The transaction was approved by the independent directors of the Company based on third party broker valuations.
George Economou, Chairman and Chief Executive Officer commented:
"We are very pleased to have declared our first option to purchase a high specification VLGC with long term employment to an oil major at above market rates. This acquisition allows us to deploy the company's available liquidity immediately and will be highly accretive to earnings and cash flow. This marks the first acquisition of the company since the restructuring of its balance sheet and our first investment in the gas carrier segment which we believe has very positive long-term fundamentals."
