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STX PanOcean seals innovative profit sharing charter

STX PanOcean seals innovative profit sharing charter

Athens: Dioryx Maritime, headed by D.Papadimitriou has completed the  signing of long term timecharter contracts with STX PanOcean for four 4,300 teu panamax container vessels which clients of Dioryx Maritime have ordered at Hyundai Heavy Industries. The vessels are scheduled for delivery in 2010. The charters are for 10 years, with further options from both sides and include the innovative use of a profit share element on two of the vessels. In return for giving a rate to STX Panocean at a discounted level compared to today's market, there is an agreement to share any uplift over and above the agreed base rate. The market rate for these vessels will be independently assessed on an annual basis and any increase from the charter rate will be shared between the owners and charterers. [12/12/07]

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