MC Shipping Acquires LPG Vessel

Monday, July 09, 2007
MC Shipping Inc. has agreed to acquire a liquefied petroleum gas (LPG) vessel from a subsidiary of Vitol SA, a major international oil and gas trading company. The vessel, Keswick, is built in 2003 and has a capacity of 11,000 cbm. The vessel is expected to be delivered at the end of June 2008.

Simultaneously with the purchase, she will be time-chartered back to Vitol SA for a minimum period of three years. The Company expects to finance the acquisition with a combination of bank debt and internal cash resources. The company will not be paying any of the purchase price until 2008. The company also announced that its associate, MUNIA Mobiliengesellschaft mBH & Co. KG ("MUNIA"), has agreed to sell its container vessel, Maersk Belawan to a third party for a gross consideration of $13.15m. The proceeds will be used to prepay the loan balance on the vessel and pay the costs and duties incurred in connection with the sale. Remaining net proceeds are expected to be distributed to the shareholders of MUNIA, including the Company, which will receive $1 million plus 40% of any amount in excess of $4.9 million. The delivery of the Maersk Belawan vessel to the buyers is expected before the end of February 2008.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

Bulk Grain Carrier Aground in Lake St. Claire

The Coast Guard informs it is responding to a 36,563 dwt 656-foot freighter that is hard aground in the downbound shipping channel of Lake St. Clair. Coast Guard

Costa Concordia Arrives Genoa for Demolition

Crowley Maritime Corp. subsidiary TITAN Salvage and project partner Micoperi has confirmed that the Costa Concordia – the Concordia-class cruise ship that wrecked off Giglio Island,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1224 sec (8 req/sec)