Alternative Financier Provides Equity

Completing its first investment, since it was established in 2007, Maritim Equity I invested EUR 11.25 million to purchase 75% of the equity in the M/S John Wulff, a 92,500 DWT mini-Cape. The ship company owner John-Peter Wulf owns the other 25% personally. The vessel is being constructed by the Chinese Yangfan Group and is scheduled for delivery in August 2010. Upon delivery, the vessel will enter into a five-year charter with Mitsui O.S.K. Lines at $32,000 per day.
The equity investment is spit into two pieces. Two-thirds of the investment is treated as preference capital earning 9.5% and is subject to repayment upon sale of the vessel. The remaining one third is lower ranking capital and will allow the investors to participate in the unrealized reserves.

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