Excel Maritime to Sell 26 Year Old Vessel

Tuesday, November 22, 2005
Excel Maritime Carriers Ltd announced that it agreed to sell Almar I, a Capesize bulk carrier of 107,140 dwt built in 1979. The sale of the vessel is expected to generate a capital gain of approximately $ 2.5 million for the company. Christopher Georgakis, President and CEO commented: "Since last November, we have been committed to a strategy of fleet renewal. The sale of "Almar I", a 26 year old Capesize bulk carrier and the oldest vessel in our fleet took place within the context of this strategy. The average age of our fleet is now further reduced to 12.8 years, well below the industry average of 16 years. We are pleased both with the timing and the price of the sale." Christopher Georgakis commented further: "We now have a fleet of 17 vessels with a total carrying capacity of 1,004,930 dwt. With 9 vessels already deployed in the period market and 8 vessels operating in the spot market, we believe we are well positioned to take advantage of the improved freight rate environment, while at the same time we have greater visibility of earnings."
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Damen's Ship with Van der Velden FLEX Tunnel Commissioned

The first ship outfitted with the Van der Velden FLEX Tunnel was named Friday, August 14th in Duisburg. The Rhenus Duisburg, the new barge combination from shipping company Rhenus PartnerShip,

Ecopetrol, JX Nippon Team Up to Explore Brazil Offshore

Ecopetrol reports it has established an Alliance with Japan’s JX Nippon Oil & Gas Exploration through its affiliate in Brazil, Ecopetrol Óleo e Gás to explore the FZA-M-320 block,

Shipyards Rising Competitive Stirrings

A mini order boom fueled by gas, “green-tech”, tankers and new rules is underway in shipbuilding. It won’t fill all yards, but changes like the July 2015 cap on

Ship Sales

ASL Bags New Shipbuilding Contract

Singapore’s ASL Marine Holdings Ltd said that its wholly-owned subsidiary, ASL Shipyard Pte Ltd  has clinched shipbuilding contracts worth approximately SGD140m

Clipper to Take Delivery of 2 Ultramax Newbuilds

Clipper Group announced it will take delivery of two SDARI64 newbuilding bulk carriers during the coming months from Sainty Shipbuilding in Yangzhou, China. The vessels,

Japan Woos Australia in bid for Sub Deal

Japanese delegation tries to make case for submarine contract. Japan's effort to charm Australian politicians and the public over its bid for a A$50 billion ($35.

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.9074 sec (1 req/sec)