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 Today


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

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

Workboats

First Damen Tug for Fratelli Neri

Fratelli Neri S.p.A has taken delivery of a Damen ASD Tug 3212. The new vessel, called Luisa Neri, was handed over from Damen Maaskant Shipyards Stellendam in the Netherlands, on 25 January 2016.

Subchapter M: The Designated Person Ashore and You

As the workboat industry marches toward Subchapter M, and ever closer to the International Safety Management (ISM) Code, the appointment of a Designated Person Ashore (DPA) becomes more important,

Insights: Benny Cenac, Jr., Owner & CEO, Cenac Towing Company

Arlen “Benny” Cenac Jr. is a third-generation owner of Cenac Towing Company. The firm, originally founded in 1927 by his grandfather, now does business as Cenac Marine Services.

Finance

Hempel’s Dynamic Brings Saving for Lemissoler

Global shipmanagement company, Lemissoler Navigation, via its affiliated and managed company Frontmarine Co. Ltd, has achieved significant fuel savings from coating its newbuild 58,

QP, Chevron Ink Offshore Moroccan Deal

Qatar Petroleum has reached an agreement with Chevron Morocco Exploration Ltd., a subsidiary of Chevron Corporation, to acquire a 30% participating interest from

IOCs Stress on OSV Fuel Management Performance

Growing insistence by international oil companies (IOCs) that oilfield contract vessels (OSVs) are fitted with fuel monitoring systems has prompted an upsurge in

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.0771 sec (13 req/sec)