Aegean Agreement to Sell Ro-Ro Tankers

Thursday, May 14, 2009

Aegean Marine Petroleum Network Inc. (NYSE: ANW) announced that it has entered into an agreement to sell its two 2,400 dwt specialty ro-ro tankers, the Maistros and the Ostria, to an unrelated third party. Upon completing the sale of both vessels, which are not related to Aegean's core business for the physical supply of marine fuel, the company expects to realize a net gain in the second quarter of 2009. The company intends to use the proceeds of the sale to pay down debt.

E. Nikolas Tavlarios, President, commented, "With this transaction, management has once again acted opportunistically for shareholders. The agreement to sell Aegean's two specialty ro-ro tankers at an attractive price further reduces our debt, enhances our financial flexibility and strengthens our focus on the company's core operations for the physical supply of marine fuel. With an expected profit from this sale, Aegean will further increase its sizeable liquidity position, a core differentiator for the company. Aegean remains focused on drawing upon its significant access to capital to further strengthen the company's industry leading position and drive future shareholder value."


Ship Sales

COSCO Delivers PSV and Two Jack-up Rigs

Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of its 51 percent owned Cosco Shipyard Group Co., Ltd., has delivered two jackups to the Foresight Group of companies

European Owners Lead in Buying Up Secondhand Tonnage

With European owners leading the pack in buying up vessels, the sale and purchase market appears to have been notably active in recent years, reveals Clarkson Research Services Limited.

SCI to Buy Vessels for $134m

India's largest shipping company  Shipping Corporation of India (SCI) has earmarked Rs 900 crore ($134m ) capex for the current financial year even as business

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.0754 sec (13 req/sec)