AST Group plc on Wednesday (today) announced that it has acquired AST RISING, a vessel previously known as SMART RISING, through AST Shipping 3 Ltd. The MV AST RISING is a 2009 build and has a gross tonnage of 4109, being 99.89 metres in length.

The Malta-based animal feed trading and shipping operations company, explained that the vessel has been inspected on appropriate structure and condition. In addition, AST Shipping 3 Ltd delivered the vessel on Wednesday and has been officially registered under the Malta maritime flag.

AST RISING was financed through part of the proceeds of the issue of €8.5 million worth of 6.25 per cent secured bonds maturing in 2033. The bond issue was announced earlier this year, with plans to expand the company's fleet while continue to increase its animal feed operations

As explained in the Prospectus, a First Preferred Mortgage on the vessel was registered in favour of Onyx Trustees Limited as security trustee of AST Trust II for the benefit of bondholders on Wednesday. As a result, ownership of the vessel vests in AST Shipping 3 Ltd with effect from said date.

AST RISING will be managed by DS Shipping Ltd and chartered to Damask Investments Ltd by DS Chartering Ltd and shall carry its intended cargo, including grains and containers, “thereby supporting the group in the volume increase in the existing trade routes.”