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BOURBON announces the signing of a US$ 545 million sale agreement for 16 Supramax Bulk carriers

Paris, June 25, 2010, pdf file

BOURBON announces that its subsidiary Setaf SA has signed a US$ 545 sale agreement for 16 bulk carriers with US group Genco Shipping and Trading Ltd.

The closing is expected by end of July 2010.

“As a shipowner, we are a pragmatic company, and we seized an opportunity. Following the Group strategy for its Bulk Division, Setaf is actively managing its shipping activity as a freight operator as well as a ship owner, to offer customized services and dedicated advanced ships to its customers” says Jacques de Chateauvieux, Chairman & Chief Executive Officer of BOURBON. “The contemplated sales will contribute significantly to the financing of the new “BOURBON 2015’ Leadership Strategy“.

Aside from the vessels sold, Setaf owns directly a 28,000 ton cement carrier, which is under a longterm charter to Lafarge, and charters a fleet of an average 10 to 12 chartered bulk carriers.