Haji-Ioannou Considers Buying Osprey's Clean Tankers

Thursday, January 04, 2001
Airline chief Stelios Haji-Ioannou's tanker company Stelmar has abandoned its bid for the First International fleet of clean tankers and is now reportedly considering those of Singapore-listed Osprey Maritime, Reuters reported. "Stelmar is looking at the Osprey ships, because the deal with First International is now looking too messy and too time-consuming," a New York-based source told Reuters. Stelmar's London office declined to comment. Shipping magnate John Fredriksen, whose World Shipholding Group holds a 54 percent stake in Osprey, announced in late December that he planned to sell off Osprey's 14 clean tankers to generate cash to invest in gas carriers. The source said that U.S. bondholders, who had put up the bulk of the finance behind the First International tankers, would be angered by the loss of the Stelmar deal. "Stelmar's offer to First International was $20 million over the fleet's market value," he said. First International's fleet of six clean tankers came onto the market this year when long-term charterer notified First International that it would not renew a lease that had run for seven years. First International said it was at this point that it started negotiating with Stelmar, which was set up in 1992 by Haji-Ioannou, owner of cut-price airline easyJet. Before the deal could be closed, however, one of First International's lenders, Berliner Bank, unexpectedly called in a $10 million loan, saying the termination of the Shell charter put First International into default. Although First International initially challenged Berliner's move, its high-profile chairman Paul Slater failed to attend a court hearing in December on the advice of his solicitors. Industry sources told Reuters on Wednesday Slater was now preparing to defend First International in the Bermudan courts, where it is registered.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Atlantic Gas Swings Keep LNG Traders Guessing

MILAN, Feb 26 (Reuters) - Atlantic natural gas markets are seeing some of the biggest price swings in years as volatile European trade, freezing U.S. weather

Finance

Jinhui Shipping Plummets to Loss

Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015.   Dry bulk shipping market Environment

Berenberg in $1.1bln Box Bid

The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.   A report appeared

GasLog Post 4Q 2014 Results

GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1693 sec (6 req/sec)