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

Tanker Trends

MacGregor's Pusnes bow loading systems for Suezmax Tankers

MacGregor, part of Cargotec, has secured contracts to supply Pusnes bow loading systems for three newbuild shuttle tankers intended for operations in Brazilian waters.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

US Could Eliminate Energy Imports -EIA

EIA's AEO2015 projects that U.S. energy imports and exports come into balance, a first since the 1950s, because of continued oil and natural gas production growth

Finance

Baltic Index Perks up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Thursday as rates for bigger vessels rose.

Tanker Lifts One Million Barrels of Crude at Hariga

A tanker left Libya's eastern oil port of Hariga after lifting one million barrels of crude, an oil official said on Thursday. No new tanker was expected in the next few days,

Georgia Port Increases Container Traffic

The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 20-foot equivalent container units (TEUs).

 
 
Maritime Security Navigation Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.3455 sec (3 req/sec)