U-SEA Bulk Shipping in new Joint Venture
SHIPPING: U-SEA Bulk Shipping has reached an agreement to establish a 50/50 joint venture with Far Eastern partner. The J/V will be domiciled in Singapore and will be conducting investments in dry bulk carriers primarily within the Panamax and Supramax segments.
The Joint Venture has signed its first Memorandum of Agreement to acquire a Panamax bulk carrier newbuilding scheduled to be delivered from Japanese shipyard in Q1 2011.
The vessel was previously chartered by U-SEA Bulk Shipping as part of their long term newbuilding program.
“Japan has historically played a very important role in the long term strategy of U-SEA Bulk Shipping. By establishing this J/V with our long term key Far Eastern partners to jointly invest in this vessel, we are reaffirming our long term commitment to the Japanese market, and at the same time strengthening our platform for continued growth and tonnage sourcing in Asia”, says Henrik Sleimann Petersen, Head of Shipholding.
U-SEA Bulk Shipping’s order book presently counts 14 long-term chartered vessels with purchase options and 2 owned or part owned newbuildings. 14 of these newbuildings will be built by Japanese shipyards.
Source: U-SEA Bulk Shipping / maritimedanmark.dk