Delphis is a subsidiary of SAVERCO, one of CMB’s reference shareholders.
The acquisition will include a 50 percent participating interest in the joint venture company Ocean Capes Ltd., owner of the cape-size vessels Mineral Subic, Lake Dolphin and Bulk Canada. The remaining 50 percent will be held by the joint venture partner Boxlog.
The Lake Dolphin and Bulk Canada are on bareboat charter to CMB and Boxlog, respectively. The Mineral Subic is operated by the joint venture and is currently on a 10-year time-charter to STX Panocean (Korea).
The Lake Dolphin is on time charter to Louis Dreyfus Armateurs also for a 10-year period.
CMB will also acquire 100 percent of the shares of Blue Dolphin Shipping Ltd., owner of the handy-size vessel Rio Negro. The overall price for the 50 percent acquisition of Ocean Capes Ltd. and 100 percent of Blue Dolphin Shipping Ltd. amounts to $9 million and is based on the current market value of the vessels and the two time-charter contracts, CMB said.
