M C Shipping (AMEX:MCX)
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From Jun 2019 to Jun 2024
MC Shipping Inc. (AMEX: MCX) (the "Company") announced
today that it has taken further steps to focus on the liquefied
petroleum gas (LPG) shipping sector with an agreement to acquire a
liquefied petroleum gas (LPG) tanker from the A.P. Moller - Maersk
Group of Denmark. The vessel, Hans Maersk is a 1993-built
semi-refrigerated LPG carrier of 20,700 cbm capacity. The acquisition
is being funded out of current cash holdings and a bank loan. The
vessel is expected to be delivered before July 31, 2006.
Simultaneously with the purchase, she will be time-chartered back to
A.P. Moller - Maersk for a minimum period of 5 years.
The Company further announced that it has signed contracts to sell
its two small coastal bulkers, Bay Trader and Link Trader. Delivery to
buyers is expected within June 2006.
"In line with our strategy, we continue to grow our interests in
the LPG sector and we are very pleased to have the chance to do that
with a secure long term contract," commented CEO Tony Crawford.
"Concurrently, while our investment in the Bay Trader and Link Trader
has been profitable for shareholders, the time has come to dispose of
these vessels that are non-core to the Company's main business. The
sale proceeds will be used for further investments in the LPG sector
shortly," continued Crawford.
Following the delivery of Hans Maersk and sale of two coastal
bulkers, the Company will fully or partially own a fleet of 17
vessels, of which 13 are LPG tankers ranging in capacity from 3,000 to
77,000 cbm. The Company retains an investment in four container
carriers.
This news release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, which
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. One can generally identify
these forward-looking statements because they contain "expect",
"believe", "anticipate", "estimate", "confident" and other words that
convey a similar meaning. One can also identify these statements as
statements that do not relate strictly to historical or current facts.
One should understand that it is not possible to predict or identify
all factors that could cause actual results to differ from the
Company's forward-looking statements. The Company expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect thereto
or any change in events, conditions or circumstances on which any such
statement is based.