Double Hull Tankers to Acquire Tanker

Thursday, September 20, 2007
Double Hull Tankers, Inc. has entered into an agreement to acquire a 2000 built 153,000 deadweight tonne Suezmax tanker, the M/T Ottoman Dignity, for $90.3 million for delivery in the period between December 2007 and early February 2008. The vessel will be bareboat chartered to Overseas Shipholding Group, Inc. (NYSE:OSG) for ten years at $26,600 per day throughout the period. The addition of this vessel to DHT’s fleet is expected to be immediately accretive to distributable cash flow.

The completion of the acquisition is subject to a number of customary closing conditions. The acquisition will initially be financed through DHT’s current credit facility with The Royal Bank of Scotland which has been increased to accommodate the acquisition of this vessel. Over time DHT plans to repay a portion of the debt through the raising of equity. The acquisition is consistent with DHT’s strategy of having a fleet of modern, high quality vessels with long term employment providing for stable earnings. Also, the addition of a second Suezmax tanker is in line with DHT’s strategy to diversify its fleet and to charter vessels to first rate charterers.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Tanker Trends

APM Maasvlakte II Terminal Opens

APM Terminals Maasvlakte II held a ceremony  to celebrate the opening of the world’s most automated container terminal.   The  event that was attended by Dutch

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

Strong Tanker Market Extends Peak Season High Earnings

Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators 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: 0.3139 sec (3 req/sec)