Oceanaut plans fleet purchase
Oceanaut Inc. said it will purchase nine dry bulk carriers, including five newbuildings, for $700 million in cash.
Athens-based Oceanaut is listed on the American Stock Exchange and was formed earlier this year by another dry bulk shipping company, Excel Maritime Carriers, as a “blank check” company to invest in ships. In March, Oceanaut raised $161 million through an initial public offering of stock.
Under the deal reached Monday, the companies associated with Restis family, from which it is purchasing the nine ships, will also invest $82.5 million in the company and receive about 10.3 million shares of the company’s stock.
At the conclusion of the deal, the Restis family will own about 30 percent of the company and Excel will own about 24 percent of the company’s outstanding shares of common stock.
Upon delivery of the vessels, the fleet will comprise two Capesize, four Panamax and three Supramax dry bulk carriers that will transport a variety of dry bulk cargoes such as coal, iron ore and grain.
The ship purchase and stock deal require approval of Oceanaut’s shareholders.
Oceanaut plans fleet purchase
