Business
Sale & Bareboat Charters
Sale & Bareboat Charters.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n Fisher (James) & Sons PLC\n01 June 2007\n\n\n\n\n\n\n\n\n\n\nFor release Friday 1 June 2007\n\nJAMES FISHER AND SONS PLC\nSale and Long Term Bareboat Charters for James Fisher Everard\n\n\nJames Fisher and Sons plc ('Fisher' or the 'Company'), the leading marine\nservice provider, announces that it has concluded the sale and ten-year bareboat\ncharters for the three 4,426 dwt clean petroleum product carriers, 'Speciality',\n'Seniority' and 'Superiority', built in 2006 and 2007 by Qingshan Shipyard,\nWuhan, China, for a total consideration of US$45 million. Fisher acquired the\nvessels as part of the acquisition of F T Everard & Sons Limited, completed in\nDecember 2006.\n\n\n\nThe transaction has been completed with FSL Trust Management Pte. Ltd., the\nTrustee-Manager of First Ship Lease Trust ('FSL Trust') which is listed on the\nMain Board of the Singapore Exchange Securities Trading Limited. FSL Trust\nprovides financing solutions and leasing services to the international shipping\nindustry. FSL Trust assumes full residual value risk at the end of the charter\nperiod. The bareboat charter agreements contain various extension and purchase\noptions for Fisher. In addition Fisher has the option to sell and bareboat\ncharter back a fourth sister ship of the same type due for delivery in late June\n2007, on identical commercial terms.\n\n\n\nChairman of James Fisher, Tim Harris, commented:\n\n\n\n'These bareboats complete the arrangement we intended on purchase of F T Everard\n& Sons at the end of last year. Compared with tax leasing and KG financing\nalternatives, FSL Trust offered attractive terms. As a result of these\ntransactions, the gearing of the Group has been reduced to approximately 70%.'\n\n\n\nEC Hambro Rabben & Partners acted as corporate finance advisor to the Company.\n\n\n\nFor further information contact\n\nJames Fisher and Sons plc Tim Harris Chairman 020 7614 9508\nEC Hambro Rabben & Partners Eivind Rabben 020 7355 4100\nFinancial Dynamics Richard Mountain 020 7269 7121\n\n\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2333,"tagName":"div"}]