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Boston Carriers to acquire handymax dry bulk carrier

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Dry Bulk,

Last month, Boston Carriers Inc. entered into a contract to acquire a 46K dwt dry bulk carrier, 1996 built.

Boston will provide a down payment of US$500 000 together with the issuance 10 million shares of common stock restricted for four years at a price of US$0.05/share prior to delivery of the vessel. Boston will pay US$2191/day for a period of five years for having full use of the vessel. After the end of the payment schedule the vessel will be fully owned by Boston without any further payment.

Antonios Bertsos, Chairman and CEO, stated: “Boston’s short term employment strategy allows the company to capture any potential upside that arises in the dry bulk market.”

Bertsos added: “We believe in the dry bulk sector and will attempt to continue to grow our fleet with additional dry bulk handysize-handymax vessels.”

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