Isramco Bids to Purchase Luxury Cruise Liner

Tuesday, March 23, 2004
Isramco, Inc., bid for a luxury cruise liner at an auction held on March 19 under order of the United States Bankruptcy Court, Southern District of Florida. The Court entered an order on March 19, 2004 authorizing the sale to the Company of the cruise liner, on an as is basis and free and clear of all liens and claims, for a purchase price of $8,050,000. The Company is required to consummate the purchase of the vessel by March 29. The vessel, a Bahamas flagged ship, contains 270 passenger cabins spread out over nine decks. The vessel was built in France in 1973 and was purchased in 1999 by Alberta Trading Company, the debtor-in-possession. The vessel was converted into a luxury cruise liner from a passenger/car ferry in 2000 at a cost of approximately $18.5 million and, up until January 2004, has been used as a luxury cruise liner. The company intends to pay the purchase price from a combination of internal working capital and the proceeds of a commercial loan. The Company and a commercial bank have reached a non-binding agreement-in-principle for a five-year loan of approximately $5 million, to be secured by a lien on the vessel and a corporate guarantee of the Company. Additionally, the Company estimates that it will need to expend an additional $750,000 for dry-docking, repairs and related costs. The Company is currently in discussions with several luxury cruise operators for the purpose of commercially leasing the vessel. No assurance can be given that the Company will be able to conclude any leasing arrangement on commercially acceptable terms.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Silversea Cruises Orders Luxury Ship from Fincantieri

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017.    At 40,700 grt and accommodating 596 guests,

Confidence Low in Shipping Idustry

Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry,

TUI Cruises Orders 2 More Ships from Meyer Turku

Meyer Turku to build Mein Schiff 7 and 8 for TUI Cruises  TUI Cruises GmbH and Meyer Turku Oy signed an agreement for the construction of two new cruise ships,

Finance

Container Equipment Costs at Record Low

Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition

KPA: Striking Mombasa Port Workers Must Return by Friday

The Kenya Ports Authority said on Thursday striking workers at the Mombasa port should resume work by Friday morning or lose their jobs, and that normal activities

Qatar Navigation Absorbs Balance of SocGen Gasships

Qatar Navigation (Milaha) said on Thursday its unit Qatar Shipping Company had acquired the remaining 60 percent interest in two firms which own Liquefied Natural

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
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: 0.0865 sec (12 req/sec)