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lezte Mitteilung der homepage: www.jinhuiship.com - 1 - JINHUI SHIPPING AND TRANSPORTATION LIMITED JIN - AGREEMENT SIGNED ACQUISITION OF A VESSEL The board of directors (the “Board”) of Jinhui Shipping and Transportation Limited (the “Company”) announces that Jinrui Marine Inc. (“Jinrui”), a wholly-owned subsidiary of the Company, entered into a memorandum of agreement on 29 October 2007 to acquire a Panamax newbuilding at a purchase price of US$67,250,000 (the “Acquisition”). THE AGREEMENT The Acquisition Pursuant to a memorandum of agreement (the “Agreement”) entered into between Jinrui and Xing Long Maritime S.A. (the “Vendor”) on 29 October 2007, Jinrui has agreed to acquire from the Vendor a deadweight 76,500 metric tons type bulk carrier (the “Vessel”), which is currently under construction in Japan, at a purchase price of US$67,250,000. The Vessel is proposed to be used for chartering out to gain operating income by Jinrui after delivery. To the best of the Board’s knowledge, information and belief having made all reasonable enquiry, the Vendor is an independent third party not connected with the directors, chief executive or substantial shareholders of the Company or its subsidiaries or any of their respective associates. Consideration The purchase price for the Vessel is US$67,250,000 and is payable by Jinrui in the following manner: (1) the first installment in the sum of US$6,725,000 will be payable to the Vendor's designated bank account within three banking days upon signing of the Agreement; (2) the second installment in the sum of US$6,725,000 will be payable on 24 April 2008; (3) the third installment in the sum of US$6,725,000 will be payable on 29 August 2008; and (4) the last installment in the sum of US$47,075,000 will be payable upon delivery of the Vessel. The purchase price for the Vessel will be payable by cash in United States Dollars. It is currently expected that the purchase price will be funded by bank financing and internal resources of the Company and its subsidiaries (the “Group”). The purchase price was determined with reference to current market values of similar type of vessels based on information from our shipbrokers and on the basis of arm's length negotiations. - 2 - Delivery The Agreement provides that the delivery of the Vessel will take place during the period from 1 April 2009 to 31 May 2009. Pursuant to the terms of the Agreement, if there is any delay in delivery of the Vessel, Jinrui has the right to rescind the Agreement and the Vendor shall thereupon promptly refund the full amount of all sums received by the Vendor together with interest accrued thereon to Jinrui. Guarantees The Company will guarantee the performance of Jinrui under the Agreement in favour of the Vendor. ORIX Corporation, the holding company of the Vendor, will also guarantee the performance of the Vendor under the Agreement in favour of Jinrui. REASONS FOR THE ACQUISITION The Group’s principal activities include international ship chartering and ship owning. The Acquisition will enable the Group to further complement our owned young and modern fleet of vessels to serve the growing needs of our customers. The Group currently owns fifteen modern grabs fitted Supramaxes, one modern Panamax and one modern Capesize. In addition to the existing owned vessels as mentioned above, after the Acquisition and taking into account all existing commitments to acquire and dispose of other vessels as announced by the Company previously, the Group will have additional nineteen newly built grabs fitted Supramaxes, one second hand Handymax and one newly built Panamax for delivery going forward, where one of which will be delivered in 2007, five in 2008, seven in 2009, five in 2010, two in 2011 and one in 2012. The terms and conditions of the Agreement have been agreed on normal commercial terms following arm’s length negotiations. The Board considers such terms and conditions are fair and reasonable and in the best interests of the Company and its shareholders as a whole. The Company believes it is an opportune moment during recent market situations to further expand its fleet of vessels in order to increase operating income for the Group. By Order of the Board Ng Kam Wah Thomas Managing Director 29 October 2007 |
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| aus der Diskussion: | JINHUI - Chancen auf den Weltmeeren |
| Autor (Datum des Eintrages): | Makalu8000 (01.11.07 21:16:01) |
| Beitrag: | 5 von 22 (ID:32242108) |
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