Sell Ship

PAL Indonesia Implements Tribon

PAL Indonesia has purchased the entire Tribon Shipbuilding system for design and production of ships at its shipyard in Surabaya. PAL Indonesia has chosen to implement the complete hull and outfitting applications of the Tribon system to increase the yard's automazation and efficiency. PAL Indonesia has more than 20 years of experience in designing, engineering and building commercial and naval ships. Some examples are passenger ships, tankers, bulk carriers, container ships, corvettes and fast patrol boats. PAL Indonesia has the largest shipbuilding facilities in Southeast Asia. The shipyard is equipped with modern panel lines, plasma cutting machines, and with a fully automated pipe bending and welding machine. PAL Indonesia has also signed up for Tribon.com - the neutral Internet service for the maritime industry linking together shipyards, maritime equipment suppliers and ship owners in a comprehensive global network. Dr. Ir Adwin H. Suryohadiprojo, President Director PAL Indonesia, said "By implementing the Tribon system we will be part of the Tribon infrastructure giving us increased opportunities to co-operate with more shipyards, as many shipbuilders world-wide are Tribon users. It will be easier for us to buy and sell ship designs made in Tribon. Our flexibility will increase as it will be easier for us to hire designers trained in Tribon, and furthermore we can easily outsource design tasks as many design engineering offices are using Tribon."

South Korea Faces WTO Action For Shipbuilding Practices

The European Union is considering taking action against South Korea under the World Trade Organization, accusing the country of using western subsidies to sell ships at below construction cost and putting European rivals out of business. "The sector is facing a critical situation worldwide with very low prices and a serious overcapacity caused by the Republic of Korea," EU industry ministers said after a regular meeting where they discussed a European Commission report on the world

Tsakos Sells Ships

Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the sale of the 1998-built 107,181 dwt Aframax tankers Maria Tsakos and Athens 2004 to an independent Greek-based operator. The Maria Tsakos will be delivered to her new owners on July 11, 2007 resulting in a $31 million capital gain that will be recorded in the third quarter of this year. The Athens 2004 will be delivered in the beginning of the fourth quarter resulting in an additional $31 million capital gain to be recorded at that time

Shipsales

Shipsales Tanker Sentinel - (built 1986) 106,722 dwt sold for $14.4 million. Tanker Bow Explorer - (built 1975) 31,501 dwt sold to Vulcanus for $4 million. Tanker Jo Breid - (built 1981) 26,300 dwt sold to Norwegian buyers for $7.5 million. Bulker Red Rose - (built 1978) 75,720 dwt sold for $2.35 million. Bulker Lionsgate Bulker - (built 1996) sold to London based Greek buyers for $18.25 million. Bulker Litrotis - (built 1981) 64,120 dwt sold at auction in Singapore for $3.5 million.

ACL IPO Closes

American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full

Petroleos de Venezuela Delves Into E-Commerce Arena

Venezuelan state oil company Petroleos de Venezuela (PDVSA) will begin selling bunker fuel via two Internet sites later this month, its first sales project across the Web, a company official said. PDVSA will offer fuel from its terminal in Freeport, Grand Bahamas Island to shipping companies via two industry Internet sites: www.oceanconnect.com and www.bunkerstem.com. "I believe that before the end of the month, in one or two weeks, we will be selling fuel (over the Internet)

Bourbon Sells Sugar Assets in Vietnam

In accordance with the objectives of the 2003-2007 strategic plan, BOURBON is disposing of its nonmarine service operations and is selling its sugar assets in Vietnam. Following the incorporation of Sucrerie de Bourbon Tay Ninh (Vietnam) as a joint stock company, Bourbon is announcing the sale of 49% of its stake, with a commitment to retain the balance for a period of three years. Firstly, 24% of the shares have been sold today to strategic Vietnamese investors and

Leif Hough Sells Three Ships

Norway's Leif Hoegh said that Unicool -- its fully owned unit -- sold three reefers for a total of just over $27 million. The sales prices was close to the book value, Leif Hoegh said in a statement to the Oslo bourse. It said Unicool had sold the vessels Baltic Spirit, built in 1986, Lincoln Spirit, built in 1987 and Tasman Spirit from 1988.

Odfjell Sells Two Ships

As part of Odfjell's continued fleet renewal process, two older ships have been sold. OWL Trader (12 450 dwt./built 1982) was delivered to her new owners 28 March 2007. We have also entered into an agreement to sell Bow Lady (32 225 dwt./built 1978) and expected time of delivery to new owners is medio April. These transactions give a total gain of about $3m for the Odfjell group, which will be accounted for in the second quarter of 2007.

Bergesen Sells Tankers

Bergesen has entered an agreement with Tankers International to sell two tankers for a total $156 million. Bergesen would deliver tankers Berge Ichiban and Berge Tokyo, each of 296,000 dwt, to Tankers International led by Frontline Ltd. in July or August 2001. "Both of the two sold vessels are employed on timecharter contracts, and the sales are subject to the charterers' approval," the statement said. The price was $78 million per vessel, reflecting the vessels' timecharter contracts