Oglebay Norton Company announced that its wholly-owned subsidiary, Oglebay Norton Marine Services Company, LLC, has completed the sale of six of its nine remaining self-unloading freighters for $120 million to American
Steamship Company, a wholly-owned subsidiary of GATX Corporation
. Acquired were: M/V Oglebay Norton, M/V Columbia Star, S/S Armco, S/S
Middletown, S/S Courtney Burton, and M/V Fred R. White. The Company is also
progressing with its negotiations for the sale of the M/V David Z. Norton
and M/V Wolverine and the transfer of the its leasehold interest in the M/V
Earl W. Oglebay to an unidentified purchaser.
The cash proceeds from this transaction will be used to pay down debt
Although the details of the transaction were not disclosed, the Company
confirmed that as part of the transaction it has secured carriage for
limestone from its quarries to its own and third party docks around the
Great Lakes through a favorable, long-term contract of affreightment.