General Maritime to Sell Nine Tankers

Friday, February 10, 2006
General Maritime Corporation announced that it has agreed to sell nine OBO Aframax tankers en bloc to Tanker Pacific for $247.5 million. The company expects to realize a net gain of $16.6 million from the sale. The company intends to utilize the proceeds to pay down debt, for corporate purposes which may include share repurchases, and for any future acquisitions that the Company may consider. Deliveries of the nine vessels are expected to be concluded by June 2006.

After the completion of the sale of these nine vessels and following the delivery of four Suezmax newbuildings expected between March 2006 and 2008, the average age of General Maritime's fleet will be reduced to 7.5 years. General Maritime also announced that upon delivery of the final of the nine OBO Aframax tankers, the Company plans to close its technical office located in Piraeus, Greece, operated by General Maritime Management (Hellas) Ltd. General Maritime will maintain its commercial office in London, operated by General Maritime Management (UK) LLC and its technical office in Lisbon, operated by General Maritime Management (Portugal) Lda. The Company will also retain its commercial and technical office in New York, General Maritime Management LLC.

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

Tanker Trends

MARAD Seeks Comments on Proposed Policy for Deepwater Export Applications

The Maritime Administration (MARAD) is seeking comments on the agency’s proposed policy to accept, evaluate and process license applications for the construction

Oil Drillers Group to Fight U.S. Export Ban

More than a dozen U.S. oil producers have joined to lobby the federal government to reverse the 40-year-old ban on U.S. crude exports, a move that supporters hope

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

Maritime Security

UN: Ship Inspections near Somalia for Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

UN Authorizes Ship Inspections Near Somalia For Arms, Charcoal

The United Nations Security Council authorized the inspection of boats suspected of carrying illegal shipments of charcoal or weapons to and from Somalia on Friday,

General Dynamics is Link Govt-level Security to Consumer Smartphone

General Dynamics C4 Systems recently received the Defense Mobile Classified Capability (DMCC) contract from the National Security Agency (NSA). As part of the contract,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.0762 sec (13 req/sec)