General Maritime to Sell Aframax Tankers

Friday, November 04, 2005
General Maritime Corporation will sell six double-sided Aframax tankers en bloc to Seatankers Management Co. Ltd., Cyprus for $127.5 million. The Company also announced that it has agreed to sell the Genmar Commander, a 1989-built single-hull Aframax vessel, to Polembros of Greece for $18.5 million. The Company expects to realize a net gain of $22.5 million from the sales. The Company intends to utilize the proceeds to pay down debt and for corporate purposes which may include share repurchases; therefore the proceeds will be excluded in the calculation of the dividend for the applicable quarters. Deliveries of the six double-sided vessels are expected to take place from November 2005 thru January 2006. Delivery of the Genmar Commander is expected to take place late November 2005. Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President, commented, "We are pleased to have sold our last single-hull and double-sided vessels and have once again acted opportunistically thereby modernizing the Company's fleet and creating shareholder value. In a little over six weeks the company has transformed itself into a more modern fully double hull company with over a billion dollars in liquidity. The Company has substantially strengthened it balance sheet, which it intends to draw upon to create future shareholder value. In addition to pursuing opportunities to expand our fleet, we will also consider other value-creating transactions such as stock buybacks. At the same time, we intend to continue to provide shareholders with the opportunity to receive a cash dividend." Following completion of the recently-announced sales of 17 vessels and including the four Suezmax newbuildings to be delivered between 2006 and 2008, the average age of General Maritime's fleet will be reduced to 9 years, and its entire fleet will be double-hull.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Lerwick Harbor sees Seasonal Boost

The opening of the offshore season in northern waters has seen specialist oil industry vessels return to Lerwick Harbor during April to support subsea development projects.

Floating Products Storage in Focus

For much of 2015, talk of floating storage was dominated by speculation that the contango in crude futures might support crude floating storage, says Gibson Tanker Report.

Russia Diesel Exports from Primorsk to Rise in May

Russia is set to export 1.256 million tonnes of ultra-low sulphur diesel from the Baltic Sea port of Primorsk in May, slightly up from 1.209 million tonnes in April, trading sources said on Friday.

Environmental

Italian Ship Rescues 26 Migrants off Libya

An Italian merchant ship rescued 26 migrants off the coast of Libya in rough seas and others were feared missing, the Coast Guard said on Saturday. The Coast

Symphony Sun’ Launched in Leer

On Friday the 29th of April, Nb. 420 was launched in Leer. She was christened ‘Symphony Sun’ and is the fourth vessel in a series of 6 that will be delivered to Symphony Shipping.

Great Lakes Inks M.E., N.C. Coastal Protection Project Deals

Great Lakes Announces $55 Million in Subcontract Work in the Middle East and Award of $38 Million for a Domestic Coastal Protection Project Great Lakes Dredge

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.0683 sec (15 req/sec)