50/50 joint venture established
12. January 2011
| Editorial staff Ship&Offshore
U-SEA Bulk Shipping, Copenhagen, has reached an agreement to establish a 50/50 joint venture with a Far Eastern partner. The J/V will be domiciled in Singapore and will be conducting investments in dry bulk carriers primarily within the Panamax and Supramax segments.
The J/V has signed its first Memorandum of Agreement to acquire a Panamax bulk carrier newbuilding scheduled to be delivered from a Japanese shipyard in Q1 2011. The vessel was previously chartered by U-SEA Bulk Shipping as part of their long term newbuilding program.
