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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

Strike Idles 38 Oil Tankers at Fos-Lavera

Some 38 oil tankers have been held up at the Fos-Lavera oil port in southern France, the country's biggest, including 25 at harbour, up from 12 the previous day,

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

Environmental

GloMEEP Project Forges Ahead with Train-the-Trainer Workshop

A global Train-the-Trainer workshop on energy efficiency has been delivered in China (23-27 May), preparing the personnel needed to cascade knowledge on energy

Long Beach Port Maintains Strong Bond Rating

Fitch Ratings, one of the top three U.S. credit analysis agencies, has affirmed the Port of Long Beach’s “AA” rating on its outstanding debt. Fitch stated the AA rating — its highest for U.

Hansa Offenburg, Hansa Drakenburg Sail Scale-free

Leonhardt & Blumberg was founded in 1903 and has managed more than 180 vessels, the majority of which were general cargo vessels and bulk carriers. Today the company

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.0683 sec (15 req/sec)