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 Today


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

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

Tanker Trends

Navig8 Acquires Chemical Tanker from STX

Navig8 Chemical Tankers Inc (the “Company”) (N-OTC: CHEMS), an international shipping company focused on the transportation of chemicals, today announced that it

Turkey’s Role for the Tanker Market

Even though the coup attempt in Turkey  failed and the transportation situation normalized quickly thereafter, Poten & Partners take a look at the importance of Turkey to the tanker market.

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Maritime Security

Hyundai Bags NZ Defence Order

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, has won an order to build a 23,000 ton class logistics support vessel for New Zealand Defence

N.Korea Builds New Submarine Base

North Korea is in the midst of building a new naval base on the east coast to accommodate submarines capable of firing submarine-launched ballistic missiles (SLBMs), says IHS Jane's Defence Weekly.

Jakarta to Boost Security of Small Vessels

Jakarta will boost security of small vessels after hijackings 15 July, says a report in Protection Vessels International Ltd (PVI).   Indonesia is currently

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators 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: 0.0509 sec (20 req/sec)