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 November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

PlateSmart Ups Security at Port Tampa Bay

Port Tampa Bay, Florida’s largest maritime port and the 16th largest in the United States, has elected to implement PlateSmart's ARES enterprise license plate recognition-based video analytics system.

NSRP Awards $11m for R&D Project Portfolio

The Executive Control Board of the National Shipbuilding Research Program (NSRP) has selected a new round of research and development projects for award, as part

Liquefaction Terminals to Dominate LNG Capital Expenditure

Capital expenditure (Capex) on global LNG facilities is expected to total $259 billion (bn) over the period 2015-2019, with investments expected to be 88% larger

Ship Sales

Diana Shipping Announces $53.5m Drawdown

Diana Shipping Inc. announces signing and drawdown of a $53.5 million term loan facility with BNP Paribas; announces time charter contract for m/v Nirefs with Glencore   Diana Shipping Inc.

Scorpio Bulkers Modifies and Sells Shipbuilding Contracts

Scorpio Bulkers Inc. announces agreements to modify and sell existing shipbuilding contracts for six capesize vessels    Scorpio Bulkers Inc. has reached agreements

Philippines to Buy Naval Assets, China Sea Dispute Simmers

The Philippines aims to buy two frigates, two helicopters and three gunboats for deployment in the South China Sea where a territorial dispute with China has lent

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Winch
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: 0.2214 sec (5 req/sec)