphin’ and the ‘Bulk Canada’ are on bareboat charter to CMB and Boxlog, respectively.  The ‘Mineral Subic’ is operated by the joint venture and is currently on a ten year time charter to STX Panocean (Korea).

The ‘Lake Dolphin’ is on time charter to Louis Dreyfus Armateurs, also for a ten-year period.
 
CMB will also acquire 100% of the shares of Blue Dolphin Shipping Limited, owner of the handysize vessel ‘Rio Negro’.
 
The overall price for the acquisition of 50% of Ocean Capes Limited and 100% of Blue Dolphin Shipping Limited amounts to USD $9M and is based on the current market value of the vessels and of the two time-charter contracts.