Malta-based shipping company AST Group plc on Friday announced that it has successfully acquired AST ECO, a vessel previously known as SEIYO SUNNY.

The vessel, which was acquired through AST Shipping 2 Ltd, a new shipping company that was incorporated last week and is wholly owned by AST Green Shipping Limited, was financed through part of the proceeds of the issue of the €8.5 million worth of 6.25 per cent secured bonds, maturing in 2033, AST Group said. The group issued the bonds earlier this year.

The acquisition is pursuant to the “successful completion of the appropriate structural and condition inspections” into the vessel.

AST Shipping 2 Ltd took delivery of the vessel on Friday (today), which has been registered under the Marshall Islands flag. First Preferred Marshall Islands Mortgage on the vessel was registered in favour of Onyx Trustees Limited as security trustee of AST Trust II for the benefit of bondholders.

The vessel is owned by AST Shipping 2 Ltd with effect from the date of acquisition.

The MV AST ECO is a 2007 build and has a gross tonnage of 1,972 being 76 metres in length. It shall be managed by DS Shipping Limited and chartered to Damask Investments Ltd by DS Chartering Limited and shall carry its intended cargo, including grains and containers. Through this way, AST Group shall be supported in the “volume increase in the existing trade routes”.

AST Group is a Malta-headquartered animal feed trading and shipping operations company that is structured across various companies and brands. The animal feed trading business operates across the Mediterranean and European regions under the Damask Investment brand, while its shipping and chartering business operate through DS Shipping Limited and DS Chartering Limited, respectively. Through its subsidiaries, the group also owns, manages, and charters a multipurpose vessel named AST/MALTA, primarily used for the delivery of animal feed across the Mediterranean Sea.