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March 30, 2017

Deals this week: DHT Holdings, MacGregor

Bermuda-based DHT Holdings has announced the acquisition of a very large crude carriers (VLCCs) fleet from BW Group for $538m.

Bermuda-based DHT Holdings has announced the acquisition of a very large crude carriers (VLCCs) fleet from BW Group for $538m.

The fleet comprises 11 VLCCs, including two newbuild vessels that are set to be delivered in 2018.

DHT will issue capital stock worth $256m to BW Group, in addition to a cash payment of $177.36m and assuming $104.16m in remaining obligations for the two newbuilds. The company intends to avail bank debt for meeting the cash component of the transaction.

The new VLCC fleet is currently scheduled for delivery during the second quarter of 2017, and is expected to increase DHT’s total fleet to 30 VLCCs.

"DHT will issue capital stock worth $256m to BW Group, in addition to a cash payment of $177.36m for the two newbuilds."

Cargotec subsidiary MacGregor will collaborate with Rolls-Royce to study the impact of autonomous technology developments on cargo ship navigation and cargo systems on container ships.

A memorandum of understanding (MoU) for the project has been signed between the two companies, which outlines plans for MacGregor and Rolls-Royce to exchange technical know-how regarding the development of autonomous container ships.

The study is expected to result in the reduction of unnecessary waste in the forms of inefficiency, damage to cargo, and dangerous working conditions.

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