South American grain trader acquires Panamanian shipping company
August 01, 1999
by Teresa Acklin
NEW YORK Centenary International Corp, an international grain trading and agricultural production and transportation company focused primarily on agricultural products from the Rio de la Plata region of Argentina, recently acquired the Panamanian shipping company Pisondix, with contracts to purchase two new 27,000-tonne dry cargo vessels.
The purchase will allow Centenary to “greatly expand its international transportation business,” the company said. Centenary said it paid U.S.$32 million for the two new ships, which are being built by Mitsubishi Heavy Industries, one of the world's largest ship-builders. The ships will have a time charter contract for five to six years with a major trading company, Centenary said, adding that the revenue from the time charter is expected to repay the investment within ten years.
The first vessel is due for delivery by February 2000, with the second vessel 14 months later. Centenary International Corp. is involved in the production, transport, storing and sales of agricultural and general commodities in South and Central America, the Middle East and the Pacific.