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

Tanker Trends

First Alaskan North Slope Cude Export Planned for Nicaragua

Alaskan North Slope (ANS) crude will be shipped to Nicaragua for the first time in July, two trade sources said on Friday, underscoring a shift in oil flows to and from the U.

India's Iran Oil Imports Surge in June

India's Iran oil imports rose about 39 percent in June year on year, preliminary data obtained by Reuters shows.   In the first half of 2016 India's Iran oil

Asia Tankers-VLCC Rates Expected to Soften

MidEast rates slip from two-week high on June 28; raft of new ships and repaired vessels weigh on rates. Freight rates for very large crude carriers (VLCCs)

Finance

Baltic Index Up for Eighth Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued its rise on Friday, for an eighth consecutive session,

Asia-N.Europe Box Rates up 77 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose 77.4 percent to $1,206 per 20-foot container (TEU) in the week ended on Friday,

Euronav Share Buyback

Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) today announces that the Company has purchased 192,415 of its own shares on Euronext Brussels for an aggregate price of EUR 1,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0733 sec (14 req/sec)