Business Activities | SHIPPING
A substantial investment was made, by our overseas business interests, to acquire a fleet of dry bulk carrier vessels. The initial fleet comprised of one Handymax vessel and three Panamax vessels. During their tenure the vessels were traded internationally and were subject to lucrative charter agreements at the request of "triple A" clients, including some of the world's largest commodity trading organizations.
The addition of a further Panamax vessel was purchased and Bare-boat chartered back to a world leading steel company. This lucrative relationship continues to date.
Global Oceanic Carriers:
In June 2007 our overseas business interests decided to expand their interests in the shipping market and acquired an 80% stake in the AIM listed ship owner, Global Oceanic Carriers. This substantial investment added a further eight vessels to the original portfolio, along with a ship management and a ship brokerage operation. The stake was sub-sequentially sold in November 2008.