Vessel Commitments

As at 31 December 2015, the Group had vessel commitments of US$273.8 million. These vessels are scheduled to deliver to the Group between April 2016 and April 2017.

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

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US$ MillionNumber
of vessels
20162017Total
Contracted and authorised commitments
Handysize vessels
Supramax vessels
8
5
111.5
59.9
50.8
51.6
162.3
111.5
13171.4102.4273.8
Funding
Planned drawdown of committed
Japanese export credit facilities
(171.4)(139.7)(311.1)

At 31 December 2015, the Group had options to purchase 11 Handysize, 3 Supramax and 1 Post-Panamax vessels at predetermined times and prices during the period of their leases. These options are not expected to be exercised under the current market conditions.

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