In November 2012, we acquired a second-hand, 76,900 dwt, Japanese, 2003-built, Panamax class vessel, named Koulitsa, for a purchase price of $14.2 million. Koulitsa has been employed in the spot market.
The Company's operational fleet, as of November 9, 2012, was comprised of 24 drybulk vessels with an average age of 4.36 years and an aggregate carrying capacity of 2,208,100 dwt and consisted of six Panamax class vessels, six Kamsarmax class vessels, 10 Post-Panamax class vessels and two Capesize class vessels, all built post-2003.
In October 2012, we entered into a shipbuilding contract for the construction of one 181,000 dwt, Japanese-built, Capesize class newbuild vessel at an attractive price with expected delivery in January 2014. This vessel will replace a newbuild Capesize class vessel under construction which is experiencing excessive construction delays, in an existing 10 year period time charter. Such time charter was amended to allow vessel substitution with a later start date in January 2014 at a reduced gross daily charter rate of $23,100 for the first two and a half years. Other material charter party terms including the daily gross charter rate of $24,810 for the final 7.5 years remain unchanged.
In October 2012, we agreed with the relevant shipyard to delay scheduled deliveries of two Post-Panamax class vessels, from the second half of 2014 to the second half of 2015.
The Company, as of November 9, 2012, had contracted to acquire seven newbuild drybulk vessels with scheduled deliveries, at various times through 2015. The orderbook consists of three Panamax class vessels, two Post-Panamax class vessels and two Capesize-class vessels.
Set out below is a table showing our existing and newbuild vessels and their contracted employment.
---------------------------------------------------------------------------- Charter Charter Vessel Name DWT Year Built Country of Rate (2) Duration (1) construction USD/day (3)----------------------------------------------------------------------------Current Fleet----------------------------------------------------------------------------Panamax---------------------------------------------------------------------------- Apr 2011 -Maria 76,000 2003 Japan 20,250 Apr 2014---------------------------------------------------------------------------- Nov 2008 -Vassos 76,000 2004 Japan 29,000 Oct 2013---------------------------------------------------------------------------- Feb 2011 -Katerina 76,000 2004 Japan 20,000 Feb 2014---------------------------------------------------------------------------- Mar 2010 -Maritsa 76,000 2005 Japan 28,069 Mar 2015---------------------------------------------------------------------------- Jul 2012 -Efrossini 75,000 2012 Japan 15,700 Nov 2012---------------------------------------------------------------------------- Nov 2012 -Koulitsa 76,900 2003 Japan 9,000 Dec 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Kamsarmax---------------------------------------------------------------------------- Aug 2011 -Pedhoulas Merchant 82,300 2006 Japan 18,350 Aug 2013---------------------------------------------------------------------------- Aug 2008 - 41,850 BPI Jul 2013Pedhoulas Trader 82,300 2006 Japan + 6.5% (4) Aug 2013 - Jul 2015---------------------------------------------------------------------------- Jun 2012 -Pedhoulas Leader 82,300 2007 Japan 13,250 May 2014---------------------------------------------------------------------------- Oct 2012 -Pedhoulas Builder 81,600 2012 China 8,450 Nov 2013---------------------------------------------------------------------------- (BPI + 4%) Aug 2012 -Pedhoulas Fighter 81,600 2012 China -1,000 (5) Jul 2013---------------------------------------------------------------------------- Sep 2012 -Pedhoulas Farmer 81,600 2012 China 8,000 Sep 2013--------------------------------------------------------------------------------------------------------------------------------------------------------Post-Panamax---------------------------------------------------------------------------- Mar 2010 -Stalo 87,000 2006 Japan 34,160 Feb 2015---------------------------------------------------------------------------- Dec 2008 -Marina 87,000 2006 Japan 41,557 Dec 2013---------------------------------------------------------------------------- Oct 2008 -Sophia 87,000 2007 Japan 34,720 Sep 2013---------------------------------------------------------------------------- Apr 2010 -Eleni 87,000 2008 Japan 41,738 Mar 2015---------------------------------------------------------------------------- Feb 2009 -Martine 87,000 2009 Japan 40,500 Feb 2014---------------------------------------------------------------------------- Oct 2012 -Andreas K 92,000 2009 South Korea 8,125 Dec 2012---------------------------------------------------------------------------- Oct 2012 -Panayiota K 92,000 2010 South Korea 8,200 Nov 2012---------------------------------------------------------------------------- Nov 2012 -Venus Heritage 95,800 2010 Japan 10,250 Nov 2012---------------------------------------------------------------------------- Sep 2012 -Venus History 95,800 2011 Japan 12,000 Jan 2013---------------------------------------------------------------------------- Aug 2012 -Venus Horizon 95,800 2012 Japan 9,000 Dec 2012--------------------------------------------------------------------------------------------------------------------------------------------------------Capesize---------------------------------------------------------------------------- Sep 2011 -Kanaris 178,100 2010 China 25,928 Jun 2031---------------------------------------------------------------------------- Jan 2012 -Pelopidas 176,000 2011 China 38,000 Dec 2021----------------------------------------------------------------------------Subtotal 2,208,100--------------------------------------------------------------------------------------------------------------------------------------------------------New builds----------------------------------------------------------------------------Panamax----------------------------------------------------------------------------Hull No. 814 75,000 Jul 2013 Japan----------------------------------------------------------------------------Hull No. 1659 76,500 Oct 2013 Japan----------------------------------------------------------------------------Hull No. 1660 76,600 Feb 2014 Japan--------------------------------------------------------------------------------------------------------------------------------------------------------Post-Panamax----------------------------------------------------------------------------Hull No. 2396 84,000 Sep 2015 Japan----------------------------------------------------------------------------Hull No. 2397 84,000 Oct 2015 Japan--------------------------------------------------------------------------------------------------------------------------------------------------------Capesize---------------------------------------------------------------------------- DecHull No. 131 180,000 2012(6) China---------------------------------------------------------------------------- Jan 2014 -Hull No. 8126 181,000 Jan 2014 Japan 24,376 Jan 2024----------------------------------------------------------------------------Subtotal 757,100----------------------------------------------------------------------------Total 2,965,200----------------------------------------------------------------------------(1) For newbuilds, the dates shown reflect the expected delivery date.(2) Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable.(3) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of November 9, 2012, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.(4) A period time charter with a forward delivery date in August of 2013 for a duration of 23 to 25 months, at a gross daily charter rate linked to the BPI plus a premium of 6.5%.(5) A period time charter for a duration of 10 to 12 months, at a gross daily charter rate linked to the BPI plus a premium of 4% less $1,000.(6) Latest contractual date for vessel's delivery after which the Company has the option to cancel the contract.
