Ultrabulk Orders New Kamsarmax Bulker from Japanese Shipbuilder

Ultrabulk announced on Friday, January 11, 2013, that the company has entered into an agreement to secure a new generation Kamsarmax bulker of 81,000 dwt size, to be built by a leading Japanese shipbuilder and upon completion of construction to be placed on long term time charter of up to 13 years to the Ultrabulk platform. Delivery is set for the end of 2014, and includes options for Ultrabulk to buy the vessel during the charter period.

When adding this vessel to the long term fleet, ULTRABULK’s remaining newbuilding program totals 8 units and 2 optional vessels within the Handysize, Supramax and Panamax segments for delivery during 2013-2015. Japan remains the biggest supplier for ULTRABULK newbuildings.

“We continue to work very closely with major international industrial cargo partners building our long term cargo book that now runs for more than 10 years from present. We need to ensure that we continuously have a modern fleet of high quality able to offer our cargo partners the best possible hardware for their transportation needs and ambitions” says Per Lange, CEO of Ultrabulk. He continues “We definitely see the immediate future market will remain under considerable pressure from oversupply of tonnage and limited demand increases, but we cannot hit the absolute bottom of the market with our total fleet expansion program. We need to take it step by step. We believe in having a continuous newbuilding program whereby we not only ensure always having a modern fleet to service our partners, but also ensuring acceptable average tonnage costs.”