Uni-Asia Group is acquiring the vessel Trident Star from Polaris through the special purpose vehicle it owns a shareholding in, for US$18.40 million ($23.97 million).
Uni-Asia Group formed a special purpose vehicle with several parties on Oct 22 for the purpose of acquiring Trident Star Vessel. The aggregate value of the consideration which will be paid for Uni-Asia’s indirect shareholding interest in the Trident Star JVCo is approximately US$5.31 million, which is the consideration given for 65.1% of the shareholding interest in the Trident Star JVCo.
The Trident Star Vessel is a 57,836-deadweight tonnage (DWT) bulk carrier (based on the capacity plan by the shipyard) with IMO Number 9707637, sailing under the flag of Hong Kong.
It was built in October 2015 by Tsuneishi Heavy Industries (Cebu), Inc. and was operational and chartered upon being built. It is equipped with an electronically controlled eco-type engine and features a low friction hull coating to reduce fuel consumption.
Uni-Asia says that the vessel’s specifications are in line with its strategy to purchase vessels with more environmentally friendly specifications.
The Trident Star Vessel will be chartered to different third-party charterers upon completion of the acquisition. The profits of the Trident Star Vessel for the financial year ended 2021, 2022 and 2024 were approximately US$4.16 million, US$3.83 million and US$0.81 million, respectively. It suffered a loss of approximately US$0.36 million in FY2023 due to the global market downturn and a temporary rise in Covid-related costs
See also: Seatrium is making ‘steady progress’ towards its 2028 targets, says CEO Chris Ong
The special purpose vehicle intends to finance the acquisition through a mix of equity and debt.
Shares in Uni-Asia Group 0.5 cents lower or 0.571% down at 87 cents on Nov 7.
