Boston Carriers Inc. (OTC: BSTN) (Boston) announces that in December 2017 it entered into a contract to acquire a 46K dwt dry bulk carrier, 1996 built.

Boston Carriers signs contract to acquire a 46K dwt dry bulk carrier
Caption: Bulk carrier Nikiforos - Image courtesy of Ahmet Ünlügil

Boston will provide a down payment of 500,000 USD together with the issuance 10,000,000 shares of common stock restricted for four years at a price of 0.05 USD per share prior to delivery of the vessel.

Boston will pay 2,191 USD per day for a period of five years for having full use of the vessel. After the end of the payment schedule the vessel will be fully owned by Boston without any further payment.

Mr. Antonios Bertsos, Chairman and Chief Executive Officer, stated:  “Boston’s short term employment strategy allows the Company to capture any potential upside that arises in the dry bulk market.”

Bertsos added, “We believe in the dry bulk sector and will attempt to continue to grow our fleet with additional dry bulk Handysize-Handymax vessels.”

Related news: Boston Carriers Inc. Announces Completion of a Spot Voyage Contract and Entering a Further Spot Voyage for the mv Nikiforos

Source: Boston Carriers