EMEA News
NOCC Gets $14M to Finance Fuel-Efficient Car Carrier
Norwegian Car Carriers ASA [NOCC.OL] (NOCC) announced that it has received binding orders for funding of about NOK 80 million ($14 million) to help finance its purchase of a fuel-efficient car carrier.
NOCC said the share sales total $43.2 million, the minimum it had sought from the private placement, at the price of the price of NOK 1.85 ($0.32) per share.
The fuel-efficient vessel, built at Mitsubishi Heavy Industries in 2010 and purchased from an undisclosed owner, has a capacity of 6,430 car equivalent units (CEU).
The financing amounts to 70 percent of the purchase price, with the remainder to be financed with equity.
NOCC has signed a seven-year time charter for the vessel with a major car carrier operator and logistics company, and the contract will add about $60 million to the company's revenue backlog.
Subscribers to the private placement include Klaveness Ship Investments AS and Wilhelmsen Lines Shipowning AS, which pre-committed to subscribe.
As of the end of 2011, NOCC, which is based in Norway, owned a fleet of 11 vessels and chartered in two others, according to its annual report.
