BHO Refinances To Acquire Vessel

Tuesday, April 13, 2004
B+H Ocean Carriers Ltd. has acquired a 98,000dwt OBO, or combination carrier, committed to a Time Charter at $27,000 from delivery through March 13, 2006, plus or minus one month. The vessel will be delivered to the Company during April. This vessel, to be renamed Sachuest, has some particularly attractive attributes in the present market environment, the Company said, including the ability to trade as both a tanker and a dry bulk carrier, plus the fact that it has 24,227 tons of steel with a present salvage value of almost $10 million. The Company stated that it estimates that the vessel will generate EBITDA at a rate slightly in excess of $7 million on an annualized basis, excluding the time and expense for its scheduled drydocking in the third quarter of 2004. The Company added that for the twenty-four month period of the present charter, it expects the vessel to contribute annualized average earnings of approximately $1.00 per share. The Company cautioned that these forward-looking statements are based upon estimated vessel operating expenses and drydocking time and expenses, which may vary from the estimates.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

OTC Names Technology Award Winners

The Offshore Technology Conference (OTC), which takes place May 4-7 in Houston, has announced 17 technologies that will receive the Spotlight on New Technology SM Award.

Jack W. Fisher Passes Away at 73

Jack W Fisher, president of JW Fishers Mfg. passed away at home after a brief illness on February 20, 2015. He was 73 years old.   The JW Fishers business was started because Fisher,

Piracy Still a Big Threat in the Indian Ocean

Underestimating the security risk in the Indian Ocean could put ships in danger once again, says maritime security company MAST Ltd.   “Whilst recent reports

Legal

Cruise Line Agrees to $500K Settlement for Disguising Sales Calls

Caribbean Cruise Line Inc. has agreed to a $7.73 million settlement after the Federal Trade Commission (FTC) and 10 state attorney generals sued the Fort Lauderdale-based

USCG Petty Officer Convicted, Sentenced

A Coast Guardsman was convicted and sentenced during a General Court-Martial in New Orleans, Thursday. Petty Officer 2nd Class Leonel Hinojosa, 32, was sentenced to reduction to E-1,

Hapag-Lloyd Warn About Verification by German Customs

Hapag-Lloyd has informed that for all import cargo to be discharged at the German ports of Hamburg and Bremerhaven the carrier is responsible to send a complete

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.4463 sec (2 req/sec)