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

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Ship Sales

Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Venezuela's PDVSA Puts Six Tankers Up for Sale

Venezuelan state oil company PDVSA said on Friday it is selling four crude tankers and two liquid petroleum gas (LPG) tankers that are currently inactive, amid a broader plan to modernize its fleet.

Maersk Supply Service Orders Six Offshore Vessels

Maersk Supply Service, a unit in Danish conglomerate A.P. Moller-Maersk, said on Thursday it has placed an order for six new large anchor-handling tug supply vessels from Kleven Maritime in Norway.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Shipbuilding / Vessel Construction 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: 0.1508 sec (7 req/sec)