Double Hull Tankers to Acquire Tanker

Thursday, September 20, 2007
Double Hull Tankers, Inc. has entered into an agreement to acquire a 2000 built 153,000 deadweight tonne Suezmax tanker, the M/T Ottoman Dignity, for $90.3 million for delivery in the period between December 2007 and early February 2008. The vessel will be bareboat chartered to Overseas Shipholding Group, Inc. (NYSE:OSG) for ten years at $26,600 per day throughout the period. The addition of this vessel to DHT’s fleet is expected to be immediately accretive to distributable cash flow.

The completion of the acquisition is subject to a number of customary closing conditions. The acquisition will initially be financed through DHT’s current credit facility with The Royal Bank of Scotland which has been increased to accommodate the acquisition of this vessel. Over time DHT plans to repay a portion of the debt through the raising of equity. The acquisition is consistent with DHT’s strategy of having a fleet of modern, high quality vessels with long term employment providing for stable earnings. Also, the addition of a second Suezmax tanker is in line with DHT’s strategy to diversify its fleet and to charter vessels to first rate charterers.

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

People & Company News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

Tanker Trends

Med Crude-Russian Urals Edges Lower in Med, Baltic

Russian Urals crude weakened in the Mediterranean and in the Baltic on Friday, while trading activity was limited ahead of a long holiday weekend in Britain, traders said.

Oil Plunge Deepens High-yield Gloom

US crude fell to a more than six-year low this week, clouding the picture for a high-yield energy sector that already faces a significant cull when credit lines are reevaluated in autumn.

Oil Soars in Biggest One-day Rally in Years

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.5545 sec (2 req/sec)