MC Shipping Announces Acquisition of Liquefied Petroleum Gas Vessel
April 7, 2008
MC Shipping Inc., an international shipping company focused on the transportation of liquefied petroleum gas (“LPG”) and a portfolio company of BSMB, announced that it acquired the BW Munin, an LPG vessel from BW Gas. The vessel, built in 1989, is a fully refrigerated LPG tanker with 28,000 cubic meters capacity.
The vessel was delivered on April 2, 2008 and was renamed Henley Bridge upon delivery. Simultaneously with the purchase, the vessel was time-chartered back to a subsidiary of BW Gas for an initial period of three years.
“We are pleased to add the Henley Bridge to our fleet. The vessel fits well with our strategic and financial goals. We are actively considering other individual vessel and fleet acquisition opportunities,” said Tony Crawford, Chief Executive Officer, MC Shipping, Inc.
Following the delivery of this LPG tanker, MC Shipping Inc. controls or has commitments to a fleet of 23 LPG vessels ranging from 3,000 to 77,000 cubic meters capacity. The Company also retains a minority investment in three container carriers. Coupled with the recent acquisitions of the Golden Miller and the Garrison Savannah, the company continues to be an active acquirer of LPG vessels.
Ted Young, a Partner at BSMB, noted, “Since the completion of our acquisition of MC Shipping in September 2007, management has completed three vessel acquisitions and has turned in strong financial results. BSMB looks forward to continuing to support MC’s management in the execution of its long-term growth plan.”