We are pleased to report a comprehensive package deal with Singapore-based Trust Energy Resources, a subsidiary of Tata Power Company. It involved the acquisition of the following Capesize bulk carriers at an en bloc price of US$ 212,760,000:

• MV “Trust Amity” (tbrn “Hark Oldendorff) 209,300 tdw, built 2016 at Yangzijiang
• MV “Trust Agility” (tbrn “Tete Oldendorff”) 180,600 tdw, built 2011 at STX, Korea
• MV “Trust Integrity” (tbrn “Tilda Oldendorff”) 180,600 tdw, built 2011 at STX, Korea

The vessels will be taken over within the next 3 weeks in China and Europe. The transaction is a package deal that includes long term contracts of affreightment for the transportation of coal to India. MV “Trust Amity” was already on time charter to us since it was delivered from Yangzijiang Shipyard 4 years ago.

“The sale of our shipping assets announced today is in line with our long term plans to reduce debt and raise funds to invest in our future growth plans, including expanding our presence in the renewable energy business.” said Praveer Sinha, CEO & MD, Tata Power.

Peter Twiss, President and CEO of Oldendorff Carriers stated: “The deal is a testament to our customer commitment. We appreciate very much our relationship with Tata Power, and we are pleased to extend it further. The Tata group is one of the most respected companies in the world and it is great to be part of reaching their strategic objectives. At the same time, we are strengthening even further our trades in/out of India. We see India as one of the drivers for the years to come for the dry bulk market, and we want to be part of that growth.”

Tata Power is India’s largest integrated power company whereas Oldendorff Carriers is a leading dry bulk ship owner and operator, headquartered in Germany.