April 2, 2008

SSY Capital completes bulker financing

SSY Capital LLC has successfully completed a financing for four bulk carriers "despite the credit crunch currently affecting the financial markets," according to an announcement by its president Thomas M. Kane.

The transaction provides ETA-Ascon Star Group with 100% financing for the purchase of four handysize bulk carriers totaling $87.87 million.

ETA-Ascon Star Group is one of the largest Dubai-based shipowning groups with a fleet of more than 60 bulk carriers and tankers including newbuildings.

SSY Capital is a subsidiary of SSY, a leading independent shipbroking group. SSY Capital operates from offices in New York, London and Singapore. It offers a range of financial products, including a variety of lease and debt structures and newbuilding finance structures that provide shipowners with up to 95% financing of the vessel contract price with no interest payments until the vessel delivers.