Vessel Sales

Knightsbridge Tankers Announces Vessel Sale

Knightsbridge Tankers Limited has agreed to sell its 1995-built double hull VLCC tanker Chelsea for the net sale proceeds of approximately $99 million. Delivery to buyers is expected to take place in January 2008. The sale will generate approximately $78.8m in liquidity and a gain of approximately $49 million, based on delivery December 21, 2007. In addition, the vessel is recently fixed to the beginning of February 2008 and the net result would be for the benefit of Knightsbridge. The additional liquidity will partly be used to fund pre delivery installments on Knightsbridge's newbuilding program, and will in addition strengthen the Company's dividend capacity going forward. The sale of the vessel represents no change in the Company's strategy, but should be seen as an opportunistic transaction in the present strong tanker market.

TORM Product Tankship Deal With Oaktree Capital

Denmark's TORM agreed to sell five MR product tankers to a company controlled by Oaktree Capital Management as part of an earlier restructuring agreement. The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement. Oaktree will place the five vessels under TORM’s commercial management in a revenue sharing scheme, and utilize TORM’s integrated operating platform for technical management

Overseas Shipholding to Sell Tankers

Overseas Shipholding Group, Inc. has agreed to sell two of its oldest Aframaxes (the 1993-built Overseas Keymar and the 1994-built Pacific Sapphire) and one of its oldest VLCCs (the 1996-built Majestic Unity) for net proceeds of approximately $168 million. The proceeds will be used to fund the recently announced newbuild program of four Aframax tankers that are being built at the New Times Shipbuilding Co., Ltd. shipyard in Jinjiang, China. The new 114,000 dwt 44-meter beam

Vessel Sale, Leaseback Nets $9m Profit

Hallin Marine entered into an agreement to sell its vessel, SOV Ullswater, for $45million. The agreement will generate a profit to Hallin of approximately $9 million in the financial year 2008 and will enable the company to operate the vessel for 10 years under a bare-boat charter. Oslo based marine group RS Platou has set up a company to buy the Ullswater and to charter it to Hallin Marine at a competitive fixed rate for the duration of the charter.

OSG Reports 2Q Results

For the quarter ended June 30, 2007, Time Charter Equivalent (TCE) revenues were $274.2m, an increase of 27% from $216.3 million for the same period of 2006. The increase reflects the acquisitions of Maritrans in November 2006 and the Heidmar Lightering business in April 2007 and an increase in average daily TCE rates for VLCCs and Handysize Product Carriers. EBITDA(1) for the quarter increased 36% to $148.5 million from $109.1 million in the comparable period of 2006

Safe Bulkers Sells Panamax Class Vessel

Safe Bulkers, Inc. (NYSE: SB), an international provider of marine drybulk transportation services, announced the sale of a Panamax Class Vessel. Safe Bulkers has entered an agreement to sell a 76,000 dwt Panamax class vessel built in 2003 for $33m, excluding commissions to brokers. The vessel will be delivered to its new owners in December 2009. The extended delivery period, which exceeds the market standard of three months

Court Rules on Liens and Breaches

A Lesson in admiralty law was recently provided by the U.S. Court of Appeals for the Fifth Circuit when it ruled that a maritime lien for breach of a charter party attaches when the vessel is placed at the charterer's disposal. Dennis Bryant, writing about the case on the Maritime Liens website, notes, "A vessel owner entered into a time charter and accordingly delivered the vessel. The vessel was then sold to a third party, subject to the time charter

Seacor Smit Announces First Quarter Results

Seacor Smit Inc., announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000 on operating revenues of $109,804,000.

Tsakos Q4 & 2009 Results

2009 Highlights: - Voyage revenues of $444.9 million versus $623.0 million in 2008 - Income of $47.8 million (before vessel impairment charges of $19.1 million) versus $202.9 million (no impairment charge) in 2008 - EPS of $0.77 (diluted) ($1.28 per share excluding impairment charge) compared with $5.33 (diluted) in 2008 - Average operating expenses per vessel per day decreased by 8.2% to $8,677 from $9,450 in 2008

Bourbon Plans Transformation Project

Bourbon and ICBC Financial Leasing (China) signed an operating lease, framework agreement for up to $1.5 billion (USD) corresponding to the sale and bareboat charter back for 10 years of up to 51 vessels Bourbon is rolling out a transformation plan for its future growth. As part of its “Transforming for Beyond” project, Bourbon has decided to sell vessels worth $2.5 billion from its fleet and retain the vessels on bareboat charter for a period of 10 years.