General Maritime to Acquire Tankers

Thursday, January 30, 2003
General Maritime Corporation has agreed to acquire 19 tankers, including 14 Suezmax and 5 Aframax vessels from Metrostar Management Corporation, a Greek tanker operator. The acquisition of the vessels is expected to commence on March 1, and to be concluded by April 30, 2003 during which time the vessels will be integrated into General Maritime's fleet operations. The acquisition of the tankers will be made for cash and is subject to the customary conditions of delivery. The Company intends to finance the acquisition through the use of cash on hand and the reserve borrowing power from its existing credit facilities as well as the incurrence of additional bank debt for which it has not yet entered into binding arrangements. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President commented, "We are very excited about our acquisition of these 19 tankers. We believe that our patient and prudent approach to acquisitions has enabled us to acquire high quality modern second-hand vessels that will lower the average age of our fleet, lower many of our daily per vessel overhead costs and at the same time be accretive to earnings and provide long-term value to our company." On a combined basis, the company's new fleet will be composed of 47 tankers, 28 Aframax and 19 Suezmax tankers, making General Maritime the second largest mid-sized tanker operator in the world. The combined fleet will have a total of 5.62 million deadweight tons, only 23% of which will be single hull compared to a worldwide average of 40%. The acquisition of the 19 tankers will provide General Maritime with an additional 2.67 million deadweight tons, with an average age as of December 31, 2002 of 9.8 years per deadweight ton. The acquisition of the new vessels will also lower the company's average age as of December 31, 2002 per deadweight ton from 12.3 years to 11.1 years. Three of the acquired tankers have time charter contracts attached to them at an average rate of $23,700 per day.
Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

US Senate Energy Panel Votes to Lift Oil Export Ban

The U.S. Senate Energy Committee on Thursday passed a bill that would lift a decades-old ban on the export of crude oil.   The 22-member panel passed the bill

Environmental

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

USCG Investigate Tar Balls at Makaha Beach

The Coast Guard is investigating a report made July 29, 2015, by beachgoers of tar balls on the beach in Makaha on Oahu, Hawaii. Coast Guard Sector Honolulu

On USCG Anniversary, Gov. McAuliffe Urges Hurricane Preparedness

Gov. Terry McAuliffe encouraged Virginians to get ready for hurricane season and provided an update on the commonwealth’s preparations Friday at a press conference

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Winch
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: 0.1132 sec (9 req/sec)