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Hellenic heads to Zhejiang for kamsarmaxes

Article-Hellenic heads to Zhejiang for kamsarmaxes

Hellenic heads to Zhejiang for kamsarmaxes

Shanghai: Hellenic Carriers Limited announced that two of its newly formed subsidiaries have entered into shipbuilding contracts with Zhejiang Ouhua Shipbuilding Co Limited of China for the construction of two 82,000 dwt kamsarmax vessels.??Each of the vessels will cost US$34.2m with delivery of the first vessel scheduled for January 2013 and the second vessel for March 2013.??In addition, the shipyard has granted an option to be declared by September 1st 2010 for a third 82,000 dwt kamsarmax vessel on the same terms as the vessels and with delivery in May 2013.??Payment for the vessels will be made in stages, with the initial installment amounting to 30% of the contract price due after signing and receipt of the relevant refund guarantees, the second 10% installment payable three months thereafter and the remaining 60% payable on delivery. The pre delivery installments will be funded from the company's cash reserves.??Hellenic Carriers intends to secure 60% to 65% bank financing to be drawn upon delivery of the vessels and is already in discussions with banks that have expressed interest in providing financing.  [06/07/10]

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