Iason Hellenic Shipping Co. Ltd (IHS) announces its expansion into the Ultramax segment with the acquisition of a Crown 63 Super-eco type bulk carrier, M/V "Caravos Liberty".

In late 2012, we entered into a prompt resale agreement to acquire a 63,301 dwt Ultramax bulk carrier under construction at Dayang Shipbuilding of Sinopacific Shipbuilding Group in China. The vessel has been built under the close supervision of STCO-Paris, a division of Setaf-Saget of France.

IHS has successfully completed a debt capital raising for this acquisition through a syndicated loan facility, working closely with a major European ship finance originator and lender. On 7 February 2013, M/V Caravos Liberty was delivered to its new owners at a ceremony held at Dayang shipyard, attended by the Newbuildings team of IHS and led by Mr. Themistocles Al. Petrakis, Commercial Director of IHS.

This latest design and highly fuel efficient vessel has been added to the fleet under management and chartered to Louis Dreyfus, a global leader of agricultural commodities trading, under a medium term period charter.

Mr. Themistocles Al. Petrakis on the occasion commented as follows: "We are excited with our entry into this dynamic segment through the acquisition of a highly fuel efficient vessel. This acquisition brings us closer to our vision of expanding our transport capacity and becoming a preferred service provider whilst working with our  principals to reduce overall transportation costs and green house gas emissions. In keeping up with our strategy, we aim to further expand in this segment by adding more vessels with similar performance advantages with a view to offering a distinctly reliable service at a lower overall transport cost to our customers."

Iason Hellenic Shipping Co. Ltd is a leading international transporter of dry bulk commodities at sea and ship management firm established in 1983. IHS provides a full suite of commercial, technical, crew and other ship management services to its principals and through its managed fleet, has transported over 30 million tonnes of dry bulk commodities on behalf of a wide range of distinguished charterers.