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

People & Company News

Chevron Suffers Loss, Plans Job Cuts

Chevron Corp. reported a first-quarter loss as slumping oil prices continued to drag down revenue. The company said that it is "on target" to lay off a total of 8000 workers by the end of 2016,

China COSCO to be First through the Expanded Panama Canal

China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26.

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators 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: 0.0852 sec (12 req/sec)