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1. Details of the Acquired Asset Name of Vessel : M.V. Teo (To be renamed Thor Achiever) Type of Vessel : Supramax Standard Bulk Vessel Size of Vessel : 57,015 DWT Year Built : 2010 2. The Parties Involved Buyer: Thoresen Shipping Singapore Pte. Ltd. Seller: Smart Shipmanagement Inc, Marshall Islands Relationship between Buyer and Seller: None 3. General Characteristics of the Transaction M.V. Teo (the “Vessel”) is a second hand Supramax standard bulk vessel of 57,015 deadweight tons built in 2010 by Qingshan Shipyard, Republic of China. It will become the largest vessel in our fleet, apart from M.V. Thor Friendship of 53,350 deadweight ton capacity which was delivered in January 2010. The Vessel can be used to carry all commodities suitable for this size of vessel, and she is fitted with CO2 in the cargo holds. TSS is a wholly owned subsidiary of TTA incorporated in Singapore in 2006 and will be the owner of the Vessel. Its present registered and paid-up capital is SGD 111.30 million. 4. Total Value of the Acquired Asset The total acquisition price of the Vessel is USD 34,500,000 (United States Dollars Thirty Four Million and Five Hundred Thousand Only), or approximately Baht 1,112,625,000 (Baht One Billion One Hundred Twelve Million Six Hundred and Twenty Five Thousand Only) using a USD/THB exchange rate of 32.25), which is the current market price. The size of the transaction equals 2.32% of the total assets of TTA and its subsidiaries as of 31 March 2010 (the total assets of TTA and its subsidiaries as of 31 March 2010 amounted to Baht 47,899,101,362). After the acquisition of this vessel, the Thoresen fleet will have an average size of 28,617 DWT and an average age of 16.51 years. 5. Benefit Expected to be Generated from the Transaction The acquisition is part of TTA’s ongoing fleet renewal program to develop a fleet of modern and standard dry bulk vessels and increase our operating efficiencies. TTA’s fleet objective is to have a balanced mix of standard Handysize, Handymax, and Supramax vessels. 6. Source of Funds TSS’s working capital and commercial bank loans 7. Delivery Date : 22 July 2010 Thoresen Thai Agencies Plc. press release |
