Isramco Bids to Purchase Luxury Cruise Liner

Tuesday, March 23, 2004
Isramco, Inc., bid for a luxury cruise liner at an auction held on March 19 under order of the United States Bankruptcy Court, Southern District of Florida. The Court entered an order on March 19, 2004 authorizing the sale to the Company of the cruise liner, on an as is basis and free and clear of all liens and claims, for a purchase price of $8,050,000. The Company is required to consummate the purchase of the vessel by March 29. The vessel, a Bahamas flagged ship, contains 270 passenger cabins spread out over nine decks. The vessel was built in France in 1973 and was purchased in 1999 by Alberta Trading Company, the debtor-in-possession. The vessel was converted into a luxury cruise liner from a passenger/car ferry in 2000 at a cost of approximately $18.5 million and, up until January 2004, has been used as a luxury cruise liner. The company intends to pay the purchase price from a combination of internal working capital and the proceeds of a commercial loan. The Company and a commercial bank have reached a non-binding agreement-in-principle for a five-year loan of approximately $5 million, to be secured by a lien on the vessel and a corporate guarantee of the Company. Additionally, the Company estimates that it will need to expend an additional $750,000 for dry-docking, repairs and related costs. The Company is currently in discussions with several luxury cruise operators for the purpose of commercially leasing the vessel. No assurance can be given that the Company will be able to conclude any leasing arrangement on commercially acceptable terms.
Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

2 Cruise Season Records at Lerwick Harbor

The arrival of the cruise ship Norwegian Star at Lerwick Harbour today (Thursday 25 September) marks the end of the Shetland port's best season yet, with two records achieved.

Holland America Line Wins 8 Magellan Awards

Travel Weekly magazine announced the recipients of its 2014 Magellan Awards, and Holland America Line received eight of the prestigious honors. The line won

USCG Medevacs Cruise Ship Passenger Near Oahu

The Coast Guard medevaced a 76-year-old man being treated for internal bleeding from a cruise ship 80 miles north of Oahu, Tuesday. An MH-65 Dolphin helicopter

Finance

Norvestor to Become PG’s Largest Shareholder

Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS.

GasLog Closes First Option Vessels Dropdown

GasLog Ltd.  announced today the closing of the sale of two modern liquefied natural gas (“LNG”) carriers, the Methane Jane Elizabeth and Methane Rita Andrea,

Brent Holds Above $97, Eyes Worst Quarter Since 2012

Brent crude futures hovered above $97 a barrel on Tuesday, aided by firm U.S. and Chinese data, but the oil benchmark was on track for its deepest quarterly drop

 
 
Maritime Contracts Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair 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: 0.0885 sec (11 req/sec)