Global buys vessel

PUBLISHED : Friday, 06 August, 1993, 12:00am
UPDATED : Friday, 06 August, 1993, 12:00am

GREECE-based Global Ocean Carriers has approved the purchase of a Panamax vessel for a US$7.22 million.

The vessel, to be named Global Adelaide and delivered in September or October this year, has a carrying capacity of 72,400 deadweight tonnes.

Under present market levels, such a bulk carrier could earn $10,500 to $11,000 per day, with total operating expenses for the December 1976-built vessel, projected to be $5,000 a day.

The vessel will be financed through additional borrowings, but the move would not alter the company's debt-to-equity ratio.

Global president Michael Jolliffe said: ''The Global Adelaide is a welcome addition to our fleet and should provide the company with higher cash-flow and higher returns as the bulk market improves.

''At the same time, we will continue to look for opportunities in the sales and purchase market.''