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

People & Company News

Baltic Mercur II makes maiden voyage to Antwerp

This week Atlantic Ro-Ro Carriers (ARRC) celebrates the maiden voyage of the Baltic Mercur II via the port of Antwerp as part of their regular transatlantic service to the US Gulf.

USCG Provides Safety Tips to Paddlesports Enthusiasts

As the boating season unofficially begins, the 9th Coast Guard District is reminding paddlesport enthusiasts to take precautions to ensure safe trips and increase

USS George Washington Completes Carrier Qualifications

Carrier Air Wing (CVW) 5 and the Nimitz-class aircraft carrier USS George Washington (CVN 73) completed its carrier qualifications (CQ), May 23. CQ allows

Offshore

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Ship Sales

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Finance

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Gener8 Maritime to Go Public

Private equity-backed tanker operator Gener8 Maritime filed with the U.S. Securities and Exchange Commission (SEC) to proceed with an initial public offering worth up to $100m.

Energy

DNV GL’s Synergi to Manage Siem Offshore Newbuilding Projects

Siem Offshore has chosen DNV GL’s Synergi Project to manage nine newbuilding projects. Synergi Project software The software is used to optimize the collaboration

Wärtsilä's' Propulsion for Use with US Compliant ELA

Wärtsilä has developed propulsion systems that are capable of operating with Environmentally Acceptable Lubricants (EALs) and comply with the US Vessel General Permit 2013 (VGP-2013).

Solarworld Wants Duties on Chinese Solar Goods in U.S. Extended

German solar manufacturer SolarWorld will apply to the United States for an extension of duties on Chinese panel imports that are due to end this year, weekly Euro am Sonntag said.

Offshore Energy

Mobil Says Oil Discovery off Guyana is 'Significant'

Unlike almost all its neighbors, Guyana isn’t an oil producer yet. But the energy giant Exxon Mobil recently announced it had discovered “significant” oil off the coast.

US Oil Platform on Fire in Gulf Of Mexico

An oil platform caught fire and was evacuated in the U.S. Gulf of Mexico offshore Louisiana in the early hours of Friday, though no injuries were reported, the U.

Protea to Launch Heavy-Lift Cranes at Nor-Shipping

Protea, a global manufacturer of offshore handling equipment, will launch two types of heavy lift cranes at Nor-Shipping 2015 in Oslo, June 2-5. Tomasz Paszkiewicz,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
rss | archive | history | articles | privacy | 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: 0.2658 sec (4 req/sec)