PST in $60m multipurpose vessel deal

Singapore: Pacific Shipping Trust (PST) is continuing to diversify buying a pair multipurpose (MPP) newbuildings to be chartered to Cosco Xiamen. PST is paying $60m for two 24,000 dwt MPP shipbuilding contracts at China Shipbuilding and Offshore International and Dalian Shipbuilding Industry. The vessels are due to be delivered in the third and fourth quarters of 2012. The vessels will be chartered for 10 years at $14,900 daily to Cosco Xiamen. "This transaction provides further asset diversification in PST's vessel portfolio which will now include containerships, bulk carriers and multi-purpose vessels. This diversification is expected to benefit unitholders by reducing the reliance of PST's income stream on any particular vessel type," PST said. [11/10/10]