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

Cruise Ship Trends

26-year Jail Term Sought for Concordia Master

An Italian prosecutor asked a court on Monday to sentence the captain of the Costa Concordia cruise liner to more than 26 years in jail for his role in the 2012 disaster that killed 32 people.

Fire Scare Aboard British Cruise Ship

The Boudicca, a Fred Olsen cruise liner, with more than 1,000 people on-board has been left without power off the coast of Morocco after an engine fire.  Passengers of the U.

Danish Pleasure Craft Safety Board Gets A New Head

From 1 February 2015 a new chairman will head the Danish Pleasure Craft Safety Board. The new incumbent is Jan Thorn, who is in his everyday work Director

Finance

BP Freezes Pay in 2015 to Cut Costs

BP is freezing base pay across the group this year, the latest in a series of steps by oil majors to cut costs in response to sinking oil prices.   Over the past year,

Study Examines Impacts of Inland Waterway Investment

The National Waterways Foundation (NWF) has commissioned and released a two-year study to examine the U.S. inland waterways’ national economic return on investment

Gypsy Moth Clause Takes Balanced Approach to Risk

A new BIMCO clause provides a simple, practical and commercial solution focusing on the basic obligations and responsibilities of owners and charterers when dealing with the Asian Gypsy Moth (AGM).

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Pipelines Salvage 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: 0.1207 sec (8 req/sec)