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

People & Company News

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

HMAS Success Deploys to Middle East

After months of preparation, HMAS Success departed Garden Island in Sydney today for a six-month deployment to the Middle East Region to provide logistic support

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Ship Sales

Monjasa Buys Tanker from Eships

The Monjasa Group has purchased a tanker, M/T Eships Bainunah, from Abu Dhabi based Eships, the company announced today. The Turkish-built (2005), IMO-II, 8,

ICAP Shipping in Merger Talks

Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics 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: 0.1389 sec (7 req/sec)