Investment Policy

In order to achieve its investment objective, the Company will invest in a diversified Portfolio of vessels which will primarily be second-hand and which historically have demonstrated average yields in excess of the Company’s target dividend yield from time to time and are capable of being acquired at valuations that are expected to be below long-term average prices and depreciated replacement cost.

It is intended that the Company will hold vessels through SPV(s) which will be wholly owned and controlled by the Company and may be held through an intermediate holding company. The Company may acquire vessels through asset purchases (in which case the vessel will be transferred to an SPV) or through the acquisition of the relevant vessel owning SPV.

The Company may, in exceptional circumstances, also invest in vessels through joint ventures with other parties or other non-wholly-owned structures, although, in such circumstances, the Company will seek, wherever possible, to have a controlling interest.