For B + H Ocean Carriers Ltd
From Navinvest
Marine Services (
FOR IMMEDIATE RELEASE
B+H Buys Fifth OBO
B + H Ocean Carriers Ltd. (ASE:BHO) announced today that it agreed to purchase a 1992-built double hull combination carrier of approximately 75,000 dwt for $33,250,000 and also agreed to commit the vessel on a time charter for three years. The Company said the purchase will be completed and the vessel will be delivered by September 2005, with the charter commencing simultaneously.
The Company noted that the operating economics for the vessel were expected to be similar to those that applied to the three combination carriers which the Company purchased earlier this year, subject to operating costs, dry docking and off hire.
The Company will finance the acquisition with a combination of cash and additional borrowings.
The Company owns and operates seven Medium Range Product Tankers and four Combination Carriers.
Certain statements contained in this Press Release, including, without limitation, statements containing the words “believes,” “estimates,” “expects,” and words of similar import, constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission in its rules, regulations and releases, regarding the Company’s financial and business prospects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, those set forth above and in the Company’s Annual Report and other filings with the Securities and Exchange Commission. Given these uncertainties, undue reliance should not be placed on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained or incorporation by reference herein to reflect future events or developments.
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For further information, contact the Company’s website: www.bhocean.com
Company contact: John LeFrere
+1-917 225 2800