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Vessel Commitments

As at 31 December 2014, the Group had vessel commitments of US$384.7 million. These vessels are scheduled to deliver to the Group between July 2015 and April 2017.

(US$ Million)Number
of vessels
201520162017Total
Contracted and authorised commitments
Handysize vessels1285.4129.834.7249.9
Handymax vessels623.359.951.6134.8
18108.7189.786.3384.7
Funding
Planned drawdown of committed Japanese export credit facilities(94.3)(153.6)(102.3)(350.2)

These commitments, along with future potential vessel acquisitions, will be financed by a combination of cash generated by the Group’s operations, existing cash and committed long-term borrowings. Where commitments are in currencies other than USD, the Group has entered into forward foreign exchange contracts to purchase the currencies at predetermined rates.

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