The company’s first entry into dry bulk shipping
MarineLink reports agreements to acquire three dry bulk vessels: a supramax, a panamax and a handymax. The ships were expected to be delivered between September 2007 and January 2008, with individual charter arrangements and daily rates described for each vessel.
Management presented the transaction as TOP Tankers’ first move into the dry bulk sector and a way to reduce dependence on tanker shipping. Financing was expected to combine new loan facilities with proceeds from a recent share sale. The article explains an earlier diversification phase in the company’s development. Its charter terms and intended financing describe the announced 2007 transaction, rather than the company’s present operating focus.
An editorial summary of the linked publication. Figures and plans refer to its publication date.