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CMA Shipping 2011

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A Deal for the Times

While we do not normally cover commercial transactions, we thought the announcement by Eitzen Bulk Shipping (“Eitzen”) of a long-term COA was noteworthy as an example of an enabler of financing both through credit enhancement as well as contracted days. The COA is with ThyssenKrupp Slab International B.V., a joint venture between ThyssenKrupp and Vale for the transportation of ~50 million metric tons of steel slabs from Brazil to the U.S. and Europe over a period of 11 years. The total contracted revenue is expected to be approximately $727 million. The company attributes its selection after a lengthy two-year process to its ability to provide an innovative and complete logistical solution as well as its investment in a local office and port terminal facilities.

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