Under the transaction announced last week and arranged by Pareto Securities, the Nasdaq-listed company will enter into long-term bareboat-charter agreements, with ships purchased by the investors on a profit-sharing basis.
The KS company will provide up to $15m, with which one panamax or two smaller ships can be bought at today’s low prices.
“The idea was to buy one panamax but, if you can buy two handymaxes instead, that would be a good deal,” FreeSeas chairman, president and chief executive Ion Varouxakis told TradeWinds.
