ZAGREB (Croatia), August 20 (SeeNews) – Croatian shipping company Alpha Adriatic [ZSE:ULPL] said on Friday that its newly set-up joint venture company Alpha DCM Investments has bought two bulk cargo carriers.
Alpha DCM Investments, through its subsidiaries, signed the deals for the purchase of the vessels of 52,000 DWT each on August 20, Alpha Adriatic said in a statement to the Zagreb bourse.
The Punta and the Valovine vessels were built in Croatian shipyard Uljanik in 2013 and 2016, respectively.
Alpha Adriatic did not disclose the value of the deals and the names of the sellers.
With regard to the transactions, there is a loan deal with US financial institution EnTrust Global, while Alpha Adriatic group will provide technical, commercial and staff management of the ships, it added.
The vessels will be taken over in September and will be commercially employed with reputable tenants, sailing under Croatian flag, employing Croatian crew and will use services of a number of Croatian subcontractors, according to the statement.
Alpha Adriatic owns 50% in the Marshall Islands-registered Alpha DCM Investments LLC which was set up last month. The shipping company did not disclose back then who is holding the remaining 50% interest but said that Alpha Adriatic group will operate the ships, which will be controlled by the JV, while Dutch consultancy and investment company DC Maritime Partners will be in charge of corporate management.
Alpha Adriatic's shares traded 3.23% lower at 90 kuna ($14/12 euro) on Friday afternoon on the Zagreb bourse.
(1 euro=7.498 Croatian kuna)