Clarification: My comments were based upon the PR release that included the following statement as part of the new time charter announcement:
"Separately, the Company also announced that on February 15, 2012, through one of its wholly owned subsidiaries, it completed the drawdown of US$37.45 million from its previously announced loan facility of US$82.6 million with The Export-Import Bank of China ("China Eximbank") having a majority interest and DNB Bank ASA as agent. The purpose of this drawdown was to partially finance the acquisition cost of the newly built m/v "Los Angeles", which was delivered to the Company on February 8, 2012."
That vessel was ordered a long time ago and the price at the time was considered "distressed" when purchased for $59 million in April 2010. Not a terrible price even today. Latest order for a 10% smaller vessel was at $48 million. They might be able to order a similar VLOC as the Los Angeles for $53 millin now.