Sanyo Hellas Holding to acquire new dry bulk carrier

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

28 Feb 2008

Investment company Sanyo Hellas Holding has agreed to acquire a new dry bulk carrier, the M.V. "Matira", a 1994-built handymax of 45,863-dwt, which will be renamed to "Stavros P." The transaction is worth $46.5 million and will be completed by the company's shipping arm, Exelixi Investment Public Ltd. and more specifically, through the latter's  affiliated company Gortynia Shipping SA. Cyprus-listed Exelixsi announced yesterday that the vessel is already under a two-year time-charter contract, which ends on March 1st of 2010. The purchase of the vessel will be funder by bank loans for the sum of $30.7 million, while the remaining $15.8 million will come from private funds. The MOA for the vessel's purchase was contracted at September of 2007. At that time, the ship's value was valuated by an independent party at $47.5 million, but according to the announcement, since then the ship's value has been increased, something which at the moment isn't reflected to Gortynia Shipping's net asset value, but clearly affects in a positive way, Exelixsi's participation value in the affiliated company. In January of 2007, the company also acquire a 95% stake in Shelton Shipping & Trading Corporation, a company which owns a 30% stake in Romylia Shipping Company, owner and operator of a 73,000-dwt panamax dry bulk carrier. Later last year and more specifically in July, Exelixsi, founded Neda International, owning the company's 77% of shares. By October of 2007, Neda had completed thw acquisition of "Dimitra" a 1995-built bulk carrier with a carrying capacity of 41,445-dwt. The investment stood at $38.9 million.