Bourbon Achieves $770m USD in Vessel Sales in 2013

marinelink.com
Tuesday, January 07, 2014
Photo: Bourbon

In line with its strategy, BOURBON achieves US$ 770 million of vessel sales in 2013.

Bourbon has sold 12 additional vessels to ICBC Financial Leasing for US$ 378 million and concluded a new sale and bareboat charter agreement with Standard Chartered Bank for US$ 150 million. They also announced the transfer of ownership of 12 vessels to the Chinese company ICBC Financial Leasing ("ICBCL") for a total value of approximately US$ 378 million, as part of the sale and bareboat charter agreement for up to 51 vessels signed with ICBCL on April 9, 2013.

With the 9 vessels already transferred in September 2013 as part of the agreement, this brings the total number of vessels transferred to ICBCL to 21 for a total value of approximately US$ 522 million. The transfer of the remaining maximum 30 vessels should take place during the first half of 2014. At the end of November 2013, Bourbon signed an agreement with Standard Chartered Bank ("SCB") for the sale and bareboat charter of 6 new build vessels for a total amount of approximately US$ 150 million. The ownership of 3 vessels has been transferred for an amount of nearly US$ 65 million at year end. The remaining 3 vessels will be delivered to SCB during the second half of 2014. This agreement provides for a fixed bareboat charter rate of 10.2% per year for 10 years.

In addition to vessel disposals in line with the "Transforming for Beyond" action plan, Bourbon also sold older vessels in 2013 for a total value of US$ 183 million, some of which included a bareboat charter agreement. Through the implementation of its active fleet management program, Bourbon has achieved US$ 770 million of vessel sales in 2013, generating a capital gain of approximately US$ 180 million. As expected, Bourbon free cash flow will be positive for the second half and full year 2013, and the level of its debt will be reduced.

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Raytheon Anschütz Opens Service Center in Panama

German navigation system manufacturer Raytheon Anschütz has established its new subsidiary Raytheon Anschuetz Panama, S. de R.L., in Panama City.   The new company,

ISS Palumbo UK Acquires Union Transport

ISS Palumbo UK, part of maritime services provider Inchcape Shipping Services (ISS), has acquired U.K. freight forwarding specialist Union Transport (Newcastle) Ltd.

Ship Sales

ThyssenKrupp: Submarine Unit Not For Sale

German industrial group ThyssenKrupp is not in talks to sell its submarine unit nor is it in talks to sell its stainless steel unit VDM, its chief executive said on Friday.

Young to Head New Zealand Shipping Federation

The New Zealand Shipping Federation (NZSF) said it has appointed Annabel Young as its new executive director.  It said Ms Young was a National Party list MP from

Indonesia Joins Spain, Italy in Maritime Development Plan

Indonesia to have full cooperation in maritime infrastructure development from European countries Spain and Italy, says a report in Jakarta Post.  Spanish Ambassador

Finance

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Energy

Chevron Scraps 2015 Share Repurchase Program

Chevron Corp halted its 2015 share repurchase program on Friday, a move to conserve cash amid tumbling oil prices.   The company's shares extended loses on the news,

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

NAO Secures PSV Contracts with Oil Major

Nordic American Offshore Ltd. (NAO) informs that it has secured platform supply vessel (PSV) contracts with a major oil company.   NAO’s two new contracts with are for four months firm periods,

Offshore Energy

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

Shell: UK Should Reduce North Sea Oil Tax

The British government should review a supplementary tax charge on North Sea oil producers as it has made the operation of some fields unrealistic, Shell Chief

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2315 sec (4 req/sec)