Haji-Ioannou Considers Buying Osprey's Clean Tankers

Thursday, January 04, 2001
Airline chief Stelios Haji-Ioannou's tanker company Stelmar has abandoned its bid for the First International fleet of clean tankers and is now reportedly considering those of Singapore-listed Osprey Maritime, Reuters reported. "Stelmar is looking at the Osprey ships, because the deal with First International is now looking too messy and too time-consuming," a New York-based source told Reuters. Stelmar's London office declined to comment. Shipping magnate John Fredriksen, whose World Shipholding Group holds a 54 percent stake in Osprey, announced in late December that he planned to sell off Osprey's 14 clean tankers to generate cash to invest in gas carriers. The source said that U.S. bondholders, who had put up the bulk of the finance behind the First International tankers, would be angered by the loss of the Stelmar deal. "Stelmar's offer to First International was $20 million over the fleet's market value," he said. First International's fleet of six clean tankers came onto the market this year when long-term charterer notified First International that it would not renew a lease that had run for seven years. First International said it was at this point that it started negotiating with Stelmar, which was set up in 1992 by Haji-Ioannou, owner of cut-price airline easyJet. Before the deal could be closed, however, one of First International's lenders, Berliner Bank, unexpectedly called in a $10 million loan, saying the termination of the Shell charter put First International into default. Although First International initially challenged Berliner's move, its high-profile chairman Paul Slater failed to attend a court hearing in December on the advice of his solicitors. Industry sources told Reuters on Wednesday Slater was now preparing to defend First International in the Bermudan courts, where it is registered.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

Crowley Christens New DP2 Tugboat

Crowley Maritime Corp. said that the third of four tugboats in the Ocean-class series, Ocean Sky, has been christened in Houston. The ceremony served to formally

Samudra Containership Rationalisation Hits Revenues

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.

Finance

Canal Project Slows Panama Economy Growth

Panama's economy expanded in May at its slowest pace since 2009 as major public works projects, including an expansion of the Panama Canal, slowed or wrapped up,

Gas Prices Help Offset Statoil's Output Drop

Statoil's second quarter 2014 net operating income was NOK 32 billion, a decrease of NOK 2.3 billion compared to the second quarter of 2013. Adjusted earnings were NOK 32.

Asia VLCC Rates Could Nudge Higher on Activity

Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering

 
 
Maritime Contracts Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
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: 0.1170 sec (9 req/sec)