Global Oceanic Carriers Ltd. Takes Delivery of Its Sixth Vessel
02 Ottobre 2007 - 9:21AM
UK Regulatory
Global Oceanic Carriers
Global Oceanic Carriers Limited (AIM:GOC), a global provider of marine
transportation services for dry bulk cargoes, announced today that it has taken
delivery of the M/V "GO Friendship", a Handymax Bulk Carrier, which the company
had previously agreed to acquire for USD 37 million.
The M/V "GO Friendship" was built in Korea in 1994 and has a carrying capacity
of 44,875 dwt. As previously announced on July 10, 2007, the vessel has been
secured under a fixed-rate period time charter for 3 years with SAMSUN
CORPORATION at the gross rate of USD 26,850 per day.
Michael Tartsinis, Chief Executive Officer of Global Oceanic Carriers Limited,
commented: "We are pleased to have taken delivery of the M/V "GO Friendship",
our sixth vessel, and our first of two Handymax bulk carriers which we agreed to
acquire in June 2007. We expect to take delivery of the second vessel, the "Go
Star" within October 2007, expanding our operational fleet to seven vessels.
Furthermore, the three year time charter we have secured for the M/V "GO
Friendship" is in line with our strategy of employing our vessels under medium
to long term period charters with reputable charterers enabling us to generate
visible and predictable cash flows, enhance our profitability and sustain our
dividend policy, which commences in the current fiscal year, as announced.
"In this context, 100% of our fleet operating days for calendar 2007 and 83% for
calendar 2008, are already secured under fixed rate period employment".
Fleet profile
As of October 2, 2007, the composition and employment of our fleet is as
follows:
Vessel Type DWT Year Charter Charter Expected Daily
Name Built Commence- Period Rede- Charter
ment livery Hire (US$)
(Minimum
Period)
-------- --------- ------- ----- --------- ------- -------- ----------
GO 36
Patoro Capesize 150,108 1991 Jun-07 months Jun-10 32,000 (1)
-------- --------- ------- ----- --------- ------- -------- ----------
GO 23-25
Public Panamax 71,761 1993 Dec-06 months Nov-08 21,000
-------- --------- ------- ----- --------- ------- -------- ----------
12-14
GO Faith Panamax 65,125 1984 May-07 months May-08 28,000
-------- --------- ------- ----- --------- ------- -------- ----------
GO 26-29
Trader Handymax 45,693 1996 Jan-07 months Mar-09 19,250
-------- --------- ------- ----- --------- ------- -------- ----------
12
GO Pride Handysize 35,055 1982 Jun-07 months Jun-08 18,500
-------- --------- ------- ----- --------- ------- -------- ----------
GO
Friend- 36
ship Handymax 44,875 1994 Sept-07 months Sept-10 26,850
-------- --------- ------- ----- --------- ------- -------- ----------
Fleet
Total:
6
Vessels 412,617
-------- --------- ------- ----- --------- ------- -------- ----------
Additional Vessels (with expected delivery date and with charter
commencing upon delivery)
----------------------------------------------------------------------
-------- --------- ------- ----- --------- ------- -------- ----------
GO Star 36
(2) Handymax 43,656 1994 Oct-07 months Oct-10 27,000
-------- --------- ------- ----- --------- ------- -------- ----------
Grand
Total:
7
Vessels 456,273
-------- --------- ------- ----- --------- ------- -------- ----------
(1) The M/V "GO Patoro" is currently employed under a Time Charter until June
2010. For the first year of the time charter ending June 2008, the daily charter
rate is US$32,000. The rate for the second and third years ending June 2009 and
2010 will be US$27,000 and US$22,000 respectively.
(2) The M/V "GO Star" is scheduled for delivery in October 2007.
For further information please contact:
Global Oceanic Carriers Limited
Michael Tartsinis, Chief Executive Officer
Tel: +30 210 898 6362
E-mail: mtartsinis@gocarriers.com
www.gocarriers.com
or
Jefferies International Limited
Nick Davies
Tel. +44 (0)207 618 3500
E-mail: ndavies@jefferies.com
or
Investor Relations / Media:
Devina Artley
Capital Link (London)
Tel. +44 (0)207 614 2900
E-mail: gocarriers@capitallink.com
or
Paul Lampoutis
Capital Link, Inc. (New York)
Tel. +1 212 661 7566
E-mail: gocarriers@capitallink.com
www.capitallink.com
Further Information - Notes to Editors
About the Company
Global Oceanic Carriers Limited is a global provider of marine transportation
services for dry bulk cargoes through the ownership, management and chartering
of dry bulk carriers. The company is incorporated in Jersey and has its
principal executive offices in Athens, Greece.
The company's current fleet includes six dry bulk carriers, comprised of one
Capesize, two Panamax, two Handymax and one Handysize vessel. Global Oceanic
Carriers has also entered into agreement to acquire a Handymax vessel scheduled
for delivery in October 2007, thereby expanding its fleet to a total of seven
dry bulk carriers with an aggregate carrying capacity of 456,273 dwt.
GO Carriers is listed on the AIM market and its stock code is GOC.
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect the current views of Global Oceanic Carriers
Limited ("the Company") with respect to future events and financial performance
and may include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other statements,
which are other than statements of historical facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although the Company believes that these assumptions were reasonable
when made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to predict and
are beyond our control, the Company cannot assure you that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
changes in charter hire rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled drydocking,
changes in the Company's operating expenses, including bunker prices,
dry-docking and insurance costs, or actions taken by regulatory authorities,
potential liability from pending or future litigation, domestic and
international political conditions, potential disruption of shipping routes due
to accidents and political events or acts by terrorists. The Company does not
assume, and expressly disclaims, any obligation to update these forward-looking
statements.
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