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

People & Company News

Gauthiers’ Announces Modex Merger

Gauthiers’ announced the acquisition of an equity share of Modex, an international manufacturer of DNV-certified offshore equipment. As part of the transaction,

IHC IQIP Opens New Yard, Offices in Australia

IHC IQIP, part of Royal IHC, is expanding its global presence with a new office and yard in Perth, Australia.   With the acquisition of its Australian agent Machinery Supply on May 4,

VOSTA LMG: 50 Years in Dredge Ball Joints

Celebrating a company milestone this week, VOSTA LMG notes it has been 50 years since the company started with the development and production of bayonet dredge ball joints.

Ship Sales

Recent Vessel Sales: April 2015

Vessel sales for April 2015 - (as of May 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built - (Age) - Price

Suezmax Tanker Market on the Rise Yet Again

Suezmax tankers are looking good for a strong 2015 year, before posting a mild downside during 2016, but are poised to accelerate yet again in 2017 on rising deliveries, said shipbroker Charles R.

BP Shipping Turns 100

BP Shipping celebrated its 100-year anniversary yesterday, making it the longest continually operating company in the group.   Formed on April 30, 1915 as the British Tanker Company,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1841 sec (5 req/sec)