Expansion of the historical dry bulk platform
FreightWaves reports TOP Tankers’ agreement to acquire three Japan-built panamax dry bulk vessels for an aggregate $222m. Built in 2000 and 2001, the ships were expected to be delivered from September 2007 through March 2008 and to trade on the spot market.
The proposed financing combined loan facilities, working capital and future capital raising. The purchases were described as doubling the company’s panamax dry bulk fleet and continuing a diversification strategy announced earlier that year. The article records the business model and fleet plans of 2007 under the former TOP Tankers name, rather than a description of the company’s present tanker-focused activities.
An editorial summary of the linked publication. Figures and plans refer to its publication date.