General Maritime Sells Four Single-Hull Vessels

Wednesday, July 14, 2004
General Maritime Corporation has sold four single-hull vessels. The Harriet (1989-built Suezmax) is being sold to Tanker Pacific and is expected to be delivered in mid-August. The Transporter (1989-built Suezmax), the Centaur (1990-built Suezmax) and the Traveller (1990-built Suezmax) are being sold en bloc to Frontline Ltd. Delivery of these three vessels is expected to take place between August 15 and September 15, 2004. The company expects to realize a net gain of approximately $8.5 million in the third quarter of 2004 from the sale of the four vessels. The company expects depreciation expense to fall by approximately $3.3 million per quarter through 2005 and $2.5 million per quarter thereafter. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "These sales are part of General Maritime's program to modernize its fleet. With the sale of these four vessels, we have increased the percentage of double-hull or double-sided vessels in our fleet to 89% while improving the fleet's age profile from 10.3 years to 9.8 years as of July 1, 2004. In keeping with our prudent financial management and track record of de-leveraging following a major acquisition, we will utilize the proceeds of these transactions to further pay down debt, which will serve to enhance the Company's financial strength and flexibility."
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SUNY Maritime College Names ABS Chairs

The State University of New York (SUNY) Maritime College has selected Dr. Richard Burke and Dr. Christopher Clott as its inaugural ABS chairs following a comprehensive

Austal Starts Next US Littoral Combat Ship

Austal and the U.S. Navy held a keel-laying ceremony today for the future USS Manchester (LCS 14), marking the first significant milestone in its construction.

Conference to Delve into Hybrid Power & Propulsion

The first international Hybrid Marine Power & Propulsion Conference will be held at the RNLI Lifeboat College, Poole UK from October 6-8, 2015.   Shock Mitigation

Ship Sales

Global Ship Lease Extends Panamax Charter with X-Press Feeders

Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Orion, a 1997-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited,

Hyundai Sees Mega Ships Leading Global Demand

As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping

Crisis Not Affected Greek Shipping: Morgan Stanley

Most the major Greek-controlled and listed carriers are registered in Greece, and they all have their liquidity placed in banks abroad.   Morgan Stanley analyst

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1382 sec (7 req/sec)