Delivery of Crude Carriers VLCC

Wednesday, March 31, 2010

Crude Carriers Corp. (NYSE: CRU) announced that on March 26 it took delivery of the M/T Alexander the Great, a very large crude carrier (VLCC) with carrying capacity of 297,958 mt, from Universal Shipbuilding Corporation at the Ariake Shipyard in Japan. The M/T Alexander the Great is the first of the three vessels comprising the company's initial fleet and was acquired at a purchase price of $96.5m. The remaining two vessels, the M/T Miltiadis M II, a 2006-built high specification Suezmax tanker and the M/T Achilleas, a sister newbuilding VLCC currently under construction at Universal Shipbuilding Corporation in Japan, are expected to be delivered within the next few days and at the end of June 2010, respectively.

Evangelos Marinakis, Chairman and Chief Executive Officer of Crude Carriers, commented: "We are very excited to announce the timely delivery of our first newbuilding VLCC from Universal Shipbuilding Corporation, one of the most respected shipyards in the world. We were able to acquire the M/T Alexander the Great at the very attractive price of $96.5 million compared to the price of $190 million observed at the peak of the market for a similar vessel.

"Upon completion of our initial fleet of three vessels, Crude Carriers will have one of the youngest fleets in the industry, with a weighted average age of less than one year, a significant competitive advantage for our market.

"Crude Carriers is a new shipping company that enables investors to get exposure to the crude oil tanker market by acquiring vessels at what we believe to be the low point of the cycle. We intend to focus the employment of our vessels on the spot charter market, as we believe this can generate higher returns. We believe that our minimal debt strategy lowers our cash breakeven point further, providing us with financial flexibility for growth and dividends. We intend to distribute all net cash flow less operating reserves on a quarterly basis, starting at the conclusion of the second quarter of 2010. Our objective is to build Crude Carriers as a leader in the crude oil transportation market and generate sustainable returns for our shareholders."

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

Hamburg Süd Opens Office in Nanjing

On August 1, Hamburg Süd will open an office in Nanjing, China, to be headed by general manager Steven Pu. Hamburg Süd now operates from 20 locations in Greater China.

Vessels

Burger Boat to Build New Passenger Vessel

Burger Boat Company announced that it has received a contract for the construction of an 89-foot (27-meter) steel passenger vessel for Wendella Sightseeing Company, Chicago, Ill.

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

New AVEVA ISM Bridges the Gap

AVEVA launches a new application for governing asset information using a standards-based methodology. AVEVA announced the launch of AVEVA Information Standards Manager (AVEVA ISM),

 
 
Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.1346 sec (7 req/sec)