B+H Gets Back in the Game

B+H Gets Back in the GameB+H Ocean Carriers (AMEX: BHO), the Rhode Island-based owner of vintage product tankers, has emerged from the shadows with a very interesting transaction this week. The company has purchased three mid-90’s-built double-hull OBOs from Christen Sveaas for $110.2 million, bringing their total OBO fleet up to 4 units. Upon the delivery of the vessels in March, they will go immediately onto five-year time charters to what we understand is a major energy company. This deal is somewhat reminiscent of the one that General Maritime did with Glencore on its OBOs last year. The appeal to the charterers is that the ships can carry “energy cargoes, both wet and dry, comprised principally of fuel oil, clean petroleum products and coal,” B+H said.
B+H Ocean Carriers (AMEX: BHO), the Rhode Island-based owner of vintage product tankers, has emerged from the shadows with a very interesting transaction this week. The company has purchased three mid-90’s-built double-hull OBOs from Christen Sveaas for $110.2 million, bringing their total OBO fleet up to 4 units. Upon the delivery of the vessels in March, they will go immediately onto five-year time charters to what we understand is a major energy company. This deal is somewhat reminiscent of the one that General Maritime did with Glencore on its OBOs last year. The appeal to the charterers is that the ships can carry “energy cargoes, both wet and dry, comprised principally of fuel oil, clean petroleum products and coal,” B+H said.

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