BOURBON Continues to Sell Vessels

BOURBON has completed the transfer of ownership under the agreements with ICBC Financial Leasing (ICBCL) and Standard Chartered Bank (SCB) as part of the sale and bareboat charter agreements signed in 2013, the company announced today.

During 2014, the ownership of 25 vessels was transferred to ICBCL in accordance with the agreement signed in April 2013. Combined with the 21 vessels transferred in 2013, this brings the total number of vessels transferred to ICBCL to 46 for a total value of more than $1.4 billion.

BOURBON has also completed the transfer of vessels to SCB under the agreement signed in November 2013. The ownership of the remaining three vessels have been transferred as scheduled and combined with the three vessels transferred during 2013, totals six vessels for an approximate amount of $151 million.

At the beginning of December 2014, BOURBON signed an agreement with Minsheng Financial Leasing Co. (MFL) for the sale and bareboat charter of eight vessels for a total amount of approximately $202 million. The ownership of the first three vessels has been transferred for approximately $57 million. The remaining five vessels will be transferred to MFL during 2015. This agreement provides for a bareboat charter rate of 9.68% of the sale price per year for 10 years.