The vessel was purchased from interests associated with George Economou for $40 million. The acquisition expands OceanFreight’s fleet to 13 vessels, comprised of four tankers and nine drybulk carriers. Delivery of the M/T Tigani is expected in the fourth quarter of 2008.
The company has entered into an agreement to time charter the M/T Tigani for a period of approximately one year to Heidmar at a gross daily rate of approximately $29,800 per day.
The time charter is expected to commence concurrently with the vessel’s delivery to OceanFreight. A company associated with Mr Economou owns 49% of Heidmar, while another 49% is owned by Morgan Stanley.
Anthony Kandylidis, president and CEO of OceanFreight, said: The acquisition of our 13th vessel not only allows us to expand further into the tanker sector but also enhances a strategic relationship with a first-class counterparty such as Heidmar. Our expansion in the tanker sector will allow us to capitalize on the positive fundamentals of the crude oil tanker market.
