Pacific Shipping Trust to Acquire Supramax Bulk Carriers

30 November 2010 (Last Updated November 30th, 2010 18:30)

Singapore-based Pacific Shipping Trust has ordered five 57,000dwt Supramax bulk carriers from China-based Tianjin Xingang Shipbuilding Industry for $150m. The vessels will be delivered between November 2012 and April 2013. Upon delivery, the vessels will be chartered to South-Ko

Singapore-based Pacific Shipping Trust has ordered five 57,000dwt Supramax bulk carriers from China-based Tianjin Xingang Shipbuilding Industry for $150m.

The vessels will be delivered between November 2012 and April 2013.

Upon delivery, the vessels will be chartered to South-Korea based Glovis, an affiliate of the Hyundai Kia Automotive Group, for charter periods of eight and ten years.

Pacific Shipping said the contracted revenue for the vessels during their respective charter periods will be about $250m.

The trust’s sponsor, Pacific International Lines, has agreed to support the trust by providing pre-delivery financing for the latest acquisition.