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 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

People & Company News

Kemp Joins PMSA as Vice President

The Pacific Merchant Shipping Association (PMSA) announced the hire of Carl Kemp as a Vice President based in the organization’s Long Beach office.    Kemp brings

FSL Trust Divests Two Containerships

FSL Trust Management Pte. Ltd., as the trustee-manager of First Ship Lease Trus, announced that the Trust has completed the disposal of Ever Radiant and Ever Respect

Sill Reinforcements Complete in New Panama Canal Locks

The Panama Canal Authority (ACP) announced that sill reinforcements in the new locks have been completed this week, bringing the Panama Canal Expansion closer to inauguration.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction 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: 0.0945 sec (11 req/sec)