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KDM purchases cargo vessel

KDM purchases cargo vessel

12 April 2013

Ukraine’s KDM Shipping (KDM PW) reported on April 11 it signed an agreement to purchase a Dutch-made dry bulk cargo vessel with a capacity of 2,970 DWT for EUR 2.857 mln. The 24-year old vessel will be delivered in mid-May and be activated immediately, the company said. With the acquisition, KDM Shipping will increase its cargo fleet capacity by 11% to 29,673 DWT.

Roman Topolyuk: With this deal, KDM Shipping has used up almost its entire IPO proceeds (USD 7.4 mln raised in July 2012), following a USD 2.99 mln acquisition of a 1,500 DWT vessel in Russia in December 2012. With the company’s total capacity having increased 17% yoy as of today, its cargo transportation segment should grow in 2H13, in terms of volume. Its margins are also likely to grow further, given its stated intention to have three vessels (out of total 10 units currently) adopt the Russian flag, which would allow them to operate in Russian seaports, where market conditions bring higher margins than Ukraine’s Azov Sea ports.

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