Arlington Tankers to Acquire Product Tankers

Thursday, November 17, 2005
Arlington Tankers announced that the Company has entered into an agreement to acquire two modern 47,000 deadweight ton double-hulled product tankers from the Stena Group for an aggregate purchase price of $92 million in cash. The new vessels, Stena Contest and Stena Concept, were built in 2005. Arlington expects to take delivery of the vessels in January 2006. In conjunction with the purchase, Arlington will enter into fixed rate charter hire agreements with Stena Bulk AB for both vessels. The charters will be for an initial period of three years, at a rate commencing at $19,765 per day for the first year, $20,043 per day for the second year, and $20,335 per day for the third year. There is no additional hire provision during the initial three year period. At the end of the three year period both Arlington and Stena Bulk will have the option to extend the charters for an additional 30 months. Arlington will also enter into vessel management agreements for both vessels with Northern Marine Management Ltd. for the term of the charters, at fixed rates commencing at $5,565 per day and increasing at 5% per year. Northern Marine Management Ltd. is a wholly-owned subsidiary of Stena Group. These management agreements will be on substantially similar terms as the management agreements that Arlington now has in place for its existing six vessels.
Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

US House to Hold Hearing on Oil Export Ban

A House of Representatives panel will hold a hearing on Dec. 11 to explore whether a decades-old law that prohibits the export of crude oil makes sense in an era of domestic energy abundance.

Frontline Disappoints with Deeper 3Q Loss

Frontline, once the world's biggest crude oil tanker company, reported a bigger than expected third-quarter loss on Tuesday and said it is still considering options

Navios Revenue Up 25% in 3Q 2014

Highlights of Navios Maritime Holdings Inc. Financial Results for the Third Quarter and Nine Months Ended September 30, 2014: Revenue 25% increase to $152.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Salvage 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: 0.1864 sec (5 req/sec)